Industries like healthcare, trade, finance, banking, energy, travel, real-estate, online advertising, education, etc. have incorporated Blockchain technology into their operational strategy. Blockchain technology is one of the most popular technologies in 2020, with scope to impact the daily lives of different professionals in multiple sectors. So, are you still wondering if you should sign up for an online degree in Blockchain?
What is Blockchain Technology?
In the most rudimentary way, ‘blockchain’ simply refers to a chain of blocks. Blockchain is nothing but a growing list of records that are known as blocks. These are linked cryptographically. Each block has certain information; the cryptographic hash of the previous block, a timestamp, and all other transactional data. Blockchain is designed in such a way that it has no scope for any type of modification in the data.
Features of a Blockchain
It is important to understand the key elements that make blockchain technology an asset to any organization.
The feature of openness is essential to any blockchain. For example, transactions on a public blockchain are visible to everyone with the help of a public key or private key, depending on the type of Blockchain.
Once a piece of information is on the Blockchain, it cannot be edited or altered. This feature of immutability allows the information to remain authentic. All transactions are written upon the previous one; hence the change history is always visible.
There is no single authority that takes charge of the Blockchain. It’s run with the help of multiple nodes aiding in hosting the transactional information. The lack of central authority improves faith in the system.
Blockchain technology allows users true freedom of the digital age because you’re the in-charge of everything. There is no higher authority regulating it; instead, the terms of the contract do.
The cryptographic algorithms of blockchain technology help in adding multiple layers of security to all the data that is stored. The feature of decentralization acts as added safety, which makes it better than other systems.
Why is Blockchain Important for Business?
According to a report by the World Trade Organization, the economic add-on value of Blockchain on a global scale will reach up to $3 trillion by 2030. Steadily it’s becoming a part of every industry. Here are a few ways in which it is revolutionizing businesses.
Use of Smart Contracts
Smart contracts have all the terms of the involved parties written into the code. It exists on a decentralized blockchain ensuring all parties fulfill the agreement. They require no external interference. It can improve business because both parties have to meet their ends of the deal. It eliminates the need to pay intermediaries for any kind of dispute because the contract is self-sufficient. If anyone backs out without notice, your goods or services will be returned to you.
Hiring Reliable Employees
The most valuable asset of a business is the workforce. Blockchain is really helping in the right hire because it eliminates the use of forged or photoshopped documents. You can easily verify all the mark sheets, degrees, certificates, experience letters, etc. through a digital ledger that cannot be modified, hence provides accurate data. The time, research, and effort that goes into hiring will be reduced because of this. It’ll improve the quality of hires as well.
Smoother Payment Methods
Blockchain technology has taken over the banking and finance industry. And there’s a good reason for that. With lesser fees for transactions, along an immutable record of all these transactions makes Blockchain the perfect choice. It can be used to pay salaries and maintain a record of cash flow. Especially in cases where you have outsourced work, it makes payments to employees in remote locations much more manageable.
Strengthened Customer Base
Incorporating Blockchain into your business allows reliable identity management for customers. They can take control of the data being shared, improving trustworthiness in the business. Excellent transactional records will enable the customer and the company to see how the business relationship has progressed over time. You can tap on all the spending patterns of the customers to identify the loyal ones and build upon better customer relationship management.
Enriching Marketing Campaigns
The marketing behind any business is the driving force. And in the competitive frenzy by different companies, it’s challenging to target customers. But Blockchain can be used by marketers to keep a record of customer information and spending patterns. They can then research this data to design campaigns that will have a higher return on investment. Blockchain will also help you gather data from real people and help to filter out bot-disguised accounts.
An online degree in Blockchain for Business will help any business to grow. This degree will give you an overview of blockchain basics, along with the consensus algorithms being used. Moreover, you will understand smart contracts and blockchain architecture better. With reduced costs and greater efficiency, blockchain use-cases allow employees to focus on better business decisions.