brilliant answers assignment

Blockchain-based solutions are being implemented for optimizing the inefficiency in the recruitment workflow. These solutions are very well used for recruitment processes like background screening and resume verification. In an event an organization needs to hire new employees, blockchain will enhance the process of obtaining credible information on the potential candidate, supplier as well as partners compared to any other recruitment method available (Tapscott et al., 2018). With employee's consensus, employers will have access to employee's credible information.

This information will not be compromised because it will be uploaded, stored, and managed by a secured database. Job applicants won't be able to lie about their education qualifications because a university body from which they graduated will have uploaded their academic eligibility on the database; hence, information integrity will be maintained. Changing anything will require taking over the entire blockchain, which would be impossible.

Any changes in the resume will be recorded and pushed to the respective institution for validation. New employers can trust employee resume stored and secured via such a blockchain-based solution. Blockchain will make it possible for employers to authenticate candidates based on digital identity stored on the blockchain (Kim & Deka, 2019). Various screening tests records/documents will be secured with the blockchain-based solution instead of relying on any third-party. It will also be easy to track the contractor's performance using a smart contract-based solution where employers will use the technology to review the contractor's work history. The recruitment process will be improved as well as made efficient through the use of blockchain technology.

3 Blockchain technology will completely change how the human resource department conducts its operations (Kietzmann, J., & Archer-Brown, 2018). 2 The use of blockchain technology will enable employers to interact with the job applicants where they will respond to questions on their qualifications, for instance, if they have a specific requirement with a yes or no answer.

The ability to store and exchange information will revolutionize the relationship between companies and employees. Also, blockchain technologies will allow organizations to easily coordinate work processes, increase employee engagement, and objectively test labor productivity (Obrist & Hari, 2019). 3 By implementing blockchain-powered technologies, human resource professionals will be able to optimize their workforce management and development standards to a large extent.

Blockchain features a digital ledger mechanism that allows professionals to streamline processes and store the details in the form of distinct records. 2 Blockchain comprises a unique set of blocks based on cryptographic principles, and each such block can hold data value. This approach will significantly improve human resource documentation and data management conventions (Paschen, J., & Boon, 2019). Through the use of this technology, the process of maintaining and monitoring employees' 3 payroll will be made accessible because employee information will be stored in a decentralized database, which will be updated automatically, providing crucial information to the human resource department.

In banking, blockchain has changed customer service, credit scoring, loans & lending, asset registry & management. 5 All this would be automated using smart contracts in blockchain. All of these process automation would lead to the saving of millions of dollars in cost savings. In trade finance, all the paperwork would be replaced by smart contracts (Veuger, 2019). Additionally, since blockchain is an immutable public ledger, all the entries would be temper-proof and quickly correct. Transactions in share market go through a series of intermediaries, but with blockchain, all these intermediaries will go away, and decisions would be made using consensus-based verification mechanism.

Blockchain technology has taken the world by storm. Much of this buzz stems from the tenfold increase in prices of cryptocurrencies in the market, creating opportunities for speculation to make money and excite hearts. Yet, this technology brings with it a plethora of solutions that overcome many of the banking system's current limitations. Blockchain technology runs on a distributed network, thus renouncing a need for a vast and costly infrastructure to operate (Paschen et al., 2019). This significantly reduces the overhead costs that are passed on to consumers through fees and other charges when using bank services.

The nature of this technology is such that it is a distributed public ledger that provides full transparency and evidence of ownership. There is no known way to manipulate the ledger, which makes it even more reliable. What's even more groundbreaking is the existence of smart contracts within this technology. What this means is that virtually any exchange of value can be written into a program that then operates by certain conditions that execute themselves when the time comes, thus allocating the asset to the person as per the situation and requirement wrote into the contract (Arun et al., 2019). In simple terms, it holds each party responsible for their part in the agreement while eliminating the need for a middle man such as a bank or a lawyer. It also clones and stores the transaction while maintaining the identity of both the parties involved.

Blockchain also improves the scope of microfinance since the number one issue with microfinance depends on the creditworthiness of its end users. An account holder's transaction records are already present in the public ledger, which allows for a quick check on these statistics without an external audit (Kim & Deka, 2019). The general ledger becomes a source of information for finance experts to develop transparent as well as improved strategies to determine loan limits and interest rates. These processes have to be adjusted to create a justifiable microfinance ecosystem fit for emerging markets. The most exciting fact about this technology is that it targets not one but several problems associated with banking & finance and could be a game-changer in this regard.

