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How Blockchain-enabled Processes Change The Way Industries Work?

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By Author: Block chain council
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Blockchain, as we know, is a distributed database that is a decentralized, digital ledger shared over a large computing network. Each computer on the network has a shared copy of the ledger and can access it at any time but cannot alter or delete any record or information stored on a blockchain.
How does Blockchain Impact the Global Market?
So, what are the various ways in which blockchain impacts the global market? Let us analyze this aspect from the point of view of various industries.

1. Human Resources

Human resources professionals function such as planning, coordinating, and directing the interviewing, recruiting, and hiring of new staff. HR professionals consult with top professionals regarding strategic planning, and often handle duties related to employee relations and also those tied to training, benefits, and compensation. Though human resources largely rely on the human aspect, there is a lot of technology that goes behind retaining, evaluating, hiring, compensating, and terminating employees.
According to the Society of Human Resource Management, blockchain will soon modernize hiring.
... This will allow HR professionals to quickly verify the credentials of both job candidates and existing employees. The association also predicts that blockchain-enabled processes might "reduce the chances of third-party companies providing inaccurate historical data about a candidate or existing employee since those individuals would have greater input and control over data that's already been verified by multiple parties.”
Blockchain processes will affect payroll systems and blockchain will be able to handle the back-end work for simplifying and standardizing payments in multiple currencies.

2. Accounting

This is a textbook case study for a business field that stands to benefit from the blockchain. The need for accuracy and precision is paramount in accounting. There are many challenges that come with managing businesses in far-flung locations and the tax code is also overwhelmingly complex. The transparency of blockchain provides visibility to all transactions for approved users. It also reduces the auditor's job of validating and sampling transactions.
Blockchain technology reduces the potential for fraud and manipulation.
Blockchain has the potential to disrupt the $260 million annual global lottery market by providing confidentiality and anonymity for providers and participants alike. Prime Ball, managed by Ethereum smart contracts, will be one of the first transparent and fully decentralized lottery platforms based on blockchain technology. The winning results will be publicly distributed and recorded on the Ethereum blockchain without involving any third party. This model is a major shift in such an industry where scratch-off tickets and pencil-filled payslips are very common.

3. Management and Operations

Blockchain is changing the way companies are doing business. This technology is creating new opportunities and operational efficiencies in developing markets where political instability, hyperinflation, and corruption that have frightened many entrepreneurs away. Eastman Kodak founded 120 years ago, is trying to reinvent itself with its new blockchain venture in this ear of smartphones. The KODAKONE management platform will be an encrypted, digital ledger of rights ownership. Photographers will be able to register their new and archived work and license it using the platform. This will allow professionals to take part in a new economy for photography and offer their work on a secure platform.
To learn more about blockchain certifications, check out Blockchain Council.

More About the Author

Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for a better world. Blockchain technology is more than just a technology, which is emerging rapidly with a vast scope in the future. Blockchain acts as a financial network, software, distributed ledger, etc. Owing to this multitude of benefits and features, companies are now shifting their centralized and traditional working system to this trending and futuristic technology “Blockchain”. Blockchain council creates an environment and raises awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally. Visit here for more details@https://www.blockchain-council.org/

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