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Blockchain’s Potential Effect on Business


A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchain is inherently resistant to modification of the data.

ICYMI: WorldatWork’s editor-in-chief of publications, Dan Cafaro, wrote a comprehensive piece on blockchain in the June/July issue of Workspan magazine.

Going Beyond Bitcoin

Blockchain is commonly associated with bitcoin, because it is the underlying ledger for which the cryptocurrency was built off. But the use of blockchain technology goes beyond that. And as Alison McCauley writes in this Forbes piece, businesses are continually searching for applications to their industry. McCauley’s article has insights from analysts, executives and experts who assess where we are with blockchain in 2019 and where we will be in the future.

Big Apple Blockchain

The New York City Economic Development Corp. is opening a Blockchain Center in Manhattan. This Bloomberg article explains that the 4,000-square-foot center will offer everything from coding classes to lunch lectures for software developers to the general public. Olga Kharif writes that New York’s blockchain startups received more than $500 million in venture capital funding last year, a 500% increase from 2017. There were also 2,200 blockchain-related job postings in 2018, up 80% from 2017.

Securing a Better Diet

Bridget Karlin, the chief technology officer for IBM Global Technology services discusses how IBM is leveraging blockchain technology to improve the quality of food that is sold at Wal-Mart. In this Cheddar video interview, Karlin talks about how the technology will allow them to track every step of the food process — from the farm to the store — to help ensure a safer product.

Educating the Future

With the technology in its infancy, the Blockchain Learning Group is looking to educate the younger generation about blockchain. In this Forbes piece, Roger Huang explains how the group is targeting high schools across the globe, particularly all girls schools, to deliver the same training methodology used for top executives and engineers.

Blockchain Compensation

Blockchain technology is still in its very early stages, thus the developers capable of scaling and utilizing it are at a premium. In this ComputerWorld article, Lucas Mearian writes that annual salaries for blockchain developers have increased by more than $4,000 in the past six months for those in the highest bracket. The article reveals that the median annual salary for a blockchain developer is $132,000, with experienced workers commanding upwards of $176,000. Mearian also details how the ledger technology is spurring job growth in related fields.

About the Author 

Brett Christie is a staff writer at WorldatWork. 

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