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Redefining HR with Blockchain Technology
Blockchain has taken over almost every industry and has evidently eased the way of doing business. Blockchain technology however closely related to bitcoin and other cryptocurrencies have another side of the coin which extends its ability beyond that. The decentralized data storage method Blockchain proudly owns made industries turn heads towards Blockchain. This method of storage cuts out the middleman and saves data securely on the network of computers that can verify and automate the flow of information.
All the benefits blockchain has is no less promising for HR. Blockchain technology utilized well can promote accurate and practical approaches for the HR sector. From hiring to payroll process, blockchain has the power to redefine human resource at every stage. Blockchain can quickly record job applicant's work history, in brief, eliminating the old school resume writing method. The employee information is secured cryptographically on the blockchain network and allows only trusted authorities to access information.
The lengthy hiring process eliminated, as blockchain empowers HR professionals with the ability to pull information from public blockchain which has all records of the candidate including his promotion, his successes and failures, and reason to quit his previous job. This gives HR professionals a complete picture of his candidate and makes the hiring game easier. The annual taxpaying method has always been very complicated for contract workers; blockchain can simplify this process by tracking employee’s income and purchases, and rest his tax rates accordingly in no time, eliminating paper works and the need to wait all year. Blockchain also can allow companies to send and receive money across the globe without bank or any similar fees interference.
Blockchain technology has all that it takes to eliminate stressful HR processes being risk-free at low cost and can be effective all at the same time. However, it is time for the innovators to take the next step and make Blockchain in HR reality.