You have probably heard the term "blockchain," most
likely in the context of Bitcoin. You have also probably seen
splashy headlines suggesting that blockchain is the next
game-changing technology that will upend the business world. This
article will demystify blockchain technology and identify some of
its potential applications for human resources (HR).
What Is Blockchain?
While the first application of blockchain involved
cryptocurrency, blockchain's use cases extend far beyond
electronic currency. Stated simply, blockchain is a distributed
ledger or database that is shared across a computing network. In a
centralized ledger, there is one centralized repository of records
(like a bank) that moves data (like currency) to people or
institutions. In a distributed ledger (like blockchain), the ledger
or database is copied and shared by all parties so that each
participant has a simultaneous copy of all transactions. Think of
it as a spreadsheet that is duplicated
