Is blockchain technology the future? It certainly seems that way. Originally used to launch the mega digital currency known as Bitcoin, this tech is now being recognised as a way toenhance the efficiency of many business processes.

Old-school business behaviour that seemed oh-so-set in its ways is about to change forever thanks to blockchain. Signing contracts, storing documents and paying staff will be easier, faster and simpler than ever – and you can be one of the first to embrace this tech before the mad rush to get on board intensifies.

Here’s how…

ON:iT Recruitment - Ethereum blog

Smart contracts

The Ethereum Project popularised the term “smart contract” – demonstrating how businesses could create agreements that were refreshingly free of censorship, fraud or third-party interference from decentralised platforms.  

The great thing about smart contracts is that they’re totally secure and completely unbreakable – and in time they are expected to be used widely within the financial and legal sectors.

File storage

Putting files away online is the preferred mode of storage in the digital age, but whenever you pass data across the internet, there’s always the risk of precious information going missing or being pinched.

With blockchain technology, you can create your own peer-to-peer method of storing via anInter Planetary File System (IPFS). Instead of a client-server relationship like you’d have on the web, IPFS lets you transfer data in a decentralised way.

Not only does this quicken the file storage process, it also tightens up security around data.  

Buy and pay

Blockchain’s origins belong in cryptocurrency – but it isn’t just Bitcoin and Ethereum traders who can take advantage of this tech. Blockchain is also brilliantly useful for any business who want to send and receive payments.  

Choosing blockchain lets you cut out the middle man when you transfer funds – which has the potential to save companies hundreds, or even thousands, of pounds on transaction fees(not to mention bundles of time).

Plenty of businesses are already embracing blockchain as a payment method – which can even be expanded to play a pivotal role in the payroll department.

Be a future-thinking business

A progressive approach can take you far in this day and age – and that goes doubly for your recruitment.

There’s huge demand for high-quality candidates in the tech sector right now, and if you want to attract the best of the bunch, you need to stop heading down the same old hiring routes.

ON:iT Recruitment can show you some of the most creative and effective ways to get the best people through your door. All you need to do is give us a call on 0161 416 6000 or send a message to our team via the online contact form.