What is Blockchain? Isn’t it something to do with cryptocurrency? Why should I care about blockchain as an HR professional? If you are asking these questions, you aren’t alone.
Blockchain in Simple Terms
You’ll often hear blockchain described as a “distributed, decentralized, public ledger” or a “record-keeping technology.” It’s widely associated with cryptocurrencies since it was first officially outlined over 10 years ago as the protocol used in the creation of the Bitcoin network.
Often touted as complex — and it is if you really dig into the details — the broader concept of the technology itself is easier to grasp. Essentially, blockchain is a shared database or ledger that houses records validated by a community rather than a single entity. Each block contains data and is akin to a page of a ledger. As new records are created, the blocks are linked to the previous block to form a chain.