There is no doubt that you have heard about Bitcoin, the digital currency used globally operating without a central bank or middlemen. But what do you know about the underlying technology?
Blockchain, originally developed for digital currencies like Bitcoin, is now being used by various technologies across a wide range of industries. So, what is Blockchain and why should you know about it? Blockchain creates a shared, centralized ledger or record of transactions that is completely transparent while keeping personal information safely encrypted. When information is passed from one entity to another, the transaction is cataloged and tracked in a fully automated and accountable way that is impossible to hack, tamper or fake.
How does Blockchain work?
Once a party initiates a transaction, it creates an encrypted “block.” That block is then verified by thousands or even millions of computers around the world. The verified “block” is added to an encrypted “chain” of other blocks also stored on computers around the world. You cannot falsify a block without invalidating all the other records of the chain and having it re-validated by all the computers involved. No one owns the chain and there are no transaction costs.
Bitcoin was created by a group of people under the pseudonym Satoshi Nakamoto (who pioneered peer-to-peer networking), and Blockchain soon followed to serve as the public transaction ledger of Bitcoin. Though still not universally accepted, cryptocurrencies and blockchain are growing in popularity and usage across numerous industries such as the environmental, entertainment, agricultural and technology sectors, to name a few. Now you can use it to improve your business.
How can this benefit my business?
Some of the ways you could use this technology to enhance your business transactions include:
- Saving money by cutting out the “middleman” transaction fees from credit card companies between merchants and consumers
- Decentralizing subscription fees to entities like newspapers and entertainment outlets, and instead paying to access only the specific content you and your customers want at a fraction of the cost
- Improving security of how critical information is shared by helping to prevent fraud and unauthorized activity
On a global scale this technology can also:
- Improve voting systems and mitigate fraud
- Revolutionize banks, stock exchanges and other financial entities
- Create smart contracts to streamline transaction processes
- Prevent identity theft
How do I use this technology right now?
To effectively implement blockchain technology into your business model, you’re going to need some help. Blockchain development teams require a wide variety of skills to deliver the right value proposition, on time and under budget. These skills include:
- Deep language tooling experience
- Microservice build and deployment
- Continuous integration toolchains
- Cryptographic theory and practice
- Cryptographic library experience
- Professional Project Management
- Automated software testing
- Distributed databases
- Event-driven systems
- PCI-grade security practices
- Container orchestration at scale
At Align Workforce Solutions, we’ve helped companies in your exact situation leverage talent in the fast-paced blockchain technology space at a speed and quality unmatched in the industry.
Recently, one of our clients, an expert in blockchain implementation, won a contract with a prominent foreign government. The scope of the project changed dramatically and suddenly increased in size. We needed to scale their team quickly to meet the new demands and schedule. In less than 48 hours, we presented a full cadre of candidates including a Project Manager specializing in compliance and regulatory guidelines related to blockchain, a Solutions Architect, and seasoned developers/programmers. Our efforts were so successful, they were able to create two fully resourced teams to exceed project expectations!