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Most Asked Question About Blockchain Technology And Application Of Blockchain Technology

Blockchain is identified as a new global trend that is causing a paradigm shift in the markets with its remarkable capabilities. There are outstanding features that make Blockchain beneficial for an organization. Companies appreciate Blockchain technology and its impact has been experienced in the business community.

Question 1: Does Blockchain technology have the potential to cause the paradigm shift in business practices that many experts are predicting? Explain why or why not. Support your answer with research.

Excellent transparency by using blockchain technology 

Preference use of blockchain technology has allowed the transaction to be more transparent. All the relevant business partners are in the same space, and they are interested in achieving the set primary goals and objectives of their interactions. Transparency has been enabled given the Blockchain is a type of distributed ledger that has all network participants sharing the same documents instead of having individual files shared. In case there are any updates that need to be done the updates are done through a consensus of all parties. Thus, the preference to use Blockchain allows it to be consistent, accurate, and transparent. 

Enhance security

Blockchain technology is more secure in comparison to other record-keeping systems. All the transactions that are shared through the system are agreed upon before they are recorded for the proper operation. Once the relevant parties have approved the sale, the message is encrypted, and it is linked to the other transaction. Additionally, the information is stored in several computers that are connected through a network makes the information safer as it is not stored in one computer that can easily be hacked to compromise the transaction data. Blockchain technology can protect sensitive data such as healthcare, financial services, and government, which prevents any unauthorized activity. 

What Is Blockchain Technology, And How Can It Be Used In Organizations And Industries To Create Value?

Blockchain improves traceability 

Blockchain is preferred for a company that deals with products that are part of a complex supply chain. It can potentially be hard for a company to trace the products that are currently being sold in a complex supply chain. Preference to exchange goods with the use of Blockchain allows the traders in different companies to have an audit train when there are various assets traded. Also, the preference to use blockchain technology enables transaction data to help with the verification of assets that are being sold in the network and prevents any form of fraud. 

Ensure there is an increase in efficiency and speed 

Preference to use blockchain technology ensures the work is done with efficiency (Crosby, et al., 2016). Unlike traditional processes which require the use of the paper-heavy process, trading on papers can be very time-consuming. However, preference to use blockchain technology advocated streamlining and automation of the processes within the Blockchain, and the transactions can be conducted among the business partners more efficiently. Additionally, given blockchain technology allows single record-keeping, it is easier for sharing to be made among the participants, and the primary company does not have to reconcile multiple ledgers and ensure there is less mess created. Also, when the required information is shared among all partners, trust is developed among the partners with ease. Any form of clarification that needs to be enquired is asked, and the right challenges of decisions are engaged to ensure there is the delivery of the right kind of information within a limited timeframe. Companies that promote the use of blockchain technology are keen on the type of workload shared with them and with trust enabled in the communication channels it is easier for companies to form additional.

Reduction in costs 

Companies strive to reduce operating costs and focus their resources on different activities that accumulate the company’s significant profit (Crosby, et al., 2016). All required companies in the industry are linked to the company blockchain, and there is no need for travel, given all the data that needs to be shared is done with ease. Therefore, the preference to use blockchain technology ensures there is a reduction in costs. Companies that use blockchain technology do not require having third parties or middlemen to take care of business transactions; instead, the needed operation in cash and documentation is done directly to the client with ease. Given the documents are shared electronically, the companies do not have to share paperwork, and this saves the company from making prints (Crosby, et al., 2016). Access to the needed cash allows the company management to make the correct decision within minutes. Once the decisions are arrived at, the companies can take data advantage of the opportunities that are presented within the industry. Often chances are lost when companies take a long time to dwell on the activities that are considered to waste a lot of time. 

Payment processing and money transfers are easy

Blockchain technology is highlighted to transform the payment transaction and money transfers when undertaking any business. The preference to use blockchain technology allows small businesses to have an opportunity t not only transact directly but also can secure their funds to remote places anywhere in the world. Also, the preference to use the Blockchain is designed to ensure there are no middleman powers that reduce the costs that could have been incurred by using several venues to shift the money. Hence global businesses prefer to use blockchain technology to ensure they have the funds accessed over a period and in the right format. Previously different partners in the industry are requested to wait on various approvals that are needed to make a transaction. However, with a preference to use blockchain technology, the companies can get real-time data from other companies, and cash can be wired with ease within a limited timeframe.

