Blockchain Technology Has Evolved Significantly (Coursework Sample)

Since the introduction of bitcoin, blockchain technology has evolved significantly in the recent past. Many investors and business people realized that the technology behind bitcoin is beneficial. Essentially, it is vital to note that many sectors are looking into ways they can be able to integrate blockchain technology into their system. It is vital to note that bock chain solutions are not all about the exchange of cryptocurrencies, businesses in various industries can benefit a lot in various ways. One of the benefits of an organization is that it builds trust. Through this technology, trust between two organizations which might be nonexistent or unproven is created (Pratt, 2021). Blockchain enables a transaction between two entities which never had any form of relationship to take place. The other benefit is that blockchain technology increases efficiency. Through this technology, there is no need of having middlemen when it comes to payments and real estate (Forbes, 2019). Additionally, there are also faster transactions compared with traditional financial services.
Through blockchain technology, an organization is able to enjoy Improved security and privacy. Essentially, blockchain leads to the creation of an unalterable record of transactions additionally it has end-to-end encryption, therefore, making it impossible for any unauthorized activity to take place (Pratt, 2021). It is vital to note that, unlike computer systems where data is stored in servers, data on the blockchain is basically stored across a network of computers (Pratt, 2021); this makes it almost impossible for an individual with malicious intentions to compromise data. A complicated string of mathematical numbers is used in blockchain technology, these numbers are impossible to alter when they are formed. Its incorruptible nature makes it less susceptible to hackers.
Through blockchain technology an organization will be able to enjoy reduced costs, this is made possible because blockchain technology leads to efficiencies in processing transactions. manual tasks are reduced, these tasks include aggregating and amending data (Pratt, 2021). On the other hand, this technology enables an organization to have speed in the ways it conducts its business. When manual processes when it comes to transactions and intermediaries are eliminated, a particular organization is able to enjoy speed. However, it is vital to note that the speed of transaction is dictated by a number of factors such as the size of each block of data in particular traffic among other things.
As a human resource manager, blockchain technology will significantly affect my role for the better. It is vital to note that HRs are involved in huge financial transactions. Additionally, they ar