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 resource 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.
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 the 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 allows companies to maintain the whole process of sending and receiving funds without the presence of any go-between. Though several technological advancements have entered the HR department, it still demands more upgradation, and blockchain can be the changing factor.