Are you still afraid of blockchain technology?
Blockchain, the technology everyone now hears and talks about, but very few understand. When you understand how blockchain works and the positive impact it can bring to your business, your world opens up, fear starts to fade away and opportunities start coming in.
Blockchain technology is the perfect ally for every single business dealing with data. Why? Because of the safety and automation it provides. We know that exchanging data on today’s digital world can be risky and scary, you never know who will have access to it and it is very exposed to being tampered with as it hasn’t been encrypted. Wait a second, what does encrypted mean? It means to convert information or data into a code, especially to prevent unauthorized access or tampering. You digitally lock the information very safely. Blockchain allows this to happen.
By exchanging data on this technology, you make sure that it will never be modified, and it will only be shared with your permission. What’s more? It is a decentralized technology, you are not giving away your data to a centralized third party that will control it and do whatever they want with it, you will still be the owner of your data and you decide what to do with it.
Some background screening providers often get confused with how blockchain can be adopted in their business, they might think that utilizing this technology will mean losing their main source of revenue as they won’t be performing as many verifications manually. But on the contrary, instead of spending time performing several verifications repeatedly, they will be receiving requests from other background screeners who want to buy verifications that were already done by them in the past.
To put you into context, as people nowadays change jobs very frequently, whenever background screeners get requested to verify a candidate that had already been verified in the past, they can pay the background screener that already did this verification to use it while saving time and money. Also, it will allow the initial background screener to get revenue out of it. The best part is that this verification is completely transparent and that no one has tampered with it because it has been safely encrypted on the blockchain.
We are seeing a wide number of benefits by adopting this technology. Increase in data protection and privacy, automation of the processes within the company and of course speed, because of the ease to find information and exchange it. Due to the current Covid-19 situation, companies worldwide are adopting new technologies much faster than they did before because they have been able to understand and test the benefits they bring in a very short notice.
Moreover, now is the time where industries must collaborate with one another to be able to survive and grow together, like Patrick Lencioni once said: “Even competitors are having to work together today to implement these important solutions”, so instead of buying the information from an external entity, why not buy it from a company within your industry? You will be saving time and money. By being a part of this kind of network, all the other companies in your industry will be able to buy data from you as well, this will help your business to have more income and it will be a big support in overcoming the crisis.
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