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.
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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 Peer-to-Peer (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 in your system because the entire network maintains a copy of the chain, showing all transactional data. 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