Jun 05, 2018

How Blockchain Will Become a Necessity for HR: Insights

DigiSciFi TechnologiesGuest

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We are already living in a digital era but soon a wave of technological disruptions will change the current HR scenario. While Artificial Intelligence is already making it big, Blockchain will revolutionize the way data is shared. Apart from this, the most important part of Union Budget 2018 is the fact that Blockchain and Artificial Intelligence came in trend not only within the technology community but also it has a wider impact on the world and common man. As we can see that, rarely used words such as Blockchains and Artificial Intelligence has now become a household thing to discuss i.e. it is widely used in the terms of technology.

How can we define Blockchain?

Blockchain can be seen as a secure and transparent transaction balance sheet where transactions are both recorded as well as they are confirmed. All participating parties can have access to this continuously growing database to address their needs for information within the distributed network. Apart from that, they can also share the same within the network. Users have a definite option to contribute to forming the database by adding few new transactions in the balance sheet. And, the most important thing is that each of the transactions gets recorded and stored within the network without any option to alter it i.e. nobody is able to edit or delete the data shared by the user in any circumstances which make all the data safe and secure. This marks the safe and secure as well as trustworthy option to store the data in this tech world.

What could be the benefits and impact of Blockchain Over HR Industry?

There are many leading financial firms and a growing number of companies across various industries which are using Blockchain as per the latest survey. Blockchain has been always considered as a game changer. Let’s know what all can happen and how does it affects Human resource industry at present and in coming future:

Blockchain will have vast impact in verifying and assessing the skills, educational credentials, and performance of potential recruits. This will help recruiters in spending less time while they cross-check and verify the information of candidates. Thus reducing their task by a huge amount of time.

Blockchain plays a vital role while accessing cross-border payment option. It just not helps HR industry in cross-border payments but also helps them to cope up with international expenses and tax liabilities, with the potential for organizations to create their own corporate currencies.

It also plays a significant role in enhancing fraud prevention and cybersecurity in HR for employees as well as for contractors.

By automating and reducing the burden of routine on the employees, data-heavy processes such as VAT administration and payroll, Blockchain boosts up the productivity.

For candidates/jobseekers, Blockchain will act as a perception of "self-determination identity." They will be easily able to store proper identity data on their devices and will be able to share it with those who would be validating it. With the help of this fast-paced technology, individuals will be able to have complete access and control over the data of their lives, providing access keys when they apply for jobs. They can easily store data such as degrees, certifications, courses taken, grades, employment history, salary and more.

Conclusion

Blockchain has just started its journey and there are a lot more to see when it comes to human resource industry. Apart from recruiters, job seekers and recruits will surely get benefitted as the time passes. Future has much more to show and give as far as human resource industry is concerned.

What’s your thought on this? What do you think about the impact and necessity of blockchain within human resource industry?

Vulpith is a freelancing and outsourcing platform which offers freelancers and clients to collaborate at a single point where they are able to meet up their requirements in order to grow together. Vulpith offers hybrid cloud workspace for clients as well as freelancers. They can easily go for freelance services online through this freelancing and outsourcing platform.

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Category : Startup Resources

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How Blockchain Will Become a Necessity for HR: Insights

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