Question 2; Is there evidence to suggest that blockchain technology will change the way HR is practiced? If there is discuss that evidence, if there is not what issues exist that impede the adaption

Blockchain adoption in the HR practice 

Blockchain technology may change the way HR is practiced, and that’s why its adoption is suggestible. There is a prediction done. Blockchain would build a $3.1 trillion in business value by 2030. The real value would be shown from the paradigm shift in how business, society, also customers, and investors interact, create, and exchange different values. Whether Blockchain is the best option for HR is in the way it boosts money time and redundancies in the corporate world.

Why is it suggestible? One, Blockchain makes it easy for these participants of the network to exchange their values in the new technology. Blockchain has the advantage of providing trust and honesty in the business environment by combining five design elements to validate transactions and then record that information to a ledger that is digital and avoid corruption by other fraudsters. Blockchain’s cybersecurity helps in the prevention of fraud cases and also reduces the limits of employees accessing data anyhow (Beck, et al., 2017). Among business partners, it takes a considerable amount of time for business partners to trust each other operations. The preference to have Blockchain allows the business partners to make necessary transactions with little or no hiccups along the way. Moreover, with cybersecurity guaranteed with the transfer of data and sensitive information, HR can relax knowing there is no lick of any sensitive data that can potentially cause harm to the company or the employees. 

Blockchain is useful in the technology information system and also helps in its functioning and productivity. Matching people with their work enables them to perform to the best of their ability and improve quality work with time, with the adoption of blockchain technology; it will help this person in working in the activities they are best suited in. The capability to ensure all the company staff is matched to their best job post at the different institutions guaranteed productivity with ease. Moreover, in the industry as a result of blockchain technology, different companies with different strengths and capabilities are willing to form a partnership to enable them to deliver their desired goals and objectives with ease. Therefore, the HR department is keen to foster these relationships at the company and allow different business partners to formulate the best partnerships. 

Blockchain technology boosts the efficiency of Human Resource management

Blockchain technology helps in the activity concerning transactions among various stakeholders (Beck, et al., 2017). It also boosts in boosting corporate revenue and growth. Bankers may opt to consider the adoption of blockchain technology due to this advantage. Once all the relevant payments have been made, it is easier for the HR department to guarantee relationships between partners will be observed on the correct businesses that need to be done. 

Blockchain makes hiring processes to be more productive.

When managers want to hire potential employees, blockchain technology enables them to access a trustworthy database on one’s education, knowledge, skills, and also training. It also allows employees to put out their ability in the open for different hiring in different positions. The hiring process can be super stressful for the management, and the best way to guarantee the right staff is taken for the job. It is easier to manage this through the usage of blockchain technology.

Less time consuming on employee evaluation

Blockchain technology lessens the time spent on the employee’s life cycle evaluation as it creates a platform where individuals own their data and information and not the corporation; hence the employee life cycle will be more secure. Therefore, this allows the HR department to consider more candidates that have placed proposals for different posts by using blockchain technology. 

Blockchain improves the central verification procedures

Most employees do not give credible information on their resumes; blockchain technology is a reliable tool to be adopted as it reduces the time spent on conducting background checks to an extreme point and reduces fraudulent activities. Blockchain technology is a suggestible technology to take as it ensures accurate data, where it is from and provides the right candidates have been employed for the jobs they are suited in, Blockchain is suggestible for the colleges and university institutions for a secure share of information between the candidates and the employees.

What Are The Revolutionary Impact of Blockchain Technology in the Banking Sector?

Blockchain technology helps in cross-border payments.

In Human Resource Management, they are putting up Blockchain-based Bitcoin to help in boosting cross-border payments to ensure mobility. The verification process will be made more accessible since Cross-border countries have the opportunity to create their currencies using this blockchain technology and make transactions more comfortable, and later on, this created currency could be converted to real money.

