Typically, blockchains are considered as digital entities of information or digital records of data, where each record is called a block. These blocks come with a timestamp and a link to the previous block. Blockchains comprise all transfers of data on a distributed network, updated chronologically, and then sealed cryptographically. Ideally, blockchain functions as a digital platform facilitating the recording and verification of transactions in an open, “tamper and revision-proof” manner.
What does the future hold for Blockchain technology?
With blockchain promising to lead us towards the next big disruptive technology, blockchain enthusiasts are of the belief that it has all the robustness to provide a sustainable, transparent, instantaneous and indisputable record of transactions. As a result of this, blockchain tech finds itself useful in removing corruption and providing transparency and accountability. The key nevertheless lies in how the technology is being applied to serve this primary purpose.
Blockchain technologies are still in their embryonic stage, but the good news is that the industry looks set to boom.
21 July 2017
The world is moving fast! The gig economy, robotics, and cognitive technologies are impacting the workforce’s education, skills, and career development. Understanding these impacts is crucial for ensuring countries can manage the risks and opportunities for inclusive economic growth.
Government, business, and society need to work together to support a dynamic workforce that is able to reskill and upskill constantly.
On the other hand, contracts, transactions, and the records of them are among the defining structures in our economic, legal, and political systems. They protect assets and set organizational boundaries. They establish and verify identities and chronicle events. They govern interactions between nations, organizations, communities, and individuals. These also have a huge impact on the workforce’s social actions and skills. And all that is needed is a strong foundation for the system.
The Blockchain is a decentralized technology.
Anything that happens on it is a function of the network as a whole. Some important implications stem from this. By creating a new way to verify transactions, aspects of traditional commerce could become unnecessary. Stock market trades become almost simultaneous on the blockchain, for instance – or it could make types of record-keeping, like a land registry, fully public. And decentralization is already a reality.
By storing data across its network, the blockchain eliminates the risks that come with data being held centrally.
According to Blockgeeks, its network lacks centralized points of vulnerability that computer hackers can exploit. Today’s Internet has security problems that are familiar to everyone. We all rely on the “username/password” system to protect our identity and assets online. Blockchain security methods use encryption technology.
Where Will We Use the Blockchain?
The blockchain potentially cuts out the middleman for these types of transactions. The blockchain gives Internet users the ability to create value and authenticates digital information. So, what are its uses? Below are some of them.
How Does Blockchain Empower the Workforce?
Recruitment and Hiring
Recruiters need to have access to an accurate record of the candidate’s education, employment and training. Smart contracts would be able to streamline a lot of the onboarding process, especially for high volume, high turnover positions. Education and work history verification would be the likely uses of the blockchain for the workforce.
After candidates are hired, block chain smart contracts could also have an impact on employee wages, benefits and retirement packages. Smart contracts, the computer protocols that help to facilitate and manage the transfer of digital currency assets, are stored in a blockchain.
Data Privacy and Protection
We don’t own our data on the Internet today, which is the biggest problem in terms of data privacy. With the use of blockchain, individuals will have full control over their own data, to prevent misrepresentation. By storing data across its network, the blockchain eliminates the risks that come with data being held centrally. This is much more secure and provides a confined ownership of our own data.
The rise of Blockchain: Are we falling short of competence to unleash the technology?
The demand for Blockchain technology is experiencing a meteoric rise in the recent times. A recent study held by Juniper Research found that the venture capital investments in Blockchain and Bitcoin technology hit a whopping $300 million in the first half of 2016. Within a span of one year, over $1 billion has been diverted towards innovation and development of several blockchain startups. Some of the key industry players such as IBM, American Express and Goldman Sachs are investing heavily in blockchain related projects.
‘10% of global GDP may be stored with blockchain technology by 2027’, remarks the World Economic Forum. That means, in a decade’s time, we are heading for a revolution driven by Blockchain. This statement resonates the impact that blockchain technology is expected to have on the world economy.
Underscoring the fact that this technology is becoming mainstream quite quickly, LinkedIn demonstrated that there has been over 1,000 blockchain-related job advertisements posted until the first half of June 2017, which is three times more than that of the previous year.