4 ways blockchain technology is used in the workplace

A blockchain is a digital record of all transactions ever made within a given system. The data held by one cannot be deleted or changed. 

A blockchain database, as suggested by its name, stores data in blocks that are linked together in a chain. There are many benefits to using them, which will be discussed further below. 

Businesses wanting to implement this technology are able to seek advice from specialist blockchain lawyers who can answer any questions and explain the legalities involved. 

Sharing records safely  

Blockchains are particularly useful for storing confidential information such as employee health records or client agreements. As all data stored in the blockchain is encrypted and requires private codes to access, there is peace of mind that these records are well protected. 

By using this technology businesses can both store and transfer records more securely using blockchain networks that have built-in encryption. This is often far more cost effective than paying to store data in a rented data centre. 

Payments

Blockchain is commonly used for both sending and receiving payments. Using this technology allows businesses to create their own corporate currencies. These can then be used for transferring across the company globally, as well as transacting throughout supply chains. The benefit to this is a much more seamless payment process and the removal of the need for third-party costs. 

It is anticipated that over time, central banks are going to also adapt to this method of payment, and allow convertibility into official currencies, as well as crypto. Cryptocurrencies already run on a blockchain, so it is a natural next step for banks to venture into this area of tech. 

Supply chain management

It is no secret that supply chains, particularly large ones, can be very complex to manage. Doing so often requires a significant input of both finances and people hours. This is especially the case for businesses that manage teams across different cities, countries, or continents. 

Common problems within supply chain management include a lack of transparency and lengthy, complex payment processes. Thankfully, blockchains are able to eradicate these issues due to their intuitive technology. They can be used to provide secure, visible information across different departments, taking the guesswork out of management. 

Productivity

As established, this technology can be incredibly successful in reducing the administrative burden many businesses face, particularly SMEs. By lessening the pressure on individuals to manage a range of tasks from contract management to payroll, means that a business can realign priorities and keep productivity at its core. 

Once blockchains are implemented and a company has adapted to using them, the introduction of new productivity targets can come into play. This allows businesses more opportunities to grow.