Value added in the HR functioning

Blockchain technology would help human Resources function in the payroll, appraisal, and training by improving the data collection. Payments will be made efficient through the right procedure of disbursement of salaries or bonuses. This would result in a value-added in the business generally. Also, training and determining the right personnel for a job, blockchain technology will help as discussed before and result in value-added in the corporate overall and help data gathering for the Human Resource for validity in the returns on investment.

In the adoption of technologies to boost the HR department, Blockchain is best suitable. The right fuel for organization growth and development when implemented in the right way as there are procedures in using the blockchain technology, for instance, one has to make sure that technology is updated once in a while and one has to connect your machine to the blockchain network, and ensuring the Blockchain selected works well with your Human Resource data.

3. Which functions of human resource management could be most impacted by Blockchain technology? How might the Human Resource functions change? Support your answer with research.

Human resource management has proven to be an essential part of any organization, small and big. The right Human Resource department is crucial to the growth of any organization as it ensures that all its employees are working in the right conditions in a friendly environment hence encouraging them to work to their full potential. Over the years, Human Resource management has proven to be tedious. Blockchain technology is revolutionizing Human Resource management and boosting its efficiency in lots of ways. 

Recruitment and selection of employees: Human Resource’s primary function is the recruitment of new employees, which entails attracting employees then selecting the best by going through their resumes. This process has proven to be very slow, inaccurate, and may even be subjected to fraud, which in turn is very frustrating. With employee records being stored in the Blockchain, the recruitment process will change significantly. The documents can include the employee’s past employments, letters of recommendation, educational records, and past performance. The files will be validated by their respective sources hence reducing time spent on background checks. The applicant will have to give access to the manager. Both the employer and employee will be able to get the answers they need quickly, and the employee will be at ease, knowing they chose the best from trusted information on their background.

Payrolls: For an organization that hires globally, paying its employees, and conducting transactions become its most significant problem as it requires third-party involvement. Employers are forced to pay using Bitcoin and other cryptocurrencies that are very hard to access, move and even use. By creating their blockchain-based currencies or coins, businesses will be able to not only transact with ease but also attract more workers globally as it will have less third-party reconciliation and will be more secure.

Cybersecurity and data protection: The Human Resource department is involved in a lot of transactions that can be financial or sensitive personal information and data. All this is t risk of exploitation. The Blockchain provides a decentralized system of storing data, and any changes require authorization and verification. The ability of criminals to access this data is reduced significantly. 

Talent Acquisition: Blockchain reduces time spent on third-party verification, which can then be used to assign employees to work in areas they are not only comfortable working in but also an area they are sure to bring the best results according to the skills they possess. A happy employee is bound to increase productivity and even have creative ideas that will then impact positively on the organization’s performance as a whole.

Application Of Blockchain Technology

In this day and age, it is impossible to go through tech news and not come across the term blockchain more than once. Other than cryptocurrencies, blockchain technology is applied in various sectors and operations. For one, it is used in organizations such as banks and hospitals to secure very personal, confidential, and sensitive data that is highly vulnerable to cyber-attack. It is also used in the education sector in various ways. Certification and information management are examples. In government operations, the technology is used in security management, voting, among other operations. Lastly, the energy sector has not been left behind, and it uses technology in its operations

In this day and age, it is impossible to go through tech news and not come across the term blockchain more than once. It is said that still, most are ignorant of what it entails and its applications. For the few that are vaguely aware of it, they know crypto-currencies as their only application. On the contrary to their beliefs, blockchain has various uses. Blockchain technology’s unique features enable its application in the education sector, in government operations, in the energy sector, and in banks and hospitals to secure sensitive data.

To Ensure the Security of Sensitive Data in Hospitals and Banks

Blockchain is used in organizations such as banks and hospitals to secure very personal, confidential, and sensitive data that is highly vulnerable to cyber-attack. Over the years, hacker attacks have been on the rise. Confidential and sensitive data has fallen into the wrong hand. It is something that has caused various organizations to fall or suffer. Perfect examples of such organizations are hospitals and banks.

