Business practices are changing with emerging technology.

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As per usual I am catching up on my college work and today is my least favorite subject. Finance for fintech.
Mostly due to the extreme workload that the lecturer puts on us every week. It took me an hour to do the multiple choice quiz and that was before the actual lecture began. That was a recap for the previous weeks.



Blockchain for Business.




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Today again we are looking at how emerging technology is changing the business landscape. We had to compare and contrast two articles from a previous assignment done by each of my class mates in the early weeks.

I have already delved into it here on @leofinance with my article about "Profit or wealth maximization".

It's about making choices that will lead to good results. Part of that is how we are portrayed across social media and the brand that we are building now. Actions have consequences which can be either good or bad depending on those actions. Once people have formed an opinion of anything then it is very hard to change their minds. That is why if we are following a strategy for long term maximization it is important to think before you act. What you do today can be the difference between success or failure in 5 years time.



For my work today I compared the work of two other classmates who had been looking along the same lines.


Article 1.
Title: The Role of Financial Management in Promoting Sustainable Business Practices and Development
Author: Mariam Al Breiki, Abu Dhabi University and Haitham Nobanee, Abu Dhabi University;
Published: October 19, 2019
Source: https://ssrn.com/abstract=3472404 or http://dx.doi.org/10.2139/ssrn.3472404

Article 2.
Title: Can Finance Be a Virtuous Practice? A MacIntyrean Account
Author: Marta Rocchi Dublin City University Ignacio Ferrero Universidad de Navarra Ron Beadle Northumbria University
Published: May 07, 2020
Source: https://www.cambridge.org/core/journals/business-ethics-quarterly/article/abs/can-finance-be-a-virtuous-practice-a-macintyrean-account/3A9371BD0AE28C717EA7A32CD3C172AC



The two articles stated above carry a common theme. Building long term and healthy business practises that will create a solid platform to sustain and grow their companies. The two authors are pushing the narrative that the business landscape is changing fast and that emerging technologies are going to require people to change with it.

The difference between these two authors is how they approach the subject. Article one, focuses on developing the people within the organisation in light of more transparency within the industry. They promote sustainable business practises and developing their staff in line with the current trends towards transparency and social consequences.

Article two also wants to change the culture away form profit maximisation but espouses the moral agency of financial directors and how they can be replaced at certain stages with automated processes. This will lead to a more transparent and rigid model where the parameters are set to whatever extent is accepted by the management. This takes away the ability to manipulate for profit and the temptation that goes with it.

The key difference between the articles being a culture shift towards positive change or a forced move away from unethical business practises. They are both aiming for the same end result of a fairer, more transparent business model that factors in line with modern practises but have the opposite approach towards that end.

The common element is that going forward we as a society need to promote wealth maximisation over profit and that society is changing due to the influence of modern technologies. In a world that is growing ever smaller, there are less dark places to hide unwanted practises and companies will need to be prepared for that fact.



Conclusion




We might be operating in a totally different industry to any of the above examples but these case studies are just as relevant to us as any existing brick and mortar business. Maybe even more so due to all content being stored transparently and immutable on the chain.

We have seen from the Justin sun mess last year that anything that we do here can be dragged up and using in the future. There are messages from 2020 that will follow him around for years and have been dragged up again lately. He is the prime example of profit maximization having consequences.


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https://decrypt.co/38050/steem-steemit-tron-justin-sun-cryptocurrency-war


If his approach to buying into steem had been done with wealth maximization in mind, he could have dealt with the community. Gotten everybody on board and we could all have grown together for long term gains and sustainability.

Instead he made the trade, wanted to take quick profits regardless of others and damaged the product and his reputation in one go. With social media and technology we could see every move being mad eon the blockchain and fight against it on chain and online. Transparency and accountability. Even now in the courts, the evidence is there for all to see on his actions. Stored forever and open to everybody. It doesn't leave much room to hide like in the old days of paper trails and moving the money around.

The landscape is changing and big business will come to see that at some stage.

Ref: Pixabay

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11 comments
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Transparency is the key in today's environment. You dont want to do business with some one who looks shady. Transparency is equally good for the clients and employees to boost the confidence.

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Totally agree with you on this one. If you have nothing to hide, then why hide things?
Play it straight, let people decide for themselves and people will be a lot happier knowing where they stand in all of it.
It's good for everybody.

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Great stuff once again.

If he gave a shit about his brand, you would think he would have spent some of his fortunes on a public relations component to his enterprise. His brand is maverick and progressive though so you just have to follow and trust the bull in the digital China shop and things will go well.

My way or the highway.

Highway it is!!

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His brand is dirt already. For now he can play it off as the deals are small and so is crypto. You can bet if a big company was coming to play that they would do their due diligence and everything would be seen. This is only one of many examples I've seen of how he operates and it will stop him in the long run.

There was a huge victory to be had in that partnership if he played it right. 🙈

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I have weeks of work to catch up on, I've been so distracted with crypto LOL lecturers need to recognize we are too busy talking about crypto to do their assigments!

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I'm off work this week but am struggling to keep up with my college course. That needs 15 hours a week and crypto takes all the rest of my time.
Especially these days with everything moving. 😂
I feel your pain.

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At a former employer transparency was also one of the key components and was one that I held people and myself accountable to. Why hold people in the dark, if you have nothing to hide I would say.

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I work for a large company and everything is a secret. Even when it's not important they refuse to give details about how it effects us and I hate it.
There would be a lot less problems if they just said what was happening and we could plan around it. If things are above board, it should be easy to show everybody. 100%

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I get that some things cannot be shared yet with employees due to certain legalities or management needing some time to figure stuff out. But if you trust your employees and are transparent about the status of the company, then the employees will trust the management back and will do all they can to help.

What I also don't appreciate is that some news comes from outside sources, while nothing about the topic has been communicated internally to employees. It's not a good sign to the outside.

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