Question

The theme of this research paper is Block Chain technologies. For this assignment, you must research the theme with a focus on potential business applications of it (including yet beyond Fintech). You must research current trends and summarize your research as a report. The general structure of the report is as follows: 1. An introductory section about the current hype surrounding block chain technologies, providing context for your report; 2. A description of select applications of Blockchain to business (minimum 3). Have particularly business areas of your interest) in mind (e.g., HR, Marketing and Sales, Finance, Operations). You must also describe and analyze these technologies based on their potential to be game changers, 3. The challenges for such applications to become widespread and beneficial to companies 4. A conclusion section (with your takeaway from the discussion)

Answer 1

The report generated after research on Blockchain Technology and its potential business applications is as follows :

Blockchain is a digitized, decentralized public ledger intended to keep a record of every
data transaction happening in its network. Every different user constitutes a network
node and maintains a copy of the ledger. Each transaction on the blockchain database
is verified by the users participating in the system, so a trusted third-party verification
is not required.

Blockchain transforms not only sectors such as security, health, and finance but also many basic tenets of marketing. It digitizes touch points, makes digital payments, creates meaningful value, builds trust, and decentralizes advertising concepts. Marketers who recognize this will have a lucrative opportunity in front of them and an edge over others. Hence for salespeople and marketers, it is worth spending some time to understand the changes happening in this arena. Already companies based on blockchain are growing exponentially.

The technology is eyeing a landing in the human resources space, which will inevitably change the way that HR professionals handle large amounts of sensitive employee data and deploy various HR processes.

The high level of security makes blockchain technology a good match for the HR industry, which is often charged with managing large amounts of sensitive data about a company and its employees.

One of the first challenges HR professionals face is understanding the fundamentals of what blockchain is and how it functions. Simply put, a blockchain is a distributed digital public ledger used to keep track of records. The term block is simply another word for the record. A blockchain, at its core, is simply a chain of records. Blockchain is special and distinct from other recordkeeping systems because it relies on a distributed ledger, meaning the chain of records is subsequently stored across a large network of independent computers. This decentralizes and encrypts the data, making it safe and secure.

To conclude with the possible scenarios as discussed above, Global companies in particular could enjoy benefits with blockchain when it comes to issuing cross-border payroll to employees in overseas jurisdictions. Blockchain automatically sifts through exchange rates and communicates with intermediary banks so employees can be paid quickly—and at a lower cost to employers in the long term.