Managers are valued not only for being able to sustain their company, but also for looking in the rear-view mirror to see who’s catching up. To survive and compete, managers need to understand the fundamentals of the latest technologies without being dazzled or scared by them.
One such emerging technology is blockchain. And, to avoid being overtaken by competitors, an understanding of this innovative technology is crucial. Let’s take a look at what blockchain is, what advantages it offers businesses, and how you as a manager can use it.
What is blockchain?
In short, a blockchain is a decentralised online database where information is recorded in such a way that it is almost impossible to copy or modify without permission.
More specifically, each action – or transaction – is securely created in the database (otherwise known as the ledger) by a mathematical algorithm. It’s then recorded and distributed across the network. That makes it impossible to change something without the tampering being obvious.
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