The world is moving towards decentralization with the advent of state-of-the-art technologies like Bitcoin and Blockchain technology. It all started with Bitcoin. When Satoshi Nakamoto came up with the idea of creating the world’s first peer-to-peer electronic cash, nobody ever thought that this will reshape the future of FinTech industry. Bitcoin has revolutionized the way we make digital remittances. It has paved way for an entirely new province with hundreds of new cryptocurrencies and Altcoins coming into space. But the biggest endowment of Bitcoin in the world is, “Blockchain technology.”
The blockchain is a shared cryptographic ledger comprising of a series of blocks that are electronically linked together to form an immutable database of shared information. Each block has a specified size limit and it stores a small patch of data and information in a chronological manner. Blockchain creates a permanent and tamper-proof record of the stored information. The data once stored on Blockchain can’t be deleted or altered at any point in time. It remains there permanently as a digital record.
Blockchain was originally developed to back up the Bitcoin network but the latter has turned out to be quite versatile with a myriad of applications and use cases. As it turns out, Blockchain has a wide range of applications beyond the cryptocurrency gamut. Tech and IT companies are starting to see the real potential of this pioneering domain. Many companies have already embraced this staggering domain and many are about to do so in the near future. Experts claim that by the year 2025, every company will start using blockchain in some way or another.
This is one of the earliest adaptations of Blockchain and it’s still being used extensively for making online P2P transactions. Bitcoin has emerged as an effective payment method and it’s being used by a large number of companies all over the world for funds transfer and payments. The biggest benefit of using P2P transactions is that you don’t have to rely on a third party like banks for approving and validating a transaction. The banks usually charge a high transaction fee which increases as the number of transaction increases. This transaction cost becomes exorbitant in case of an international transaction. This can be quite precarious for the businesses as they have to make bigger international transactions.
In that case, blockchain can provide the best means for online payments as it imposes a minimal transaction fee or no transaction fee at all, depending on the cryptocurrency you are using.
Ever heard about a Peer-to-Peer contract that executes itself based on the specified parameters? Blockchain-based Smart Contracts have made it possible. A smart contractor self-executing will is a computer protocol that automates verification and enforces negotiation between two parties based on the defined contractual clauses.
Smart Contract is an invaluable offering of the blockchain technology and it has the potential to streamline the business operations by facilitating faster deals and agreements. It seems way more useful than the modern day contracts that are generally on a set of pages containing terms of the agreement. Smart Contracts are written on Blockchain and hence they are completely inalterable and nothing can be changed once they are triggered.
The recruitment process involves days of sifting through the CVs and resumes and selecting the most eligible applicants for a job profile. It can be a tiring process which requires combined efforts from the recruitment staff as well as the HR teams.
The good news is, Blockchain can make it pretty simple for the employers to select the best applicants for a job profile. Imagine a scenario where each applicant has a digital identity and a profile on the blockchain. The profile would contain authentic information about his/her work experience, previous employers, and feedback from the employers accumulated over a course of time. All this information can be analyzed in seconds using a computer program to filter out the ideal applicants for a job. This would make the recruitment process much more simple and agile.
These are some factors that may contribute to the widespread adoption of Blockchain technology in the near future. By the year 2025, there’s a sharp possibility of Blockchain replacing many complex operations in companies and organizations.