Blockchain technology has been dominating headlines for months as the digital ledger solution is behind many of the cryptocurrency trends that have been garnering media attention. This focus on cryptocurrency has popularized the appeal of blockchain, a technology that many experts believe could revolutionize a wide range of industries. The question then remains: Is your business accounting for blockchain's disruption when hiring your next leaders?
What is blockchain?
In many ways, blockchain technology is extremely simple. It is a highly tamper-proof digital ledger. It can track transactions digital transactions between parties, updating with every interaction that takes place. One of the most popular use cases is in the supply chain.
In theory, a supply chain manager using blockchain can, in the process of checking an order, track the transaction history going back to the production and purchase of the raw materials through to delivery. This would effectively make fraudulent activity impossible because the digital ledger creates complete transparency into every phase of the deal.
How is the blockchain market unfolding?
"Demand for blockchain is about to explode."
Demand for blockchain is about to explode. While the technology is only beginning to emerge in mainstream sectors, momentum is gathering in a hurry. Allied Market Research found that global Blockchain market was valued at $228 million in 2016. That figure will rise to $5,430 million by 2023. That is a compound annual growth rate of 57.6 percent during the period. Right now, North America is dominating the sector, but the Asia-Pacific region is gaining steam quickly.
Where is Blockchain useful?
Applications for blockchain technology are plentiful; we already discussed the supply chain, which can impact manufacturers and pharmaceutical organizations alike. Entrepreneur pointed out that health care companies, similar to pharma organizations, can use blockchain ledgers to combat fraud and improve the ecosystems surrounding billing and payments in the sector. At the same time, the music industry is poised to employ blockchain to support distribution and sales while human resources professionals are turning to the digital ledger to simplify payments to employees working across national borders.
With so many opportunities in place, today's executives need to understand how blockchain may be able to help their businesses. If you're looking for such a leader, we can help. At YES! Partners, we provide recruiting expertise and access to an international client base of experienced professionals ready to step into leadership roles with high demands when it comes to expertise and technical knowledge.
To see some of the roles we have already successfully placed, click here.
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