Blockchain technology is slowly but surely transforming the digital landscape. More than just the foundation of cryptocurrency, it is a decentralised platform that gives users a secure and transparent way to make transactions. Organisations, private or otherwise, have a lot to gain from incorporating this technology into their operations.
How Blockchain is Transforming Industries
There is a strong belief that distributed ledger, of which blockchain is a type of, may become more important than the Internet itself in the future. Here are some ways the blockchain can be utilised to improve an organisation:
- Notary Service
Blockchain can be used as a more cost-efficient and less complicated way of notarising or confirming ownership. With the irrefutable transparency inherent in electronic ledger technology, proof of ownership is easy to establish. In fact, several blockchain-based multimedia apps have already been developed to notarise images, videos, and audio recordings upon their creation.
- Human Resource Acquisition
Weak recruitment processes increase the risk of hiring unqualified applicants that mislead or used fraudulent means to land the job. With an unmodifiable blockchain-based ledger, human resource officers will be able to verify academic records, employment records, and extracurricular background all in one sitting.
- Distributed Cloud Storage
Blockchain companies can develop programs that provide secure cloud storage while minimising dependency. Ledger-based storage helps reduce the cost of storing, locating, and accessing data. In addition, it eliminates central servers, which means data will be less compromised and users will have complete access to unencrypted files and encryption keys.
- Electronic Voting
Through ledger-based systems, businesses can conduct elections in a fair and efficient manner. One such concept is the Delegated Proof of Stake (DPOS). It coordinates all network parameters, including block intervals and transaction sizes, through elected delegates. Election transactions can be confirmed in a single second, while a consensus protocol guards participants against regulatory interference.
- Networking / Internet of Things
Blockchain technology improves device communications and removes the need for a central hub for interactions. An example of this is the Autonomous Decentralised Peer-to-Peer Telemetry (ADEPT) concept developed by IBM and Samsung. Under this concept, several devices will be connected under a public ledger. This will enable them to communicate with one another autonomously to manage software updates, bugs, and other concerns.
- Marketing Campaigns
A blockchain can help your marketing campaigns reach your target more easily.
Marketers can use it to monitor client backgrounds and consumer patterns, enabling them to create campaigns that increase return on investment (ROI). Blockchain technology also eliminates bot activity and ensures that the traffic is from real individuals.
Blockchain Technology: The Future of Digital Operations
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