The best technology disrupts by nature. Blockchain’s applications, including its ability to cut to the chase utilizing data without a middleman, could transform HR. However, as with any new technology, it may not fit seamlessly into the already established framework.
1.Simplifying the Recruitment Process: Blockchain in HR
The blockchain ledger is essential to bring transparency in a bank-less transaction process, but the advancement of technology and the leading innovative ideas have extended the boundaries of this technology. As per Statista’s prediction, the investments in blockchain technology will be a leap from $339.5 million in 2017 to $2.3 billion by 2021. Previously, researchers leveraged blockchain-as-a-service solution to combat the problem of homicide, and recently researchers have become attracted to the potentials of blockchain technology to revolutionize conventional voting process allowing voters the chance to cast their vote safely from their place of convenience.
The proper maintenance of human resources holds immense importance for the growth of a business, and to meet the criteria of an agile workforce, several innovative projects have been undertaken to revamp the structure of a conventional HR department. Blockchain technology can turn the prevailing notion of resume and career networking website upside down, as it can resist an applicant from writing down their detailed experience by simplifying the process of storing data.
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The encrypted nature of this digital ledger is a point of attraction for the companies and the HR departments, as this technology guarantees the security of sensitive information of the employees or job applicants. Blockchain technology can usher new lights of innovation to the dull, time-consuming, and tedious process of recruitment, and can remove the chances of subjective intervention during this process allowing a company a better view of the prevailing scenario to repair the pitfalls.
The tax system, especially for the contract workers is intrinsically complex and demands the expense of valuable time both for the employees and employers. Blockchain technology revamps the existing system by tracking income and purchases, and ultimately, restructures the tax-rate automatically. Moreover, refurbishing the tax process, blockchain reduces the necessity of maintaining an HR team and cuts small the chances of mistakes.
Besides, the maintenance of the taxation process, the tracking of payrolls and issuing of paychecks are the major concerns of a company. Blockchain in HR…
2.Opportunities for Blockchain in HR
Blockchain has spread its web over almost every industry and has smoothened the ways of doing business. The blockchain technology, which is best known for bitcoin and other cryptocurrencies, has extended its ability capturing almost every sector.
An innovative blockchain-based Human Resource Bank was tested by the Humans.net project which attracted over 200,000 users and established important partnerships after a successful trial run in four states across the US.
Testing involved substantial enhancements to the security protocol and the introduction of new features that allow users to gain on the data they choose to reveal. The focus of the company is to provide flexible tools to its users which will enable peer-to-peer matching of potential employers with contractors on the basis of transparency and verifiability of all user data.
The interactions of various participants of the freelance industry will be eased with the introduction of services of the human.net platform in the market. The platform has a convenient set of tools for direct peer-to-peer communication and redistributes its proceeds among users and do not involve any third party service. Therefore, the possibility of mass migration of user to it is high.
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Because of the decentralized data storage method of blockchain that cuts out the middleman and saves data securely on the network of computers allowing to verify and automate the flow of information, it has gained popularity. opportunities for Blockchain…