Talk to an Expert

Tag: technology transformation

How Blockchain can help in smoothing the hiring process?

Posted on by Shipra

Introduction

Blockchain technology has proven to be one of the best uses of technology. It has great potential for revolutionizing different industries. Blockchain was seen to make a big revolution and finance industry but now it is not limited to it and has opened up different opportunities for different industries. Blockchain technology is a decentralized ledger, uses several multichain protocols, the Blockchain technology stores information in a more secure way and gives rise to different new business models built on the bases of such technology. Hence it has become the most valuable tool in the recruitment industry. With the use of smart contracts, an industry can automate the process of hiring and building contracts.

What is Blockchain technology?

Blockchain technology is a distributed ledger available in a decentralized network. Blocks in Blockchain store data in an encrypted way using cryptographic hashes using algorithms. All blocks in the blockchain are immutable and stored in chronological order. Hence it only adds blocks and such blocks cannot be edited.

What are smart contracts?

The best use case of blockchain technology is a smart contract. Different smart contracts could automate different transactions when several conditions are fulfilled. Many times online transactions do give a lot of information. Such information would lead to honesty and clarity. Smart contracts are advantageous for different businesses because it lets users make sure that all the terms are fulfilled. Smart contracts would ensure all the needs. If a company is hiring W2 employers, all the terms would be made clear and reassure different employees.

Why you should adopt Blockchain for hiring? 

  •  Blockchain would protect digital Identity

The identification of an individual is really important in the hiring process. Such would obligate several needs to determine the people you hire. Many times, job seekers do malicious activities and fabricate forge documents. Such could lead to the conduct of misinformation. Blockchain can automate identity verification and make sure all the information is correct and original. Blockchain is able to do so because blockchain stores data in an immutable way, it means that once the data is stored all the information is immutable and cannot be tampered.

Hence blockchain technology would help employers to verify the identity of the users and skills. All the processes would be self-executable. Different candidates who struggle to get a job would be able to keep track of all the references and information. When several websites are available such as dribble and Github, blockchain technology would streamline all the verification process on such websites. Such technology would be able to validate and secure information easily and without any intervention.

  • Cost Saving Process 

Any individual going through the hiring process is really difficult. Many employers do need to hire different recruitment agencies for getting employees. time-consuming, very costly, and time-consuming. Many times it just wastes time and sometimes it doesn’t time-consuming

With the use of blockchain technology, most of the information about an individual would be available on the blockchain network. Such information would be accessible to all different employers in a blockchain network. Blockchain has great potential to change the recruitment process. Different startups are working on leveraging blockchain technology for building a hiring process, and similar innovations are transforming global hiring through platforms that simplify compliance, payroll, and onboarding for companies expanding internationally.

Blockchain in the hiring process would assist different employers to authenticate information about future employers. Blockchain would be useful for revolutionizing the hiring process of building contracts. Instead of the old financial ways using pen and paper, all would be done using smart contracts. Such contracts would be useful and automate the process of hiring.

Different startups have to build a huge amount of funding in order to bring smart contracts in the mainstream. It would not be a surprise if different industries begin using such technologies. Different companies are doing the hiring in the old process but in the long run, such methods won’t work out. Also, it would become necessary for businesses to build contracts using smart contracts as it would generate a secure long term arrangement. 

With blockchain technology, companies can set up a public or private blockchain network for both employers and job seekers. Such a network would give chance to job seekers to give all the information. Different employers would be easily able to validate such information, without any need for third-party sources. Hence it would save a huge amount of time and money.

  • Blockchain helps in hiring a good team

Several things are needed to build a great company. A company should make sure that they have hired a good team for their business. A team should have different qualities to build a great team. Such as all the employees should have great skills. Very less would agree with this since an employee gains more skills while working on projects. 

Without any new technology, the company would face several challenges while hiring someone. It might not be easy to verify all the credentials and qualifications of individuals. Many times companies have gone through big losses due to such hiring. Several mistakes do let companies slip from the efficient hiring process in companies. If you want to build a great team and make sure all employees are genuine, you should use technologies like blockchain. Because such technology would make sure that you are hiring a suitable candidate.

