Blockchain technology is changing the way companies are doing business. This technology is creating new opportunities and operational efficiencies in developing markets where political instability, hyperinflation, and corruption that have frightened many entrepreneurs away. Eastman Kodak founded 120 years ago, is trying to reinvent itself with its new blockchain venture in this ear of smartphones.

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How Blockchain -Enable Processes Change the
Industries work?
Blockchain, as we know, is a distributed database that is a decentralized, digital
ledger shared over a large computing network. Each computer on the network has
a shared copy of the ledger and can access it at any time but cannot alter or
delete any record or information stored on a blockchain.
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How Does Blockchain Impact The Global Market?
So, what are the various ways in which blockchain impacts the global market? Let
us analyze this aspect from the point of view of various industries.
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1. Human Resources
Human resources professionals function such as planning, coordinating, and
directing the interviewing, recruiting, and hiring of new staff. HR professionals
consult with top professionals regarding strategic planning, and often handle
duties related to employee relations and also those tied to training, benefits, and
compensation.
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Though human resources largely rely on the human aspect, there is a lot of
technology that goes behind retaining, evaluating, hiring, compensating, and
terminating employees.
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According to the Society of Human Resource Management, blockchain will soon
modernize hiring. This will allow HR professionals to quickly verify the credentials
of both job candidates and existing employees. The association also predicts that
blockchain-enabled processes might "reduce the chances of third-party
companies providing inaccurate historical data about a candidate or existing
employee since those individuals would have greater input and control over data
that's already been verified by multiple parties.”
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Blockchain processes will affect payroll systems and blockchain will be able to
handle the back-end work for simplifying and standardizing payments in multiple
currencies.
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2. Accounting
This is a textbook case study for a business field that stands to benefit from the
blockchain. The need for accuracy and precision is paramount in accounting.
There are many challenges that come with managing businesses in far-flung
locations and the tax code is also overwhelmingly complex.
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The transparency of blockchain provides visibility to all transactions for approved
users. It also reduces the auditor's job of validating and sampling transactions.
Blockchain technology reduces the potential for fraud and manipulation.
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Blockchain has the potential to disrupt the $260 million annual global lottery
market by providing confidentiality and anonymity for providers and participants
alike. Prime Ball, managed by Ethereum smart contracts, will be one of the first
transparent and fully decentralized lottery platforms based on blockchain
technology. The winning results will be publicly distributed and recorded on the
Ethereum blockchain without involving any third party. This model is a major shift
in such an industry where scratch-off tickets and pencil-filled payslips are very
common.
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3. Management and Operations
Blockchain is changing the way companies are doing business. This technology is
creating new opportunities and operational efficiencies in developing markets
where political instability, hyperinflation, and corruption that have frightened many
entrepreneurs away. Eastman Kodak founded 120 years ago, is trying to reinvent
itself with its new blockchain venture in this ear of smartphones.
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The KODAKONE management platform will be an encrypted, digital ledger of
rights ownership. Photographers will be able to register their new and archived
work and license it using the platform. This will allow professionals to take part in a
new economy for photography and offer their work on a secure platform.
To learn more about blockchain certifications, check out Blockchain Council.
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Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
● Certified Blockchain Developer
● Certified Smart Contract Developer
● Certified Solidity Developer
● Certified Ethereum Developer
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14. THANK YOU!
Any questions?
You can mail us at
hello@blockchain-council.org
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