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How Blockchain is Changing the Face of HR
September 05, 2018
Blockchain is the new buzzword doing the rounds in major tech journals, blogs, and magazines today. While it is largely associated with cryptocurrencies like Bitcoin, which created the technology in the first place, it has a variety of other applications too including HR.
What is blockchain?
Blockchain is a technology that allows for a record of transactions to be stored and verified in real time. It is based on a decentralized network of computers which makes it extremely trustworthy as there is no middleman involved. Although this feature makes cryptocurrency lucrative as people can make transactions anonymously and without being regulated by any central bank, it’s poised to change HR as well.
How is blockchain changing the HR industry?
One of the most important areas which blockchain is going to disrupt is taxes. This is because taxes are complicated for HR professionals and employees alike, especially when the staff are hired on a contractual basis. However, blockchain can simplify the tax-filing process by tracking an employee’s income and transactions to make the calculation of taxable income easier. There is no need to keep receipts or record of the transactions when all of these can be checked on the blockchain network itself.
Another major application of blockchain is recruitment, in which the credentials and work experience of an individual can be shared on a blockchain network for others to see. EchoLink is one major company working in this space and materializing the concept into a real-world solution. It is creating an absolute list of employees’ records using various sources and providing the information to the recruiters using EchoLink Tokens (EKO), its very own cryptocurrency.
There are many such examples in which blockchain can be used to simplify various HR tasks and bring transparency in the whole system. Since it is a highly reliable and promising technology, we can expect more developments in the near future.
Photo credit: jane.boyko on Visualhunt.com / CC BY
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