  • Blockchain eliminates human errors

Many times people do try to impersonate different people to get a job. You must have read recent news on how someone impersonates a teacher and used her documents to get a job. It is not the only issue, many times people do forge different certificates and experience letters and try to get a job. Such cannot be identified manually and it would be really hectic. Blockchain technology can prevent such cases from happening.

  • Blockchain keep you ahead with the technology

It is really difficult for companies to survive if business owners and managers are not able to adopt different changes. In several companies, various stakeholders are outsourcing different projects to different third parties such that they do not need to learn about technology.  But it is really a waste of long term investment, Sometimes the outsourcing process could be really costly and complicated.  Small learning of new technology would be really useful in the long run and you would not need to outsource projects to any company.

Several industries that use blockchain technology spend very less time to recruit employees. Also, employers do not need to pay anything to recruiters. Blockchain technology has diverse applications and is beneficial for different companies. Using such technologies would make the hiring process much easier and easier. And it will boost the reputation of your brand. Blockchain technology would assure that all the people you hired are reliable and skilled. It would build a safer environment for different employees.

How to create Blockchain technology?

In order to use blockchain technology, it is really important to have some experts that would help to build a blockchain-based product of the hiring process. Also, it would assist companies to gain some commercially. The blockchain revolution will take the marketplace with a huge storm. Different businesses need to struggle and due to global talent shortage, a huge demand is for blockchain services.it is really important to have information about different technologies and how does it work as it is completely a new process. Different companies and several startups do rely on several recruiting agencies for many years. It is the reason why most of the companies need to spend a huge amount of money on the recruiting process. Several reasons would make blockchain technology to cut down cost by a huge moment. 

Blockchain technologies would remove different intermediaries in the recruiting process and would bring a notable way that would fundamentally disrupt the recruitment process. It is really important for companies to take cost-effective measures to make huge profits. With blockchain in the hiring process, an employer would be able to invest in different areas for companies’ progress.

Conclusion

Blockchain technology is really useful in the hiring process. If you would like to implement blockchain technology in the hiring process for your company. Our experts and consultants would guide you and will build a great blockchain-based hiring tool. Such a tool would be easy to use. If you want to reduce the workload for the hiring process, blockchain technology would be really great in the long run. Blockchain is useful and adds value to any industry. It makes the hiring process easier and reduces the time and money spent on identity and employment verification. 

How to launch a successful Initial Exchange Offering (IEO) ?

Posted on by Shipra

What is an IEO? 

IEO or an Initial Exchange Offering is a method of raising funds for a startup administered by an exchange. To break it down, it is quite similar to an IPO (Initial Public Offering) of shares in the stock market. Like an IPO, there is a company involved, an exchange that scrutinizes the authenticity of the company/project, and the necessity for raising funds. In an IEO, tokens are raised through a cryptocurrency exchange. IEO covers a global market with fewer constraints and timeframes. Binance, the largest cryptocurrency exchange organized the first-ever IEO in December 2017. Investment in cryptocurrencies is gaining importance these days, owing to the fact that it provides huge returns on investments.

Initially, the public offering of tokens was made through ICOs or Initial Coin Offering. It is similar to an IEO, but the only difference is the platform through which they are conducted. ICOs are essentially organized by the developers or the holding company on their own platform, whereas IEOs are conducted on a cryptocurrency exchange. ITOs (Initial Token Offering) and STO ( Security Token Offering) also came up as alternatives to ICOs. However, IEOs have earned greater popularity than any other alternative. This is mainly because of the drawbacks that eventually led to the unpopularity of ICOs. This was mainly because of the increasing fraudulent practices that discouraged investments.

The biggest ICO scam, Pincoin, and iFan stole $660 million, with an estimated 32,000 investors falling prey to the money-making plot from Modern Tech. Pertaining to this factor, a lot of alternatives like ITO, STO, and IEO have been launched to avoid the same. However, IEO has proven to be the best alternative as the exchange guarantees basic standards of security. 

