Blockchain, as many of you know, is a distributed database, which is a decentralized digital Ledger shared across a large computing network. Each computer on the network has a shared copy of the register and can access it at any time, but cannot change or delete any records or information stored in the blockchain.
Each block in the blockchain is a piece of data that has been mathematically encrypted using cryptography. There are many protocols that are required for checking each block. There is no single point of failure in the blockchain, as it has a complex and encrypted design. Hackers can’t crack a single computer code to steal data. Every node in the blockchain must be attacked simultaneously.
Potential value of the blockchain
Research conducted by MIT Sloan Management has argued that blockchain technology will disrupt the fundamental nature of the global economy, and this will include such important changes: creating company value; financing and managing the organization; in some cases, advanced software eliminates the need for multiple management functions; performing core enterprise functions such as accounting, marketing, etc. The blockchain is still in its infancy, although it is rapidly gaining momentum. Huge investments are being made in this technology, and venture funding for blockchain startups is increasing every year.
How does blockchain affect the global market?
Human resources
This includes the functions of human resources specialists, such as planning, conducting interviews, and recruiting and hiring new employees. HR specialists consult with leading experts on strategic planning issues and often perform duties related to employee relations, as well as responsibilities related to training, payments, and compensation.
Although human resources are highly dependent on the human aspect, there are many technologies that allow you to retain, evaluate, hire, and fire employees. According to the society for human resource management, blockchain will soon modernize hiring. This will allow HR professionals to quickly check the credentials of both job candidates and existing employees.
Accounting
The need for accuracy is of paramount importance in accounting. There are many challenges associated with running a business in remote locations, and the tax code is also extremely complex. The transparency of the blockchain ensures that all transactions are visible to approved users.
Blockchain technology reduces the likelihood of fraud and manipulation. Blockchain can disrupt the global lottery market worth 260 million us dollars, providing privacy and anonymity for both suppliers and participants. Prime Ball, managed by Ethereum smart contracts, will be one of the first transparent and fully decentralized lottery platforms based on blockchain technology. The results of the wins will be publicly distributed and recorded in the Ethereum blockchain without the participation of any third party.
Management and operations
Blockchain is changing the way companies do business. This technology creates new opportunities and efficiencies in emerging markets, where political instability, hyperinflation, and corruption have put off many entrepreneurs. For example, the KODAKONE management platform will be an encrypted digital ownership Ledger.
Now photographers can register their new and archived works and license them. This will allow professionals to participate in the new economy for photography and offer their work on a secure platform.
