The Blockchain effect on the future workplace
It’s not just the amazing new features that made the tech business a hit, there were a bunch of cool new words that took over the world too. These terms are of course for features and components of a larger revelation although some words really did create a hype among people in an influential manner. When one invests on something new, everyone wants a name on it that would stick for a lifetime and that would mean something even after its no more, bringing a nostalgic thought of a distant memory of what it was. Its impact was significant if it left that footprint in the minds of the general population among which some of whom may not even know what it really means. One such term, creating all the buzz on the internet is Blockchain technology. What is it? How is relevant to work is what we will soon find out.
What is it?
Surely, by now many have heard about Bitcoins and probably thought immediately of it when thinking about Blockchain. Ironically the two terms are connected, in a very strong way. Blockchain technology is the infrastructure that underpin the bitcoin and other digital currencies. Making sure those transactions are open, safe and recorded without having the need for a central governing body to be present. Although crypto currencies are just one application in the whole spectrum of the Blockchain technology arena. The heart of its existence is that it is a trusted decentralised ledger that stores data in a secure manner and independently stand verifying any transactions made between two parties. Apart from those very heavy duties, it can also automate and streamline large quantities of tasks and business processes. Potentially taking over and reinventing the way we buy and sell property, manage employees and most importantly the HR functionalities of an organisation’s future.
How is it relevant?
Boiling down that complex definition into yet simpler format, think of it as a security system of house, the central lock system identifies who walks in and out with a pin, you get the visual feed of the faces recorded through security cameras and any suspicious movements identified through sensors that sound out when things aren’t right. Put all those functions together and you get the gist of the main idea. Not only that, it can take those repetitive processes and get it into a system that just cuts the extra time while making it all come together in a structured format. So how is it relevant to the workplace? How does is impact an employee? Or a manager? Well the force of Blockchain technology will just change the norm completely. It will automate repetitive tasks and speed up the data processes at a global level. It will cut away the need for intermediary involvement letting peoples share data with a common record. Processes will be tackled effectively, efficiently and more importantly in a safe way with it in the future.
What would the future look like with it?
Just like all other technological introductions, this too pose a threat to the overall workforce in a way that it would replace roles that were once needed to conduct the repetitive tasks of an organisation. Although there is not proper research on how large or small the impact would be to the landscapes of the future workforce. It’s sure to look different and new. Organisations will be required to get creative in preparing the workforce for the changes arising and in capturing the Blockchain technology to the organisation’s benefit, to reduce repetitive tasks, cut out costs and develop the organisation’s overall future. Of course it is not all dark clouds and downward spirals from here on, because with the end of certain job roles, comes a need for new job roles, that will support the rise of all that is yet to come with the proper introduction of Blockchain and all other technologies.
As exciting and rather scary to some as it may sound, the advancements that are brought on by these fascinating introductions are what makes the world go around. The business world has seen many different phases that once did not involve any technology and slowly moving towards and diving right into the tech deep-end of it by now. It’s survived and so did the workforce in it with the many unexpected changes, and will continue to do so as it is the circle of life that just keeps moving with the many episodes that unfold.