Benefits of an IEO 

Now naturally, there has got to be a reason why an IEO holds the upper hand when it comes to raising funds through cryptocurrencies. A lot of these benefits revolve around the platform on which it is conducted i.e. the exchange. To elaborate a little more about these benefits, take a look at the following points:

  • More secure:

    IEOs are conducted on a third party exchange and not the holding company, which builds up the trust amongst investors. The platforms already have an established payment structure that is more reliable and trustworthy. The investors do not have to worry about the security of their funds, the exchange takes care of it for them. Since IEOs are conducted on a credible exchange, the probability of a scam/fraud is negligible.

  • Investors get a wider set of alternatives: 

    Since the exchange offers the platform to more projects and startups, the investors have a wider set of options that they can research on and invest accordingly. Being informed about the alternatives and then investing boosts the confidence of the investors.

  • KYC/AML:

    The exchange already completes KYC ( Know your customer) of the investors, so the investors do not have to go through the trouble of repeating the same set of actions every time they want to invest. This also provides assurance and saves time for the providers of the tokens.

  • Heavy Scrutiny:

    Registering for an IEO is much more difficult than registering for an ICO. To register for an IEO, you first have to go through the rigid process of the exchange registration. This ensures investors the credibility of the project/startup that they are investing in. The tedious registration process of the exchange ensures the listing of authentic companies. This adds to the advantages of an IEo, because ICOs are organized by the holding company on their platform which makes the investors doubtful about its reliability.

  • Engages a larger investor base:

    The exchange has a built-up reputation which gauges more investors. Since a larger number of investors are listed on the exchange, it benefits the startups as they can raise more funds due to this increased investor base. The ICOs have to do rigorous advertising to make people aware of the investment opportunity, on the other hand reaching a larger audience becomes easier for an IEO, as exchanges have an established user base.

  • Bridges the gap between investors and issuers:

    The investor makes the payment to an escrow account first to get the payment verified and process it when the purchased token is delivered to the investor’s account. It ensures that the token is added to the investor’s account if the payment has been made. In other words, it works as a depository.

How to launch an IEO?

  • The Preparation Stage

The preparation stage will naturally start with the development of an idea. This idea should be structured as per the market requirements and demand. You need to check the economical, financial, and social feasibility of the idea. 

To do this and put your idea to life, it is best to have a team of experts, who know blockchain space and crowdfunding mechanisms, to evaluate and develop the various aspects of the execution. You should have a road map depicting the stages and growth of your startup in the future and minimize the risks associated with it.

Understand the stake of your competitors in the industry. Your project should look legitimate, and unlike an ICO,  you should have an MVP ( Minimum Viable Product) or some progress under development to get listed on the exchange.

  • Selection of the Exchange and Drafting the Whitepaper

Before getting yourself listed on the exchange, you need to draft a whitepaper meeting the aforementioned requirements. This process is very crucial as the exchanges approve your request depending on the clarity and scope of the whitepaper. This also helps the investors to make an informed decision.

The next step is to select the right cryptocurrency exchange for IEO. There are a number of exchanges that you can choose from according to your requirements and feasibility. Make sure to read the exchange specific terms and conditions before making a decision. Some of the popular and trusted cryptocurrency exchanges are 

  • Binance Launchpad 
  • KuCoin Spotlight 
  • Huobi Prime
  • Bitmax Launchpad
  • ProBit 
  • Bittrex IEO
  • OK Jumpstart.

Choose the exchange for your IEO wisely after researching well about these exchanges.

  • Registering and Getting Approved on the Exchange.

Registering on an exchange:

After you have successfully decided which exchange is most suitable for you, you have to fill the application of the exchange which is generally 8-10 pages long. This form is available on the page of the exchange. This evidently is a complex job, and it is recommended to hire a SAG IPL for the job. Once you have carefully filled the form, you can submit it to get reviewed by the exchange.

Review of your application:

After you submit your application, it becomes available to the exchange team for scrutiny and verification.they will review your application based on a lot of factors like product development, market readiness, token readiness for sale, the authenticity of the project, etc. In order to avoid rejection, make sure you provide transparency and comply with the guidelines provided by the exchange.

Listing Payment:

There is no such thing as free lunch’, it goes without saying that the exchanges charge upfront and recurring fees (as applicable) to list your project or startup on its platform. An exchange will usually also help you decide the offering price of your token to attract more investors. Once this structure has been established, your project is ready to be listed on the exchange.

