Satoshi Nakamoto the person behind the creation of the world’s first digital currency, named as Bitcoin. He believed that the bitcoin would bring a revolution in the future of the financial industry. However there is no major impact caused by bitcoin. The real change came with the invention of blockchain, the highly secured technology behind bitcoin – and this blockchain technology is showing impact on every industry.
The Blockchain was actually created to make bitcoin transactions more secure. Although, this technology is presently used in a huge number of various applications, from protection of copyright to payroll management.
How is Blockchain Changing the World?
Almost every individual is aware of the blockchain technology due to its use with bitcoin and various cryptocurrencies. This technology was created to provide the bitcoin platform’s promise for both anonymity and security in e-commerce. Since the conception of bitcoin, blockchain has developed as an independent technology of its original use with cryptocurrencies. Here we will discuss the various ways IT sectors are presently using blockchain technology.
It is simple to process payments to the employees within the same country, you will need the help of a bank. This process becomes more complex when your employee is working in a remote location because you employ expats. When the money travels through the banking system from one place to other place there is a lot of time being wasted, to resolve the complexities companies take the help of third parties to handle payments from remote locations.
The following areas are where the Blockchain technology is applied:
- Identify verification mechanisms, also including references, work history and qualifications.
- Processing payments of various employees through digital smart contracts.
Smart contracts are helpful in exchanging shares, property, money or anything of certain value in a clean manner without having any disputes, while avoiding the middleman services The term smart contract was introduced before the existence of blockchain, this technology has certainly enhanced the application of the intelligent deal.
Blockchain is perfectly secure process for any financial transactions, due to this reason using blockchain technology in the payment processing for a company is a better way of adopting blockchain. Moreover, blockchain targets to enhance cybersecurity in HR through how data protection and fraud prevention are managed.
Blockchain and Accounting
Automation is everything in the modern business world. If there is a task still being manually performed, it costs companies more time. To reach its regular targets the businesses still depend on mutual control mechanisms, balances and checks. This process affects daily operations. To bring evolution to this process blockchain technology is introduced to automate the accounting process. With blockchain the accounting process looks more natural to automate and helps reduce errors.
Cloud technology is considered as the best way to secure and backup data. Blockchain integration with data backup creates a certificate for every file. This certificate attaches the file with its permanent record in the chain; allowing enterprises to audit and justify the file authenticity. The certificate consists of all the data required for independent verification. This process can happen manually or through an automated process.
The blockchain related applications are restricted only to the imagination. What future holds for blockchain technology has made everyone clueless. The possibilities are ever-expanding and vast due to the increase in popularity, poised to be used in more innovative and beneficial manner.