Firms have had to do their best to keep up with and adapt to the rapidly changing landscape around them caused by the coronavirus. In many places, non-essential businesses are shut and people are having to make due working from home.

Devang Bhatt, from brokerage ICICI Direct, said that “in the near future, IT companies could feel the heat of pricing pressure, revenue loss due to lockdown, client bankruptcy and slower client decision making led by lower discretionary spends” this list represents just a few of the pressing issues companies are facing right now.

Businesses are going to need to be smart to get through this emergency. One invaluable tool that companies can tap into is outsourcing. It can help your business save on costs, adapt to new technologies and innovations, tap into superb talent pools, and increase speed and flexibility. In times of uncertainty, outsourcing is the lifeline that your business needs.

How outsourcing can help you in a crisis?

Cost savings

One of the top reasons companies choose to outsource is to cut costs. Right now many businesses are facing zero or low sales numbers while still paying for overhead (rent, salaries, etc.).

Outsourcing allows you to get work done at a low cost in an efficient manner. It allows you to take advantage of the cheap cost of living and low salaries. The difference in wages can be passed on as savings to your company. Talented developers can be found all across the globe who will work for less than native ones and deliver an equal or greater quality of work.

In addition, businesses save by not having to pay the overhead for outsourced employees. You don’t need to pay for office space, paid sick days, healthcare, or equipment. These savings are called “indirect cost savings.” According to Aspector, a human resources consultancy company, indirect cost savings make up 19% of the total cost savings that come from outsourcing. In a whitepaper, Aspector outlines how “the majority of the savings [from outsourcing] appear in the finance department, HR and the procurement department, but significant savings can often also be realized in IT, CRE [Commercial Real Estate] as well as in the legal department.”

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Did you know that there were more cryptocurrency exchange hacks last year than in any other year before? According to blockchain analysis company Chainalysis, hackers breached eleven large cryptocurrency exchanges in 2019 stealing over $283 million in cryptocurrencies. The year prior hackers took home $875.5 million worth of crypto with only six attacks on major exchanges. In today’s fintech landscape security is more pertinent than ever before. Having a secure digital wallet is by far the most important thing you can do to protect your cryptocurrency. In this article, we will give background on digital wallets and explain the pros and cons of hot, cold, and warm wallets to give you a better understanding of how to keep your cryptocurrencies safe.

What is a Digital Wallet?

You need a digital wallet - or “blockchain wallet” - to own or trade cryptocurrencies. A digital wallet is a software program that interacts with one or more blockchains and allows the user to send and receive digital currency. In addition, it stores the user’s public and private keys and lets them monitor their account balance. Public keys are used to receive funds, identify accounts on the network, and can be searched for in the ledger. Private keys are used to sign transactions and prove the user owns the related public key. Guard your private key like your life depends on it because anyone who has it, can access your funds.

Digital wallets don’t ‘store’ currency like traditional ones. The ledger (blockchain) is the only record of ownership and it can only be accessed via a digital wallet. Remember that digital wallets are only pseudonymous. All transactions for cryptocurrencies are stored publicly (and permanently) on their respective blockchains. Data from your digital wallet address could be used to trace your real identity.

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