Elucidating the use cases of the Blockchain Technology.
The Blockchain Technology was first invented and applied by the founder of the world’s first most successful cryptocurrency, Satoshi Nakamoto, he founded Bitcoin and the underlying technology to keep a track of all the transactions. Through Blockchain Distributed Ledger Technology along with the Cryptographic principles, the chain of all the transactional information which is also known as Blockchain is made completely authentic, as a consensus is reached to, by all the members of the network, hence even tampering of the data is avoided.
The Blockchain Technology is highly efficient and robust, in the way that it eliminates the middlemen which, in this case, were all the banks and Centralised Financial Institutions. Basically, Blockchain Technology can be implemented in any field where there are intermediaries to carry out some task. As the whole process is transparent if implemented through Blockchain Technology, there is no need for a third party in case of disputes as everything is self-evident and open to transparency.
Most of the newbies in the cryptocurrency domain, confuse themselves that the Blockchain Technology is only applicable for the cryptocurrencies, but it is our key duty to enlighten everyone that the Blockchain Technology is also used for a number of other industries as well. Let’s decipher it below.
Blockchain in the electoral process
The traditional electoral process is not at all free from the illicit activities of corruption and bribery. In extreme cases, it is even witnessed that the electronic voting machine gets tampered and results are manipulated. If the Blockchain technology is applied to the electoral process, then the whole process becomes transparent without the need of any intermediary election committee.
The citizens can cast their vote through a mobile-based application powered by Blockchain Technology where each and every vote of the user is recorded on an immutable public Blockchain, distributed and visible to everyone. In this way, as the record is distributed among everyone, no tampering is possible. This methodology, being completely online and software-based, is real-time and instant, hence the overall expenditure and time are highly reduced. A better democracy is made possible through this process.
Blockchain in Supply Chain Management
The transportation, as well as the shipping industry, deals with a lot of lags, due to the cumbersome paperwork at each level of product shipment. If all the data related to the product along with its complete description is entered into an immutable record and distributed with every authority, related to the transportation of the product at each level, then the whole process can be simplified.
As the Technology is online and in real time, the products can even be tracked in the real time as it changes hands through the authorities. The verification of all the shipment details of the product along with the authority is self-authentic as a Blockchain Technology itself is authentic, due to its distributed nature. Hence, the time taken for the paper works by the customs and duties is avoided.
Blockchain in HR industry
The most challenging task for an HR manager is the verification of the authenticity of the data provided on the resume by a specific applicant. Verification of each and every attribute of an applicant is highly time-consuming, and which can effectively be reduced by the Blockchain Technology. Assuming that the whole process of hiring a candidate is Blockchain powered, all the organizations like the School, College, University, previous Companies along with a number of other people too like friends, the members of the family, HR manager are a part of an HR Blockchain Network (say). Since each and every information related to a particular candidate is verified by his friends, family, along with the respective institution itself, the authenticity and trust can be maintained easily, where the HR manager need not explicitly verify it again.
The manager can just view details on the Blockchain which is distributed among each of its participants. This automation can boost the productivity of everyone by huge margins. It is noteworthy that this Blockchain Technology implementation could effectively remove eliminate the fraudsters. In the case of multinational companies, a personal Blockchain could be developed for the transfer of salaries to its employees in the form of coins, which would indirectly cut all the transactional costs of the fiat world.