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Thursday 1 October 2020
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Blockchain Entrepreneurship: How Blockchains are changing the World?

The world never stops. There is a prodigious change in the way the business operates. This is the truth no matter how harsh it is – if you do not cope up with the changing need of the customers and with the latest technology, you will not survive in the competition even if you are financially sound, and has the best resources available.

Blockchain Technology is mushrooming replacing the traditional way of operating business. Many businesses have already shifted towards this platform and many are preparing to move towards it.

What is Blockchain Technology?

Blockchain technology is a decentralized way of ledger transactions from peer-to-peer networks. It stores the record known as the “Blocks”, and information is stored in the databases which are called “Chain”.

Alternation in the transactions or the movement of data requires digital signature making it more secure. Every transaction needs permission from all the members, so the data tempering is beyond imagination.

Talking about Blockchain Technology, Cameron Chell blockchain expert has helped many organizations in reducing transaction costs, increase customer adoption, and engagement through a customized, authentic blockchain economy powered by branded loyalty, reward, gaming, and payment cryptocurrency. Cameron Chell is the co-founder, and chairman of ICOx Innovations Inc., and KODAKOne, a blockchain-based image rights management platform for professional photographers, has helped launch several successful tech startups.

Financial Recording is Secured:

All entrepreneurs know the dangerous effect of cyber-crime. A minor mistake can lead to topsy-turvy of all the things. They have to secure each record, no matter how much extra they have to spend on it.

Blockchain technology is providing a secure way of financial records. Accuracy is a vital factor for all businesses. Many big companies have branches across the globe; in these cases managing financial records is a challenge. But this technology has removed the chances of sampling and validating errors of the auditors making it more sustainable and error-free.

Decentralization is a Powerful Tool:

Many organizations are moving towards a “decentralization” way of doing things. What is decentralization? Giving the employees the same power to make the changes online, without seeking permission from others.

Traditionally it was done by the single person that made the process complex. Giving the same level of authority helps businesses flourish and grow as the employees feel a sense of satisfaction and unbiased.

Better Human Resource Management:

Hiring is a complex task, every organization wants to hire the most honest and talented people. For this, they have to closely check their credentials and past records.

People may outsource their human resource management to the third party, what if, they are not verifying the records or giving you the inaccurate details. The organization will suffer.

This technology has helped in other ways like retaining, compensation, evaluating, and terminating employees.

According to the Society for Human Resource Management, blockchain technology soon will modernize appointing, granting HR professionals to promptly verify the credentials of job candidates and existing employees.

A Defensive tool of Cybersecurity:

This is the foremost step of every organization to safeguard the data from the external threat. Some data are highly vulnerable which can tremendously damage the company’s reputation.

Keeping in mind, the cybersecurity aspect, many entrepreneurs have moved to this technology that saves the network from attacks and unauthorized access.