There are plenty of online polls being conducted worldwide daily; however, voting for elections requires the person to be present at the booth (but voting can be done online). Moving the process of voting online invites opportunities for frauds and hacks as the data is highly sensitive. Using blockchain for voting purposes eliminates the idea of the database getting hacked, making the process smoother and secure (Kietzmann et al., 2019). Money transfer is one of the primary reasons why blockchain was built. Banks and other financial institutions take substantial transaction fees for money transfer (even more in case of international shipments). Also, the time taken for international transfers is quite a lot (can be five business days in some cases). Blockchain transfers money from one person to another in a few minutes and without the need for any intermediary.

With blockchain, users will have access to their data, which cannot be breached or exploited by hackers or criminals. Additionally, blockchain technology has brought new opportunities in social scenes. For example, there are already some blockchain community platforms that allow users to earn tokens to run their communities or contribute content to other cities. Blockchain technology can benefit e-commerce in two aspects. One is supply chain management.

In a blockchain-based platform, all the information related to logistics, data flows, and capital flows will be recorded and kept transparent so that customers and buyers can verify and validate their actual value and services. The other is the payment issue (Tapscott, 2018). Digital currencies and cryptocurrencies will be a payment option with the benefits of low function and real-time transfers, thus helping e-commerce merchants to reduce the risk caused by the exchange rate.

2 In the supply chain, blockchain can be used to track products from the manufacturer to the end-user. This is helpful for the business owner as they can trace a product source as well as recover the lost product (Hyla, 2018). Business activities will be transparent because each event is recorded in blockchain hence enhancing trust between business owners and clients. Open business activities create a good relationship between business, stakeholders, and clients.

Businesses will use the information on the blockchain to search for potential stakeholders and providers, and this will save time and ensure that only credible partners are allowed in the business. Interaction between business owners and stakeholders will be made possible as blockchain will enable entities to post their feedback as well as respond to other parties’ feedback (Arun et al., 2019).

Financial statements will be readily available for scrutiny by stakeholders and other interested parties, enhancing transparency. Investors will be able to make their projections based on information provided rather than waiting for agencies ratings, which might be exaggerated and outdated (Treiblmaier, 2018). The fact that blockchain will be updated instantly guarantee that interested parties will always be up to date with business operations.

Conclusion

6 Blockchain might be one technology, but it has applications across multiple industries. Whether we talk about healthcare or finance, politics, or manufacturing, there are ways to implement technology in different ways. For instance, transparency and accuracy in voting can be achieved with tokenized votes in any significant election. In the same way, banking services can be made more accessible, affordable, and faster with cryptocurrencies. There are many other applications of blockchain, and change has already begun. It won't be wrong to assume that a significant shift in blockchain adoption can be observed within the next five years. Blockchain can change how all industries operate, primarily how business transactions are conducted and verified.

It is easy for organizations to find the right people to fill a specific position within the organization as there will be a database containing this information. Vetting and screening candidates have been made easy. The social effect of blockchain innovation has just started to be acknowledged, and this may simply be a hint of something bigger. Cryptocurrencies have just created doubts over financial services through digital wallets, the rollout of ATMs, and the arrangement of advances and installment frameworks (Chen et al., 2019). While considering the way that there are more than 2 billion people on the planet today without a bank account, such a move is undoubtedly an actual life changer.

References

Arun, J. 2 S., Cuomo, J., & Gaur, N. (2019). 2 Blockchain for Business. New York: 2 Pearson Addison-Wesley. ISBN: 0-13-558135-4 Tapscott, D., & Tapscott, A. (2018). Blockchain Revolution: 7 How the Technology Behind Bitcoin Is Changing Money, Business, and the World. Penguin Books, Canada.

Park, Kietzmann & Archer-Brown. (2019). Beyond Bitcoin: 8 What blockchain and distributed ledger technologies mean for firms. Business Horizons.

Morkunas, Paschen & Boon. (2019). 9 How blockchain technologies impact your business model. Business Horizons.

3 Kim, S., & Deka. (2019). 3 Advanced Applications of Blockchain Technology. Basingstoke, England: Springer Nature.

Veuger, J. (2019). 3 Blockchain Technology and Applications. Hauppauge, NY: 3Nova Science Publishers.

Attaran, M., & Gunasekaran, A. (2019). 3 Applications of Blockchain Technology in Business: 10 Challenges and Opportunities. Basingstoke, England: Springer Nature.

Shi, N. (2019). 6 Architectures and Frameworks for Developing and Applying Blockchain Technology. Hershey, PA: IGI Global.

11 Kraus, Obrist & Hari. (2019). 11 Blockchains, smart contracts, decentralized autonomous organizations, and the law. Edward Elgar Publishing.

Treiblmaier & Beck. (2018). 12 Business transformation through blockchain. Springer.

Li, K., Chen, X., Jiang, H., & Bertino, E. (2019). Essentials of blockchain technology. CRC Press.

Hyla. (2018). Application of blockchain and the use of blockchain technology in the security trading system.