Redefining the HR Industry with Blockchain
Blockchain has already seen its manifestation in payments and financial institutions. However, it is not limited to the financial industry alone. Blockchain’s immense capability to provide the highest level of security will find its application across industries, one of which is the HR industry. Integrating blockchain into HR functions will benefit enterprises in myriad ways.
1. Effective Hiring Process
Hiring managers will now be able to access the trustworthy, comprehensive blockchain-based record of candidates’ skills, work experience, education, and performance. Leveraging analytics in blockchain solutions allows HR department to be able to match candidate profiles to suitable job roles, effortlessly and seamlessly. Adopting blockchain will benefit smaller companies to a large degree since they often are faced with the challenge of finding the right talent owing to scarce resources.
2. Elimination of Back-office Function
The back-office function of managing the records of employee details such as salary, incentives, and leaves consumes most of HR’s time. Blockchain technology will help reduce the wastage of time spent in back-office, enabling employees to focus on other areas of the function. In turn, this will help enterprises to save cost incurred on managing the administrative work.
( Professional Viewpoint: Blockchain: A Way To (Safely) Bring Down The Barriers To Data )
3. Offshore Payments and Mobility
Multinational and global companies will have an opportunity to create their own virtual currencies using blockchain technology and use it for international remittances, saving them from incurring the cost to third-party companies.
Capitalizing on blockchain solutions, enterprises can easily verify the authenticity of high-volume financial data and personal information of employees stored in the database. Security risk emanates largely due to the lack of transparency in data and systems—a challenge that blockchain can potentially address.
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By Jonathan Anderson, Chief Technology Officer Of IOT Security, Intel Security