Back in 2017, blockchain took the main stage in the business landscape by storm.
Overnight, companies in a variety of industries changed their names to include the word “blockchain” in a weak attempt to capitalize on the promising technology. Fast forward five years, and blockchain has emerged as more than just a buzzword repeated by tech-savvy entrepreneurs; indeed, businesses across the world are already implementing it to make their systems and payments proceed more smoothly and safely.
As a business leader, having a strong grasp of the main tenets of blockchain is rapidly becoming a must. If your business is not already utilizing blockchain, it likely will be in the coming years. From your friends at Talance Group, here’s a brief rundown of blockchain methodology and how it could impact your business in the near future.
What Is Blockchain?
Put simply, blockchain technology is a secure and incorruptible way to store important transaction information. It functions as an immutable ledger that tracks how assets change hands. Whenever a transaction occurs, the details are recorded in a new “block” of data, which is then added to the “chain” of all previously existing blocks. This record is permanent and incapable of being deleted or edited, since it is continually verified and preserved by all participating network members. If a transaction contains an error, for example, a new block will need to be created and then attached to the chain.
Virtually anything can be traded using a blockchain network, and the users can be extremely confident in the security and integrity of the ledger. All network participants share a single view of the entire history of the ledger, instilling confidence in the transaction and the various parties.
Because the blockchain is not housed on a single server, but shared by all participating networks, transactions can take place much faster and more efficiently than those between two separate banks, for example. All cryptocurrencies use blockchain as their transaction ledgers due to its streamlined, decentralized, and secure nature.
Is It Safe?
One of the most important attributes of blockchain, and why many businesses are opting into its use, is its security. As mentioned, users can be confident in the safety of the blockchain as it pertains to storing past transaction data in an encrypted manner. Since there is no third-party arbitrator that governs the blockchain, it remains incorruptible and independent from the tamperings of a single individual.
In fact, many industries that require extreme data security, such as financial services and healthcare, are already implementing blockchain into their workflows in an effort to improve the safety of their data. While there have been several incidents in the cryptocurrency space of data compromisation, these generally relate to human error and network strength rather than the integrity of the blockchain itself.
What Are the Implications for Businesses?
Across the board, business leaders can expect blockchain to become intricately woven into their daily operations in the next few years, if it isn’t already. Especially in the financial space, replacing file cabinets and time-consuming paper forms with a fast, secure, and easily stored transaction history stands to save thousands of man-hours and make the client experience more efficient. Imagine a world in which financial transactions take little to no time, energy, or human verification, and all parties involved are completely clear and confident on the agreed upon terms.
One can imagine the implications for a variety of other industries as well: from insurance companies verifying client information, to hospitals safely storing medical records, to governments replacing warehouses of documents with clean and accessible data storage, the possibilities are practically endless.
Many experts in the space believe that it is only a matter of time before blockchain effectively runs and manages the way all data and transactions are stored.
Learn More About the Business Landscape
In the rapidly changing business environment, leaders need professional resources to stay ahead of the curve. One of the most important aspects of growing your business sustainably and successfully is your talent pipeline. Your people will determine the trajectory of your firm, impacting both how you source new work and how your existing clients are handled.
The dedicated recruiters at Talance Group focus on building long-term relationships with the clients we serve. Our number one rule is always to do what is in your best interest, because we want to see your business blossom and thrive. Visit our website at talancegroup.com/contact-us to start a conversation with a qualified recruiter today and take the next step in growing your business the right way.
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