The process in which with the use of internet, digital currency or digital property is transferred from one person to another person i.e. peer to peer transfer and the transfer is safe and secure, everyone knows the transaction is done but nobody can legitimate the transfer and the transfer which is done is recorded as a financial digital ledger and the technology in which the process undergo is called as Blockchain technology. This technology is mostly used by the stock traders and mostly in financial officers who work with the virtual currency. Virtual currency is also known as cryptocurrency
When a new transaction takes place in a Blockchain, the block performs an algorithm to evaluate the transaction and check the history of the individual’s blockchain block. If there is a new block then almost many nodes verify the history and signature validation and the other block needs to accept to make a transaction with your block. This is how blockchain generally works.
BLOCKCHAIN FOR BUSINESS:
If a business uses cryptocurrency then it has the need to know about Blockchain technology. Unless you use no use of Blockchain. Many start-ups or enterprises don’t use blockchain in the initial stage unless and until they do a huge project with a large company. This blockchain technology in a business is used in every department at least in a small part of their tasks done in the business regularly. Here we will see about what to do with the blockchain technology in enterprise and start-ups according to their departments in the business:
IN HR DEPARTMENT:
Blockchain in HR department verifies the trust that is it eliminates the background check. Blockchain can be used to verify important works like job responsibilities, start and end dates, title, and also to verify the candidate’s employment history. With this technology helps HR that what a candidate claims in the Resume is a fact or not. This saves much time in the evaluation of the candidate.
Blockchain empowers to operate at fully automates level legal agreements. A blockchain is a smart contract (the Blockchain technology which replaces the lawyers i.e. without human involvement). Blockchain has well-defined terms which help to complete work fast through digital sign and scan and doesn’t need to wait for approval and signature as like in the traditional method.
IN SUPPLY CHAIN:
Business generally knows who they are buying from but they don’t know who their vendors are, blockchain will help the business to know their actual vendor if the component fails and within a minute it identifies all the failed products. IT helps the business to check its sources from the vendor are meeting their needs or not and ensures all the ethical aspects between vendors and business
It helps to access the capital for every business they need to raise capital for financial projects. Blockchain will help the business from any part of the world to gain access to the capital. The fundraising can be done by the digital currency like bitcoin i.e. cryptocurrency. For the start-ups, to their investment, the fundraising should be fast and quick. By using Blockchain technology firms can transfer their funds within five minutes after their investment decision.
It acts as the digital broker for carriers around the globe. They use ether smart contracts to optimize their expensive fright charges and verifies every stage in shipping and logistics process.
These are the areas where the blockchain technology is being used in the business to develop their efficiency and effectiveness of work in the business and to compete and sustain in the market.