To prevent the above, most of these organizations use blockchain technology to ensure the security of their sensitive data. Blockchain technology contains various mechanisms and concepts that provide robust protection against attacks. The two key security concepts are consensus and immutability. According to Sankar and colleagues (2017), blockchain architecture has nodes that are arranged in such a way that they not only agree on the validity of transactions but also the true network’s state. Consensus not only ensures that all the individuals are in the network’s current state but also that all the system rules are being adhered to.

Moreover, Aste and colleagues (2017) state that blockchain has an immutable database architecture that prevents the change of already confirmed transactions. It is something that ensures the integrity of the data as it prevents data from being altered, destroyed, and avoids duplication something that overall protects the firms’ data.

In Sustainable Energy Systems

Secondly, blockchain is used in the energy sector and, more specifically, in sustainable energy systems.  In the recent past, there have been various environmental predicaments, and the traditional fossil energy sources are almost depleted. The current merger of traditional fossil energy sources cannot adequately cater to or sustain the current demand for energy, and it is where sustainable and clean energy, and more specifically, energy internet comes in. According to Wu and Tran (2018), energy internet, a new grid structure power type based on the existing internet, renewable energy generation, distributed energy storage devices, has certain features that make the application of blockchain possible. Intelligent control, accurate measurements, open trading, and wide-area multi-source cooperation are the features. Wu and Tran (2018) further state that this technology can be used in several ways in this sector. The first is in the P2P energy transaction. It is a decentralized blockchain-based model that provides a trustworthy, inexpensive, efficient, and open trading platform for the energy internet. The second is that blockchain is used for security management. It helps prevent attacks on the energy system, ensures privacy protection and high security. It is because of its unique architecture.

 The third is that it is applied in the certification of carbon emission permits. The fact that it ensures integrity makes it useful at this point. The fourth is that it is used to increase the effectiveness of the energy-saving electric car by standardizing the payment and charging platforms. Blockchain technology is also applied in virtual energy internet power plants. Its characteristics of being mutually complementary and decentralization aids in this juncture. Lastly, it is used in grid management and decentralized energy management (Andoni et al., 2019). The Siemens digital grid project and transActive grid project in Brooklyn are examples of sustainable energy systems where blockchain technology is being applied in the United States.

In The Operations of the Education Sector

It can also be used in the education sector’s operations. It is because it helps in dealing with some of the predicaments found in this sector. There are various ways that blockchain technology is being used in the education sector. For one, it is used in the certification process. In education, certificates are issued after the attainment of specific skills. According to Grech and Camilleri (2017), blockchain technology is used to not only share and verify documents but it is also used to secure them. It keeps the original copy of the receiver and the issuer and cannot be changed, forged, destroyed, or lost.

Secondly, blockchain technology can be used in educational facilities for security management.  Grech and Camilleri (2017) state that the few organizations that have adopted blockchain technology and use it to ensure the privacy of their information, protection against hackers, and that of intellectual property. The unique characteristics of blockchain, and more specifically, its immutability and consensus algorithm makes it fit for this task. The third thing is that it is a source of empowerment for learners. It offers a chance to rethink and reengineer the old education system. The technology also provides both the students and instructors with a decentralized and efficient platform where they can share information safely. Lastly, it is used in the management of the various energy resources in educational institutions.

In Government Operations

Lastly, blockchain technology is utilized by the government in its operations. It aids elevate some of the difficulties in government operations as it is applied in various ways. For one, in its elections, the government utilizes blockchain technology to increase access and prevent fraud. Its inability to be hacked helps get rid of fraud, and the fact that it is decentralized increases access, which consequently increases the participation rates (Kshetri & Voas, 2018).

Secondly, the government uses blockchain technology in transparency budgeting and secure data entry. The unique immutable database structure ensures protection and avoids alteration of the already fed data, something that provides the above. Lastly, blockchain in the government helps in improving shared services models, aids in energy management, and security management (Alketbi et al., 2018).

Conclusion

Cryptocurrencies are the only application of blockchain technology most people are aware of. However, blockchain technology application is not limited to cryptocurrencies. It can be used to secure sensitive data in banks and health care centers. It is also used in various education and government operations. Lastly, recently, the use of blockchain in the sustainable energy system has been on the rise.

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