Block-chains are incredibly been popular nowadays, but, What is a Block Chain?
As the name indicates, a blockchain is a chain that contains secure information. It is an immutable shared digital distributed ledger and data structure that sits across a network of computer or nodes that allow value to be exchanged with transparency and full of security. Blockchain technology enables digital assets from one individual to another.
The purpose of Blockchain is to achieve and maintain integrity in a distributed, peer-to-peer systems. But what is a peer-to-peer system? A system where all members or nodes of the database are connected without a central authority so that resources and information are shared across all nodes
Key Properties of Blockchain impacts HR program
There are some important key attributes of Blockchain
• Shared resources
• Immutability of data
• High availability
• High Security
above five criteria help you to evaluate whether blockchain could make a potential positive impact to a particular human research program area.
How Block Chain Impacts on Human Resources Program
In the current employment process we all know that it requires an individual to submit a resume and then an interested company will take a look at that and determine whether they are interested or need more information from the candidate but through a blockchain
• An employee can maintain their own file.
• Access can be granted to employees using a digital key
• Certifying bodies (e.g.universities) can provide copies of documentation into employee file
• Allows candidates to control the information they release
• Helps reconcile all data into a single space for employers to easily access
So here we can see the efficiency that can be gained by HR agency or an HR company because, in the normal hiring, recruitment company is interested in someone after they read their resume they have to go out to them and ask for copies of diploma, degree, and certificates which is really a time-consuming process.
There are some considerations we have to think about –
• Empowering candidates to provide access via a security key may lead to inefficiencies, as access needs to be granted on a case by case basis.
• Certain candidates may not provide visibility regarding certain portions of their file, making a standardized evaluation more difficult.
• Accessing each candidate file one by one presents its own inefficiencies.
Advantages/Benefits of BlockChain in HR Program
• Enables the recruitment process simple, easy and smooth
• Credentials are important- as credentials, enter into the blockchain, no one can change it
• In a multinational business in the international employee, blockchain provides faster payroll management services with safety and security of money without helping any intermediate payment mode and your payment comes within hours rather than days.
• Prevention of frauds, cybersecurity and data protection are another area of benefits for HR
• Value passport, based on the blockchain will benefit individuals and employers
A Blockchain can make a revolutionary impact on the world of work, especially the HR program or process and it has the potential to transform work-forces. Impacts of Blockchain will definitely affect emerging technologies like artificial intelligence (AI), virtual reality/augmented reality (VR/AR).
From the technology perspective, it is probably the least interesting, but its impact on society and work could be most effective, if we talk about a distributed network and approval, about encryption and peer-to-peer parts of the blockchain then you can have real applicability inHuman Resources. So we can say, blockchain’s impacts on HR will be pervasive and profound.