Blockchain Technology is Set to Drive HR Process Transformation By CIOReviewIndia Team

Blockchain Technology is Set to Drive HR Process Transformation

CIOReviewIndia Team | Thursday, 29 August 2019, 13:53 IST

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CIOReviewIndia TeamBlockchain driven transformation of traditional business models have proven significantly beneficial to various industries in the market; delivering greater transparency, enhanced security, improved traceability, increased efficiency and speed of transactions, and reduced costs. The system and the data are highly resilient to technical failures and malicious attacks, as the Blockchain data is often stored in thousands of devices on a distributed network of nodes. While, most of the potential Blockchain applications for HR are at their initial stage, it is expected to witness maximum traction over the next few years.

Some of benefits that Blockchain will bring forth to HR Industry are:

Screening Process – Traditional Hire process consumes significant amount of time in screening; Blockchain will eventually screen such information as qualifications, career history and skill certifications without the need for any human intervention - no longer the need to rely on intermediaries to do such task as authentication, identification of people, clearing and record keeping. Thereby, dramatically improving the efficiencies of the hiring ecosystem — job sites and background check companies, among others. A decentralized ledger with multi-chain data protocols, Blockchain provides a sea of desired information for recruiters.

Smart Contracts and Performance-related Pay – Blockchain can also prove advantageous in the recruiting process regarding contracts and performance-related pay, i.e. the contractual agreement with the worker can be stored in a Blockchain with the payment being kept in escrow, hence, providing security to the worker.

Data Security - Technology driven recruitment process delivers higher efficiencies, hence, the recruiters will have access to a lot of sensitive candidate/employee data. The current practice of uploading and storing data on a cloud server makes it susceptible to hacking and data-tampering. Blockchain enhances data security by decentralizing data into smaller bits and distributing it across an entire network of computers.

Compliance and Auditing – Blockchain Technology can be effectively used for compliance and auditing purposes; the data is stored within the Blockchain which are already validated and accurate, making audit checks for compliance easier to conduct.   

Talent Sourcing, Acquisition, and Management – Blockchain will push forward HR Process by connecting and collecting candidates’ information across platforms to get the correct matching profile against the JD; thus enhancing sourcing network by suggesting referrals based connections one has in their network.

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