Blockchain isn’t just a buzzword, it’s immerging tech that has applications for nearly every industry. A sophisticated blockchain network can transform your business and make your organization a leader in any industry.
Blockchain technology will keep your transactions secure and tamperproof and offers a new level of transparency for stakeholders.
Adding blockchain to your business solution will put your organization at the forefront of your industry.
WHAT IS BLOCKCHAIN?
Blockchain technology can be used to run a myriad of processes for almost any industry, it’s not just the technology behind the infamous cryptocurrency. Blockchain is an emerging technology created by P2P networks where each member or “node” is responsible for adding and verifying facts – a consensus algorithm helps with this. Eventually, this information creates blocks and each block holds transaction data and timestamps. These blocks create a network or “chain” that can be used to run a variety of processes for your business.
The Blockchain creates trust because a copy of the chain showing every transaction is held by the entire network. If someone tries to cheat the system, they can be identified. The data in a block cannot be changed or deleted, only added to. If anyone were to attempt to make a false entry, the other nodes would not allow it, and the false data would be rejected.
BLOCKCHAIN USE-CASES FOR YOUR BUSINESS
- Eliminates the need for background checks, reference checks, educational and experience verification, etc.
- Protects employee data from falsification and random change without the approval of everyone in the chain
- Automates resume authentication
- Smart contracts can time stamp a start date and trigger payments, and then end payments on a certain date automatically
- Increase transparency in supply chain management
- Accelerate government processes like benefit payments