Cryptocurrencies and the IT industry
Since the popularity of Bitcoin spread far and wide, the Blockchain Technology has made a name of its own. Due to the various advantages that come with the use of Blockchain Technology in Bitcoins and other cryptocurrencies, developers are persistently trying to make a breakthrough in expanding the scope of the Blockchain technology. To know how the blockchain technology works, you may look up the bitcoin evolution platform and acquire an understanding of the Bitcoins.
Bitcoins and the Blockchain Technology are receiving similar treatments at the hand of various nations. Countries like Japan have well understood the significance of cryptocurrencies and the Blockchain Technology, and have accepted them throughout their countries. They have made cryptocurrencies a legal currency. On the other hand, there are countries like the U.K. and the U.S.A. who have created policies in the favor of cryptocurrencies, but have not really accepted the currency in the proceedings of the country. Then there are countries who discard the idea of cryptocurrencies, and by implication, the Blockchain Technology. They do not treat these as legitimate means.
The blockchain technology
Cryptocurrencies like Bitcoins make use of the Blockchain Technology. This makes Bitcoins a decentralized currency. It enables a peer-to-peer transaction, barring the involvement of any external authority or financial institutions. This makes the transaction extremely private. The transactions are completely untraceable. Even the accumulation of cryptocurrencies like Bitcoin is recorded in the ledger containing blocks. It is a public ledger, but is only accessible to the Cryptocurrency owners.
The information regarding the possession and transactions involving Bitcoins is recorded in the public ledger. The advantages of this Block chain Technology is that, once the data is recorded in the block, it becomes impossible to tamper with, without the permission of the people involved. The decentralized blockchain system is not within the confines of any single individual or team. That is what makes it safer than the other technologies.
The blockchain technology and IT industry
As more and more nations are recognizing the benefits of Blockchain Technology, the IT industry is recruiting developers to turn it to their favor. The requirement for Blockchain developers in the world has exponentially increased. There are two ways in which the IT companies can hire the developers despite the dearth in their availability.
The companies can either hire a handful of experts and other developers in the field of Javascript, C, and Java. They can then provide them excellent training in the field of advanced Blockchain Technology. According to their performance post training, the experts and developers can be hired full-time by the company. Or the companies can keep allotting part time projects to the few freelance Blockchain experts in the field.
The contributions of blockchain in the IT Industry
The Blockchain Technology can be incorporated in the following spheres of an IT company:
- Managing with Blockchain: Managing a company will become an easy task as various costs will reduce with the use of this technology. The transactional costs will be zero.
- Human Resources and Recruitment: If the Blockchain Technology is used in uploading the data from the applicants’ end, and the recruiters allow easy access to it, it would become impossible to produce any false data to the recruiters. This would make the selection process an efficient one.
- Sales and Marketing: All the sales and expenses will be recorded in the blocks. This method of keeping data has worked efficiently in the Crypto market as well. This leads to the reduction in corruption.
The IT companies will have an increased cost in incorporating the Blockchain Technology. However, when they finally incorporate it in the company, they will receive manifold results out of it. Blockchain Technology has the potential to carve out a new path for the IT Industry and it can be groundbreaking. However, the first step has to be flexibility on the company’s part.
