Blockchain technology
Name
Institution
Abstract
Blockchain technology being a foundation of bitcoin, the technology was first put forward in 2008 and put into action in 2009 (Wang & Beynon-Davies, P. 2019). It acts as a secure ledger that permits transactions to happen in a decentralized way (Morkunas & Boon, E. (2019).). These technology-based agencies are springing up, awning very numerous grounds like reputation systems and financial environments and internet services, etc. Generally, it contains critical Idiosyncrasies of audibility, invisibility, persistency, and fragmentation; with these characteristics, the blockchain technology saves much cost and improves the efficiency on the working grounds. The blockchain has facilitated the building of globally exploitable currency transmitting on codes, with no banks or any third-party podiums. Through bitcoins technology, it enabled the first time ever large budgetary transactions to be done without the trust issues or entrusting on intermediaries (Peters & Panayi, E. 2016). As in the traditional database management, there was no excellent data safety, which created more difficulties in sharing and utilization rate employees’ safety, which was low. Hence by the creation of blockchain in the model technology makes a significant impact (Wei & Cui, E. 2020, September), where it provides effective safety control of data and employee personnel matching.
Blockchain technology impact labor relations and employee safety.
Blockchain technology pays much attention to the grounds of the financial service, hence impacting the economic background. The main challenges being insecurity issues and scalability (Kumar & Mallick, P. K. 2018). it may raise a significant impact issue on labor’s relations and employees safety. where it generally rely on artificial intelligence codes that do not differ in ethnicity or social status; hence though this blockchain technology creates a positive impact on the labor relation and the employee’s safety were no much argument will be faced on the working environments. Blockchain technology has also enabled a substantial portion of work this where it allows employees to work without many difficulties hence enables comfortable working ground by the employees. Blockchain technology allows the colleagues to have a good communication network around geographies, concurrently reducing expenses, surroundings damage, and physical wear-and-tear hence this creating a positive impact on the employee’s safety (Mundra, S. 2018). Blockchain technology being more flexible where it’s an internet-based or is not restricted to the working days. It enables the employees to work without pressure and hence enhancing employee’s safety. Blockchain technology allows virtual meetings. It causes much effect on the organizations, both negative and positive impacts. Some positive impact is that employees will benefit from cost savings, intelligence transfer, and group culture-building (Stock & Kohl, H. 2018). Employees will benefit from less travel and effective telecommuting, and the negative impact is that some employees may be lazy where they work without pressure hence causing issues with the other employees.
Conclusion
Blockchain technology gives out a newfangled podium for new transparency and decentralized intercourse mechanism in organizations. It has a more positive impact on the employees and hence improving the organization’s safety and productivity. Thus the blockchain technology should be encouraged.
Reference
Kumar, N. M., & Mallick, P. K. (2018). Blockchain technology for security issues and challenges in IoT. Procedia Computer Science, 132, 1815-1823.
Morkunas, V. J., Paschen, J., & Boon, E. (2019). How blockchain technologies impact your business model. Business Horizons, 62(3), 295-306.
Mundra, S. (2018). Enterprise Agility: Being Agile in a Changing World. Packt Publishing Ltd.
Peters, G. W., & Panayi, E. (2016). Understanding modern banking ledgers through blockchain technologies: Future of transaction processing and smart contracts on the internet of money. In Banking beyond banks and money (pp. 239-278). Springer, Cham.
Stock, T., Obenaus, M., Kunz, S., & Kohl, H. (2018). Industry 4.0 as enabler for a sustainable development: A qualitative assessment of its ecological and social potential. Process Safety and Environmental Protection, 118, 254-267.
Wang, Y., Han, J. H., & Beynon-Davies, P. (2019). Understanding blockchain technology for future supply chains: a systematic literature review and research agenda. Supply Chain Management: An International Journal.
Wei, Y., & Cui, E. (2020, September). Application of blockchain and big data technology in the safety information management of architecture employees. In IOP Conference Series: Earth and Environmental Science (Vol. 567, No. 1, p. 012042). IOP Publishing.