A blockchain is a digital ledger that records transactions, trades, or contracts in a trustworthy manner without the interference of centralized individuals. However, the most important benefit of using the blockchain technology is that it’s a highly secure system which enhances identity and data security with the use of its digital signature and encryption. It’s no secret to the world that many industries can benefit from the blockchain technology. Here are four major industries that the blockchain is disrupting today:
The blockchain technology has been making waves in the hiring industry, specifically with the employee screening and onboarding process. The highly secure system allows academic achievements, skill certifications, resumes, and IRS forms to be kept in the digital ledger. In effect, not only does this eliminate resume fraud but it also allows employers to make wise hiring decisions based on incorruptible facts.
Specifically, how does the blockchain technology affect the temp agencies? Because any information recorded on the blockchain is truthful and trustworthy, agencies and clients are able to verify an employee’s identity, background, and work experience efficiently. This also allows temp workers to keep a secure digital trail of their past work and certifications.
When it involves money matters, having a secure, transparent, and immutable audit trail is necessary. The blockchain technology possesses all these characters and more which is why it is proving to be beneficial to the finance and banking industry.
What does it solve for the finance industry? The core function of banking is to keep people’s money safe and secure. Having a centralized database that serves as a single point of failure increases the chances of cyber attacks and fraudulent activities. The blockchain technology is a distributed database system made up of immutable blocks that are linked to each other. If a person intends to make a change in one of these blocks, all the other blocks will reflect this change, which helps in tracking the source.
New technologies such as virtual reality are already solving problems for the education sector. Blockchain technology is now being introduced as well to open new learning opportunities and increased support for teachers. As with any documentation, keeping academic transcripts in the digital ledger has positive advantages. It will eliminate the manual process of verification and make the retrieval process more efficient. Having immutable records will also reduce fraudulent claims of unearned credits.
Considering that, temp workers who have earned skills certifications along their career also benefit from having all their certifications and work history in a secure platform that can easily be verified by potential employers.
When someone’s life is on the line, the security and efficiency of blockchain is needed. A secure and decentralized method of sharing patient data is the most important benefit of blockchain for the healthcare industry. For example, most patients are seen by multiple specialists and some of them may be from different locations. Each provider uses a different electronic health record, which makes sharing a patient’s information lengthy and not to mention, complicated. If the information is kept on the blockchain, the patient remains the owner of the data.
The security and decentralized system that the blockchain provides protects healthcare providers and patients from data breach, essentially making patient information impenetrable.
In a nutshell
As with any new technology, the blockchain’s influence on major industries need to be tested slowly and surely. Nonetheless, it has proven to be beneficial for all involved. This is only the tip of the iceberg and there are more industries that blockchain can disrupt. How do you think will blockchain help YOUR industry evolve?