What is blockchain technology?
Blockchains are cryptic records of data that work as a growing store of records for a company. Based on the cryptic code of transaction data and a time stamp, blockchains cannot be altered without altering all subsequent blocks thus making blockchains a reliable source of transactions between two parties efficiently and in a verifiable and permanent way. Blockchains should not be seen as a technology that will drastically change the infrastructure but rather as a foundation technology that will transform all aspects of economic and social infrastructure. Blockchains will have the most impact towards labour intensive and long processes that require a large quantity of data collection and third-party verification.
Ease of hiring process
HR Management and recruitment have seen a substantial change since the time blockchains have been introduced. Blockchains have helped recruit and place new employees in roles more suited to their particular area of expertise as well as give verification that is honest and assesses the new recruits in an unbiased and streamline method. Matching different skill sets and jobs roles, blockchains have managed to give people an opportunity to transform their skills and expertise into a product they can use in various industries.
Fast & Secure Payroll System
With the introduction of blockchains, it is now easier for companies to make payments and employ people from across the globe thus sourcing talent more specific to the job regardless of country borders. Blockchains have made it possible for multiple organizations to create their own corporate currencies thus creating easier payment and transfer of funds keeping in mind international taxes and expense requirements. Blockchains have resulted in the elimination of routine tasks such as payrolls and administration instead automatic processes have been introduced resulting in a more productive enterprise. HR is highly involved in financial transactions and blockchain’s use of consensus ensures the threat of cyber attacks is minimal and sensitive personal data is not accessible to unauthorized personnel thus reducing the chances of fraud.
In summary, the human resource management market is one sector of corporations and small-sized enterprises that could benefit significantly from using the decentralized ledger system that blockchains provide.