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What is Blockchain and Why Should You Care

You must have heard of blockchain at least once in your life, but there is a possibility that you just have heard about it and you do not have any idea how it is revolutionizing the ways that people use to share information and do business. Due to this, many institutions have added blockchain technology subjects in their academic courses. 

Many business owners understand the importance of blockchain technology and they want to learn at least one or two things about this technology but they do not have any idea where to start. If you have faced any such issue, you have landed at the right place to learn. In this article, the following things will be discussed:

  • What is blockchain?
  • Why should you care about this technology?

Blockchain

In simple words, blockchain can be defined as a sequence of blocks or digital files that contains all the data about transactions. You can also define it as records of all transactions. Initially, blockchain was first developed and used only for the records of cryptocurrency bitcoin. But nowadays, it is not only confined to bitcoins, but businesses of all types are also leveraging blockchain technology

Blockchain technology is very effectual and helps you in the following ways:

  • It facilitates by providing business-friendly ways of structuring data.
  • It makes sharing of information very easy and secure.

Blockchain technology has opportunities for every business no matter whether it is a small corporation or large. To understand why you should care about blockchain technology, keep reading:

Benefits of blockchain

Security

Security is one of the best benefits that you can get by using blockchain technology. You can also refer to this blockchain technology as a decentralized trust system as far as security is concerned. To better understand it, let’s take an example:

Consider you are shopping on AliExpress or Amazon, you trust that they use a certificate to encrypt that communication to make it secure. Here this security is offered by a certified authority or you can say that a trusted third party. In short, they all rely on a third party for their security and obviously, these third parties are not bound to being compromised and consequently endangering the security of those clients who are dependent. This is where blockchain technology comes in to save you from relying on third parties for your security as it has the in-built assurance of security.

This also saves you from the danger of being hacked because in case if you are using blockchain technology, you are not dependent on any third party or you can say that no third party has keys to all your important information

International banking

This technology also helps you in international banking. It is considered as the most common yet significant use of this technology. Blockchain technology builds digital currencies. These digital currencies can be used for money transfer purpose anywhere around the globe. This procedure of transferring money is relatively faster and affordable as compared to many other traditions transferring methods.

HR processes automation

Blockchain technology helps employers to check and verify the identity of the employees. They can also check their employment history by using blockchain technology. This technology facilitates the HR department in the following ways:

  • They do not have to invest their time and money for extracting extensive information
  • They do not have to research and make their efforts to check the employment history of any potential hires.

Smart contracts

Blockchain technology also allows you to take advantage of smart contracts. The smart contract is like a blessing for many businesses as this helps employers to automate legal contracts and agreements among clients and customers. With the help of this smart contract feature, you can verify and access any information readily.