If you’ve had any dealings with cryptocurrency over the last decade, you’ve probably heard about Blockchain. Blockchain is the record-keeping technology behind cryptocurrency, and also one of the concepts in technology that many people find confusing. In this month’s blog, we’re taking the time to explain to you just what exactly Blockchain is as well as how it can impact businesses now and moving forward.
What is Blockchain?
Put in its most basic form, Blockchain is a technology used to record transactions to a digital ledger that can’t be changed or altered. These records are often referred to as “blocks” and are linked to one another using cryptography. Blockchains are decentralized, with the data shared by all of the computers in the network, and that information is easily verifiable and public. This technology represents a popular trend right now because of its approach to security and its innovative approach to the digital economy.
What Does it Mean For Businesses?
But what does Blockchain mean for businesses? We see new technology trends constantly, but their continued survival depends upon their application. In the case of Blockchain, we have a technology driving many innovations. Smart contracts are now becoming increasingly popular. These self-executing contracts enable companies to ensure they are paid upon execution of their obligations, and might very well become the standard contract in the near future.
The easily verifiable nature of data within Blockchain also gives it interesting applications in the field of HR. Imagine a way to verify the experience, records, and documents pertaining to a potential new hire. Deception during the application process would become infinitely more difficult, ensuring you are hiring better people. This same aspect provides a wealth of data for marketers to peruse and craft more strategic and effective marketing campaigns. This simple concept could create a whole new world of interaction for businesses.
So what does it ultimately mean for businesses? The rate of technological progress is always increasing. Business owners need to understand these new technologies and their impact in order to utilize them for their operations. With technology like Blockchain, something that started recording financial transactions has found its way to far more, and that is what business owners need to know. It may just change the pace of all business operations.
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