Implementing hi-tech resources is key to staying competitive and to see continued business growth and success. It is also a significant factor in ranking in the entertainment industry.
With the ability to rely on cloud computing and blockchain technology, entertainment companies enjoy hi-tech resources with numerous benefits to their daily processing and transacting of business.
Cloud computing offers on-demand availability for all your entertainment company computer system resources, software applications, and data storage.
Entertainment companies are discovering the valuable benefits of blockchain technology. Blockchain technology is comprised of a shared, immutable ledger that allows the recording of transactions as well as tracking of assets. Blockchain technology also builds trust through advanced data security.
Although cloud computing and Blockchain technology may be similar in that they are both distributive systems, the major difference is that data distributed in cloud computing is stored on one business's centralized set of data centers. With blockchain, data is stored across a grouping of servers.
In terms of cloud data security, an entertainment company's data in cloud computing is managed by an outsourced data center. Hence, the term "cloud." In reality, there are three clouds in cloud computing:
- A hybrid cloud
- A public cloud
- A private cloud
If there is one business area where no entertainment company wants to risk a security breach, it is their financial and tax records. With Xero tax integration in your outsourced accounting processing, your entertainment business financials and taxes are secured. The cloud functionality means all information is readily available for review by your CPA and whoever else you may choose to have access.