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- What is Blockchain
- 5 alternative uses of Blockchain
- Catenae Innovation: An agnostic tool
The global economy has been in the process of digitalisation since the 1960s. Previous digital technologies were used to improve business processes mainly by delivering the same results in a faster and safer manner.
Blockchain, however, presents us with something different from previous generations of technology — an exchange of value. This innovation has turned into a priority for business leaders across industries — especially in human resources, finance, and utilities.
According to a report from the International Data Corporation (IDC), Blockchain spending is anticipated to reach approximately 12 billion USD by 2022. Industry leaders have quickly realised the disruptive potential of the technology, recognising it as a game changer in many business use cases.
But what is blockchain?
Blockchain is a type of technology that records transactions to a digital ledger where they cannot be changed or altered. These records or blocks of information are linked using cryptography. The info on a blockchain is easily verifiable and open to the public.
Blockchains are also decentralized, so the data is shared with all the computers on the network.
A number of applications are built on the blockchain. Blockchain applications provide a wide variety of solutions you need to improve your business. Keep reading to find out about some of its uses.
5 uses of Blockchain that aren’t Cryptocurrencies
1.) Human Resources
Human resources professionals are responsible for a complex range of interlinked tasks from extensive recruitment and hiring processes, to holiday scheduling. They work with executives on strategy planning and often handle training, benefits and compensation duties. In the process, a great deal of technology comes to play.
According to the Society for Human Resource Management, blockchain could be used to modernise hiring by enabling HR professionals to quickly verify the credentials provided by job candidates and even existing employees. In addition, the association predicts that blockchain can prevent third-party companies from providing inaccurate data about the candidates.
OnSite by Catenae Innovation integrates standard HR management tools with automated tools to manage Visas, Student working, etc. ensuring only appropriate personnel are available to work. Automated holiday booking / authorisation that links directly to the Resource schedule, ensuring everyone knows an individual’s whereabouts.
2.) Accounting and Payroll
Accounting is a textbook example of a field that can profit from blockchain technology. Simply put, accounting is full of challenges — from the over-complex tax code to the paramount need for accuracy and precision. The blockchain can address all of these issues.
The transparency provided by the blockchain can decrease the time auditors spend sampling and validating transactions. By having more time at hand, auditors could focus on controls and other vital tasks.
Catenae’s product Onsite also has the capability to connect to virtually all accounting and reporting systems, improving your ability to process and create a secure financial picture in real-time, saving you valuable data-processing time. Automated timesheet process incorporated rates of pay provides simply Payroll processing.
3.) Remote workforce management
Managing a remote workforce, particularly during large scale events is an extremely challenging task. No matter how much prior planning is done, companies need to know that things are running smoothly and their workforce are in the right place at the right time.
Blockchain can help to streamline the running of a workforce during events, providing up to date information and allowing organisations more time to focus on improving their client service.
For example, OnGuard is a management solution developed in conjunction with and specifically for man-guarding organisations. Providing real-time management of remote workforce with full operative auditing via geo-tagging and time-stamping, Integrated scheduling, timesheet management and incident reporting
Sports clubs can be responsible for the management of a great number of players, coaches and staff.
From scheduling physios, tracking player progress and meeting health and safety requirements – sports clubs incorporate a vast number of tasks and processes that require much more than a pen and paper, if they’re to run smoothly and efficiently.
OnSide is a centralised management tool specifically developed for sporting organisations that deals with all the key elements of coaching from scheduling of staff and timesheet processing through to attendee management and reporting.
From coaching risk assessments, to outcome and diversity reporting and information sharing – OnSide improves sports clubs administration processes, increases efficiency and enhances the accuracy of data and reporting, saving clubs vital time and money.
5.) Legal Processes
Practicing law is no longer just about communication and logical arguments. Technological literacy rapidly becomes the key to staying competitive in the field. Blockchain could be the gateway to enormous amounts of data which might enhance law firms’ ability to find hard evidence or contradictions in the case.
Smart contracts could also come to play, enabling automatic transfers of assets once certain conditions are met. Disputes could be resolved directly and very efficiently, saving judges, lawyers, and clients a lot of time and you lots of money. Blockchain could also bring an end of the escrow accounts, where legal firms hold the money until the previously specified conditions are met.
Smart contracts essentially ensure all parties in the agreement do what they are supposed to. These self-automated programs run without downtime and without the interference of external parties. They’re a fantastic tool for when you are forced to do business with jerks, people you don’t trust, or people you simply don’t know.
All in all, Blockchain is a fantastic and truly diverse tool that can be employed in a vast range of sectors, and companies.
A point that AIM listed Catenae Innovation (AIM:CTEA) are looking to exemplify. Their product Sequestrum is truly universal application. Whether as a standalone repository for the storage of Copyright material or as a fully integrated blockchain portal, Sequestrum simplifies access to the blockchain, enabling it to be used for ‘Real World’ Solutions.
It is agnostic in terms of both the applications it provides blockchain capabilities too, as well as the actual blockchain platform it is communicating with – providing real choice for our clients.
By Harry Dacres-Dixon