The blockchain system is spreading widely in the current scenario. It has several financial and legal benefits. It moreover helps to improve marketing, sales, and human resources fields. ASOMI College of Sciences promotes and encourages the use of Blockchain and cryptocurrency systems in areas intertwined with higher education as well as the generic ones.
Blockchain: online transactions
Before, the internet was designed only for moving information and not creating or owning value. While the internet took years to develop and to become commercial, the blockchain system is skyrocketing. We have no ways of identifying the integrity of financial transactions on the internet unless the latter are authorized by intermediaries such as banks, the government, and others. The latter involves transaction fees, the control of customer data, and their systems might fall and crash as victims of frauds and hacks.
All this will not happen with the blockchain system since it is public, which means that everyone can see and have a clear overview of what is happening at every moment. It has no central headquarters or a database to hack, and, most importantly, it is encrypted. This means that a thief could not steal the exchange of values stored in the blockchain system since they should rewrite every block that would be a nearly impossible task. By eliminating the intermediaries mentioned above, blockchain transactions are public, they do not ask for fees and they are, most importantly, unhackable.
The utility of Blockchain: data analyzing, benefits for human resources
In any case, a blockchain system is basically about offering products and services mostly to stakeholders, but there is more. In the human resources department, for example, the blockchain system is helpful since it gives the employers credited information on their employees’ educational (and not only) background by proving the integrity of documents such as college diplomas. There is no possibility of falsifying this sort of data because it would mean taking over the entire Blockchain, which would be nearly impossible.
The utility of Blockchain: data analysis in finance and trading
The individuals would own and have control of their data in virtual black boxes. This would imply less access to personal data by companies, and, most probably, individuals will soon be selling their data, waiting for it to be analyzed. This, consequently, would lead to a more targeted market. Simultaneously, smart contracts where the terms of the agreement will be authorized will become an essential part of the legal sphere. Therefore, it will also be easier for the financial sector to search for companies’ data. For instance, now it is still tricky because web research is not always reliable. With the help of a blockchain system, this kind of data will be more transparent, allowing the stakeholders to find information quickly. The blockchain system would and will bring a lot of improvements in diverse sectors.
Blockchain: decentralization of power
What is more, most companies and other organizations are currently structured in a semi- or entirely hierarchical way, while the blockchain system would decentralize the power. An excellent example of a hierarchical structure is the corporation system in which the ultimate decisional power is in the hands of few people on the company’s highest chairs. Everyone has a precise task, even the ones on the lowest steps of the ladder.
On the contrary, a blockchain system would decentralize the power in organizations. Firstly, the administration would be decentralized because the blockchain system is public. Given that everyone can view it, organizations must pay attention to keeping a close connection to their users. Blockchain is one of the most secure ways of storing data, including trade secrets. Moreover, organizations do not have to worry about third parties since there are no intermediaries. So, there are only positive sides to Blockchain for organizations and the decentralization of their power.
Blockchain is one of the most widespread virtual systems. While it took decades for the internet to evolve, Blockchain is growing at high speed. This process brings a lot of benefits to different sectors and decentralizes power in organizations.