  • IEO

After completing the tedious and rigorous procedure of getting listed, create an appropriate hard cap to encourage reliability and trust amongst investors. Once it is listed on the platform, there has to be strong marketing and promotion to draw attention to your token. You need to offer higher returns to convince the investors, why is it worth investing in your token.

Some key points to make IEO finer 

  • Having a prototype or an MVP always works in favor of your product as investors rest assured of the development of your product. In the absence of a prototype, you should at least be able to provide some progress report about your project to get better funding. This builds trust among investors.
  • Remember when we talked about the importance of the whitepaper, it is a crucial document that helps the investors to make an informed decision and it also works as an ambassador of your product.
  • Market your product well. This you can do by Social Media Marketing, Blog Writing, SEO, Press Release, and Commenting on related forums. However, don’t make it purely promotional but informative.
  • Be careful about setting your caps in order to maximize your profits and enhance investor’s interest.
  • Have a reputable team at your disposal. The qualification, experience, and reputation of the team directly influence the confidence of investors. Along with technical and business expertise, it is always an advantage to have legal experts within the core team of a project so that investors know that professional opinions will be present in case of any legal troubles.

CONCLUSION

 The market for cryptocurrency is increasing as investors are becoming more and more aware of the investment opportunities. Owing to lesser restrictions and time constraints, this is the fastest-growing market, offering its services around the globe. BitTorrent launched its IEO on the Binance Exchange Platform and reached the cap in less than 15minutes. One of the IEO projects, Fetch.AI could sell their tokens during IEO within only 22 seconds. This indicates the plausible potential of the industry. Cryptocurrency exchanges can bring a revolution in the financial markets.

Quick Read: What are blockchain node providers? How do they work?

What transformations Blockchain can bring in charities and donations?

Posted on by Shipra

Introduction

Blockchain technology is another emerging technology, which has revolutionized several other industries. Several digital currencies based on the blockchain are new forms of digital money which is not linked to any authority. It is one of the revolutionary things since all the transactions are maintained and owned by the nodes or users of the blockchain network rather than being controlled by a single authority.

Blockchain technology and Cryptocurrencies, yes, digital currencies are also known as cryptocurrencies. Some of the fascinating industries where it can be used are charitable giving and charities.

How smart contracts can be useful for charities and donations?

Smart contracts are the autonomous contracts which are self executable when all the conditions are met in the contract. Hence smart contracts, transactions can be only done but not deleted or modified which is a great advantage. Once the transaction takes place it is stored in the blockchain and timestamped, also the ownership of the sender and receiver remains anonymous since they are given public and private addresses. Since the transactions are anonymous, decentralised, distributed, tamper proof, and immutable you can use it four building crowdfunding applications.

How do digital currencies such as Bitcoin can bring more opportunities for charities and donations?

Various cryptocurrencies like bitcoin can be a two edged sword when it comes to opportunities and challenges. Blockchain has huge potential to bring radical transparency in the donation. A major benefit is it would make it easier for NGOs to get donations when needed. And the challenges would be anonymous cryptocurrencies donation.

Blockchain technology is decentralised technology and it is a shared public ledger. Several advantages of blockchain have led to transformation in several industries. A blockchain could play a significant role in boosting up the trust and transparency in charities. Also, it will impact the new assets that will become available for giving.  Also, it has led to the idea of AI philanthropists.

Blockchain technology can be used to transform the whole idea of donation if created in a regulated way. It will let users register and monitor charities since every single charity would be transparent. Also with the use of smart contracts, A whole new set of rules can be enforced in an automated way.

What are some advantages of Involving Blockchain technology in charities and donations?

  • Improves efficiency and workflow.

In today’s era, everyone is moving to the digital world, and charitable organisations do need a platform that people can trust. Since old times there has been a privacy issue, in several companies that collect the information. For example, Cambridge Analytic and Facebook, how it impacted when digital accounts of people were stolen. Hence here comes the need for a platform where trust and privacy are not an issue. 

