Not Just a Fad: What Blockchain Means for Business

News 2 years ago, Reading time: 2 min

If you are a business owner, there’s a very high chance you may have heard of blockchain technology, but do you know what it actually means and how it could benefit your business? In very simple terms, it helps us manage the way we work. First implemented in 2009, this form of technology has allowed businesses to become far more organised, iron out any issues and enable workers to work on a much more flexible basis.

So, why you should be paying attention to the blockchain craze for business? Here’s a short guide on what you should know.

What is blockchain technology?

Blockchain technology is an unquestionably smart invention, which allows digital information to distributed securely on a broader scale. It was initially created for the digital currency, Bitcoin, but has since found other uses and has been thought to change the way businesses are run.

In very simple terms, blockchain is a record of data known as ‘blocks’ which are managed by a selection of computers but owned by a sole unit.  Blockchain has the ability to keep records of every online transaction; whether it be finances, data or documents to be shared across various locations, so your business never falls into difficulty. Each of these pieces of data is linked to one another using cryptographic principles, known as ‘the chain.’

Why is it impacting businesses?

What’s great about the method of blockchain is that it allows businesses to work more productively than ever before. This type of technology is currently being used for the likes of tracking, bank payments and validating information, but it’s anyone’s guess as to what the future holds as it continues to develop!

How will it change the way businesses are run?

The use of blockchain technology will certainly impact how businesses are run on a day-to-day basis and typically removes the middle man when it comes to supply chain management. This means that businesses who currently depend on external services such as the likes of lawyers and banks may become a thing of the past.

Hiring could also be simplified with the developments of identity verification with the use of blockchain technology. These systems could be accessed by the individual before being authenticated by agencies at a later date. Following on from this, blockchain-based learning systems could go on to help managers learn more about an employee’s training history, so they are completely aware as to who they are hiring and whether they are the most suitable candidate for the job.

Blockchain is also expected to improve the way remote workers are hired and managed. According to strategic workforce advisor, Andy Spence from RSA, there are often difficulties surrounding the act of remote working which can be diminished with the use of blockchain technology; one of which allows businesses to find the most suitable workers without having to meet them face-to-face.

It seems that a serviced office hired by companies may be used more efficiently with the introduction of blockchain technology, meaning employees can work on a much more flexible basis from wherever they feel most comfortable, and simply visit the modern office just for meetings or conferences, whether it’s in Liverpool, Belfast or Glasgow.