Essay Example on Blockchain Application

The introduction of blockchain technology is highlighted with the advent of the Bitcoin cryptocurrency. Bitcoin is one of the major milestones achieved in the adoption of blockchain technology on a large commercial scale. Blockchain is an open distributed ledger system that relies on blocks in form of records and linked using cryptography. Cryptology's aim is to ensure secure communication channels through information security features such as data integrity, authentication, and confidentiality (Swan, 2015). This essay outlines an original application of blockchain technology.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Order now

Leveraging on the features on a blockchain, including the ability of blocks to connect all transactions in a successive manner while reinforcing the previous blocks through verification, blockchain technology is being adopted in many private and public enterprises that rely on information technology. Common usage has been in developing crypto-based currencies such as Bitcoin. Security companies can use blockchain ledgers in managing personnel in a way that ensures more efficiency especially in companies with high numbers of human resource. This system will help track the activity of its employees by accurately giving the reporting times of the personnel to their work stations. This will rely on peer-to peer connectivity that will govern the communication and validity of the employees who join the system as blocks (Network Readiness Index, 2015). The employees will be allowed to connect to a blockchain-based system through an open-source code that would rely on biometric or written authentication to encode registrations into a Merkle tree (Swan, 2015). Specifically, the service will aim at providing a proof of all individual registrations on the network with nodes located strategically at the company's central offices and important clientele bases serving the role of validating and relaying the confirmation of attendance. The public nature of the blockchain will help the management to confirm the validity of the individual entry. The decentralized nature of the blockchain allows a higher Byzantine fault tolerance that is supported by the distribution of computer systems, thereby minimizing centralized control and, therefore, guaranteeing the security of the employee blockchain (Network Readiness Index, 2015).

Conclusion

In conclusion, the introduction of blockchain technology will have tremendous economic and security influence in the industries that adopt innovation. More specifically, the ability to address the problem of double spending and relying on the concepts of proof-of-work and mining makes the application of the technology as an effective alternative to the myriad of industrial challenges. Management of personnel in security companies is one area the application of blockchain technology that will have a positive impact.

Reference

Network Readiness Index (NRI). (2015). Survey on blockchain technologies and related services. Tech Rep. Retrieved from http://www.meti.go.jp/english/press/2016/pdf/0531 01f.pdf

Swan, M. (2015). Blockchain: Blueprint for a new economy. O'Reilly Media, Inc.