With blockchain slowly becoming a buzzword people know little about, one Maltese company has begun employing the cutting-edge technology for practical everyday use, a first for the country.
Dakar Software Systems has begun using blockchain with Payroll and HR, so far uploading employment contracts to the system.
By using blockchain, the company is able to provide employees with untampered immutable proof of their contract.
This means that employers will no longer be able to fraudulently alter contracts during or after employment, something which happens more often than you’d think.
It also appears that Dakar is preparing to extend the groundbreaking to technology in this area and many others.
“We are only scratching the surface of the power of this technology and what it can deliver,” Dakar CEO David Schranz told Lovin Malta.
Blockchain first made news after being introduced as the underlying technology that powered Bitcoin, the world’s first cryptocurrency.
Although several questions remain among experts among the future and global acceptance of cryptocurrencies, blockchain has a bright future.
In a nutshell, blockchain technology provides a means or recording and transferring data in a transparent, trusted, and provable way.
Using a distributed ledger, it allows individuals and companies to engage in a network that is secure, transparent, and democratic.
Ultimately, it places the power back into the individual’s hands, removing the need for any intermediaries.