Several NGOs and charitable organizations do face similar kinds of issues several NGOs and charitable organizations are looking for some efficient way that is reliable and efficient, which will manage all the donations and seamless workflow. With the use of blockchain 2.0 or smart contracts, several organisations do not need to rely on intermediaries in order to confirm all the transactions. Also, smart contracts make the process much faster since they do not need to rely on any traditional workflow. Several organisations have been implementing blockchain technology in order to improve the workflow and internal processes. Technology Giants like IBM are working on Blockchain technology to bring more efficiency in the workflow in the industries like supply chain management. A huge set of industries would incorporate blockchain technology as several case studies have come up that talks about the advantage of blockchain technology.

  • Innovation and advancement can be a huge risk for Non Profits

As several businesses have benefited from the innovation, and they have continued to offer a large number of projects which will lead to huge progress. A huge set of organisations can be benefited from the innovations, but many times it is riskier for nonprofits to sacrifice all their resources and make an innovation. Since most of the NGOs rely on third party funds hence, it does not allow them to go for innovation at a large scale, unlike traditional companies.

It is believed that several charitable organisations and non profit organisations do need to rely on funds. And since the cryptocurrency community is new and several investors are there to invest, it brings huge benefits in the non-profit sector.

  • A bright future in there for all nonprofit organisations.

Blockchain will bring a huge revolution in the charitable industry, it is no doubt. Many communities are working in collaboration with several other blockchain projects, to build all the use cases for blockchain solution seekers. 

In Ethereum blockchain, A nonfungible token ERC-721 is developed which represents the physical and digital goods. Ethereum Blockchain is one of the promising technologies for non profit organisations. And it is considered to be a leading platform for deploying all the self executable contracts also known as smart contracts. It brings a huge number of projects and many more.

What all charities should know about blockchain technology?

As you have seen there are several advantages of blockchain technology. Digital currencies are incredible technology and it has a huge potential to bring a difference in the world. Also, there is a huge opportunity for charities which would lead them to generate new revenue. 

Also, many charities are under financial pressure. Since the financial pressure from the government has been reduced and it has become a huge challenge for them to get money. Charities do need to engage several new supporters even after this, they are able to get only a few pennies.

How cryptocurrencies can be good for charities?

Cryptocurrencies allow several users to accumulate wealth by solving a complex problem i.e. verification for transactions. Several users have come up to solve this compels problem. If you own any cryptocurrency, it can be held or sold based on the need.  Cryptocurrencies are a transparent and secure way of fundraising and there can be no fraud with mining. here the situation is much more clear, either you own funds or not. 

How NGOs can select ways to stay safe for getting funds?

Some of the several steps which NGOs must take are the following.

  • It is really important to use a well-known platform for accepting the donation. For example, BItpay has built a platform for getting funds for nonprofits. 
  • It is necessary to have a financial advisor in order to know more about cryptocurrencies. 
  • NGOs should do research and try to find other NGOs that are taking cryptocurrencies for funds.
  • Also, you need to save all your funds and treat it as security. Many times, the cryptocurrency market brings several advantages for ngos. 

With the use of blockchain technology, it will be made sure that all the transactions are secure and you don’t need to wait for a long time to receive money unlike now. All the transactions are done at a fast pace hence, you don’t need to depend on any third party company for validating and transferring funds. Blockchain technology would change the whole way of transactions. Also, it would be more trustable than any other medium for collecting the funds.

Conclusion

Blockchain technology is one of the advantageous technologies and several industries are making use of it. From the perspective of the donor, it gives some reliability since they know that the amount is used for a good cause. Unlike now, people know where the money goes and for what it is used. If we look at the current scenario, several third parties are involved and it is not sure whether the money is used by them or sent to the NGO. hence, with the help of blockchain, every transaction would be transparent and genuine. 

If you want to get a crowdfunding application for your charities or NGO, then you should go for it because it will be more trustable and genuine. Hence, you may find companies like Solulabs that provide the best services in the field of blockchain development. All developers have worked on several projects in different domains. You will find different NGOs and charities that have already implemented blockchain technology for collecting funds. In case you are not sure and would like to know more about it you can contact our consultants and developers or several NGOs that are using Blockchain. Our consultants would guide you in a better way.