APPLICATION OF BLOCKCHAIN IN HUMAN RESOURCE
Indeed, the excitement around Blockchain is so high that it is being heralded as the solution to the world’s most serious problems, such as climate change and poverty.
Furthermore, the adoption of Blockchain technology is cited as a driving force behind the rise of Cryptocurrencies and the establishment of peer-to-peer commerce and banking. So, what exactly is Blockchain, and why is it so revolutionary?
To begin, Blockchain is a Distributed Ledger-based authentication and verification system and peer-to-peer information and data exchange. It translates into greater authenticity and reliability as the integrity of the data is validated by encrypted keys, validating each transaction only when the entire network keys are in sync.
In other words, it is nearly hard to deceive the Blockchain ledger because each transaction is verified and checked against the other keys to ensuring data integrity.
Furthermore, eliminating the need for intermediaries can aid in developing a fully independent and peer-based technology that can be utilized by financial and government institutions.
Indeed, the revolutionary force of Blockchain has the potential to alter how we address commercial and societal problems fundamentally.
Can Blockchain Transform HR?
Given how popular Blockchain is, how can it change the way businesses operate? The answer hinges on how the various services perform and whether such peer-to-peer technology may assist corporations in saving money, time, and redundancies.
For example, in the limited case of the Human Resources Function, Blockchain can help HR professionals better authenticate resumes, improve training process efficiencies, and capture and report vital data. Thus, ensuring that tools such as the HR Scorecard are used more effectively.
In other words, with Blockchain, the HR function can be modified in ways that were not previously feasible.
