For a long time, we have been exposed to a system where the internal affairs in a business take place in a way that it requires a third party to process various areas of work. For instance, the payroll system is in such a way that the transaction details of the employer, as well as employees, are stored in the bank’s server, who we have to trust without any assurance. This can raise a lot of issues and lead to dispute. To eradicate such problems, the innovative and so-called internet of the upcoming Era, blockchain technology can give hands.

Blockchain, in basic terms, is a distributed public ledger that can store data that can be verified, secure and tamperproof. The information stored in such a database is not controlled by a single server, rather it is approved by thousands of nodes across the world. Hence, if any information needs to be changed, about 51 per cent of the nodes should approve. This makes the technology very safe and prevents anyone from modifying.

In fact, the top corporate companies in the world have started incorporating this disruptive technology to replace their existing payroll procedures. Top blockchain companies in India like Linkwell have started working on these use cases and have received many positive outcomes so far. However, the technology is at its nascent stage and there is a lot more yet to come. Our experts at Linkwell have honed their skills in blockchain technology to meet the needs of tomorrow.