Data, for any company, forms the very pulse of its functioning, molding and shifting in a multitude of ways to impact the way it thrives in the business world.
How a company controls and manages its data, thus, can have a direct impact on almost all spheres of its influence—from efficient management of associates, breezy traversal of audits, to, most importantly, transforming its very product or service itself.
The conventional, database storage-and-management system employs one single, centralized data source point to which requests are made to access data. Such a model will not simply risk the failure of the main server taking down all the client systems with it, it also puts a bottleneck on cost and time efficiency by having to pay to access data and bringing forth transmission delay in the scenario of geo-dispersed users.
At that very point, the question arises—what system could be so optimal in its preservation and regulation of data, it can both eliminate present-day security threats and prove to be cost-and-time effective?
The answer lies in the innovative and robust facilities of Blockchain Technology. This decentralized, secure infrastructure operates through a digital ledger of transactions, that is stored not in one central point, but is distributed across the entire network of systems, the chain.
With each computer system having its own access to the blocks, the chunks of data stored in the digital ledger, there is no longer the need for a central master system that must cater to every single query and request that rolls its way. When such new transactions are performed, every single participant in the chain gets their digital ledger updated, leaving no room for either redundancy or inconsistency.
Another major factor that has companies rushing to rope in Blockchain technology is its sheer speed. Through blockchain systems, activities that gobbled up hours or even days of precious time would take barely seconds or less to work through, all due to pushing away the intermediary that might have charged them for those very transactions.
No longer did transactions need to be verified by middlemen or wrenched into position by overhead costs or expensive error-correction, thus conjuring a fast, robust and efficient working system of data management.
A typical HR onboarding scenario, for instance, involves multiple steps in the screening and evaluation of an applicants’ resume, one of which involves contacting a previous employer and company to verify the credentials and claims of the applicant, who may have similarly applied to a host of other companies concurrently. This process can prove to be an arduous, time-consuming task which requires the hiring of a third-party who may contact the applicant’s past company to fetch work records and credentials, dragging up to multiple days of waiting time. A company, while needing to accommodate for this delay, might easily lose out on talented prospective hires who may be contacted faster by other competing companies who are quicker to respond to applications.
The involvement of Blockchain Technology, in this case, can dispel the need for the third-party by directly putting forth a request through its distributed chain, securely drawing out the employee’s information alone from the host of pre-present data and serving the request response, thus accomplishing a drawn-out task within minutes, and securing large number of financial and resource gains for a company. This is one of the many ways data storage and access undergoes transformation in blockchain systems, resulting in tangible, real-time profits for companies.
Another breezy alternative blockchain offers to a real-world corporate scenario, is providing a viable estimate of the probability a prospective employee could choose to accept a particular company’s offer. By extracting information from the chain about the variety of applications a candidate may have made to different organizations, employers are able to gauge a feel of how keen the candidate is over an offered position, and what other competitors are eyeing the same prospective hire’s talents.
What of security threats? One might wonder. Could blockchain truly be as secure as a conventional cloud-stored database when so many users are allowed to perform transactions on sensitive data?
Blockchain, perhaps, holds data security even more sacrosanct in certain aspects—its encryption guarantees the prevention of any sort of tampering by third-party sources, and the transactions themselves are immutable, secure from being changed or deleted once executed.
What makes Blockchain truly the must-use futuristic technology, is the guaranteed control and ownership it provides, securing a company’s valuable data only for the eyes of authorized associates. It is a “trustless” network of businesses and partners, for, though transparent in its data sharing to the chain systems, it preserves the traceability and security that pave the way to the highly potent process of automation of transactions, the smart contracts.
These programs, which automate the execution of an agreement, leave no room for the need of intermediaries besides protecting the transaction from being viewed by any snooping eyes other than those authorized. Thus, blockchain is able to balance both rapid execution of automated tasks and hold up any security challenges away from them.
Following in the famous first footsteps of Bitcoin, organizations across the world, including Ramco, have come to adopt blockchain technology in order to bring about a renaissance in the way they work.
Through the integration of the benefits of Blockchain technology with Ramco’s Global Payroll Solutions, users of Ramco’s portal go through seamless core-HR processing with a fast, secure and efficient working system.
Benefiting both HR personnel and their clients, the presence of a system which provides near-immediate, secure data management and processing only serves to further boost Ramco’s amplified smart-solutions that cover every aspect of HR Processing and Management.
Businesses, much like their data itself, are constantly changing, evolving to dynamically cater to every new customer need that may surface, and grab every challenge that may rear its head by the horns.
To understand how block chain could be useful for you, stay hooked and look forward to the next article!