Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
How Blockchain Works?
The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. In this way, a blockchain is the foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed. This is why blockchains are also known as a distributed ledger technology (DLT).
Features of Blockchain
Blockchain technology has the following main features:
Decentralization in blockchain refers to transferring control and decision making from a centralized entity (individual, organization, or group) to a distributed network. Decentralized blockchain networks use transparency to reduce the need for trust among participants. These networks also deter participants from exerting authority or control over one another in ways that degrade the functionality of the network
Blockchain adoption in Employee Management System
Authenticity and reliability through immutable data:
Crypto-based payroll system
Blockchain is popularly associated with crypto currency. While cryptocurrency remains to be a
confusing transaction for many, it is currently prevalent in financial management. With
blockchain adoption in the Employee management process, it’s only inevitable that crypto-based
payments will follow especially with global payroll processing. Cross-border payments through
digital currency transactions are efficient and transparent
Employees can take control of their personal and private blockchain that contains their
professional identities. They can decide who can access and use their personal data. Employers
can speed up the screening and onboarding process since all employee information is stored in
the blockchain. Access to data can be removed once the employee leaves the company.
The application of blockchain in business operations is nascent at the moment. The early
adopters of this technology from various industries such as Employee management, insurance,
banking and financial services, supply chain management, and healthcare are still in their
experimental stage through blockchain pilot programs. Statista predicts that global B2B cross-
border transactions on blockchain will increase dramatically over the next few years and will
reach 745 million by 2025.