If you go by blockchain technical analysis today, then you will analyze the growing importance of blockchain technology in various industries including health, business, fashion, aviation, transport, textile and so many to include. Google this underlying technology, and you won’t be counting time on examining the results, and there won’t be anything much on HR. Now, this is the wake-up call for the HR space, as blockchain has hinted its worth to disrupt the latter field. In other words, blockchain can bring about reforming ways, in the regular tasks of HR. Now it has become important to know about how blockchain technology can transform human resource capital in different ways, that can prove useful for this capital.
Protection From Cyber Crime
HR management has the onus to look after financial and personal data which is much sensitive. The data varies from disciplinary records, finance, payment, health insurance, banking, and a lot more. But, there is a risk regarding the misuse of these data. With the help of blockchain technology, the risk of data exploitation can be intercepted very well. It is all because blockchain is a decentralized technology, and gives no single chance to any hacker in corrupting data and access it. Adding on to it, verification and authorization are must for any changes.
Nowadays, searching for candidates based on their worth and potential, through verification has somewhat become a very complicated process for human resource capital. There are possibilities for cheating and inaccuracy. By referring to the word, cheating, we mean tweaking of curriculum vitae by the potential hires, in the greed of attaining the desired job profile. Other than it, the references can also be forged by them. But if the blockchain technology stores the record of every employee, all these fabrications can be avoided.
The above benefits of the blockchain state it as a worthy and helpful technology for human resource capital. Leaving no scope of any unofficial changes, blockchain ensures the accuracy of data. This indicates the fact that the accumulation of information via attendance and time is error-free and cannot be exploited easily. The blockchain technology is now even popularly used for the biometric data system, for keeping and checking information. An NGO like ID2020 is the best example to follow it.
Now, will it possible for Human resource capital managers to overlook the fact about the existence of blockchain technology in the first spot? Possibly not. If workers from developed nations are specially hired, then the execution of crypto payroll will become needless. The sense of standard payment lies only in fiat currency. But it also makes sense for businesses hiring on a worldwide scale, pay in cryptocurrencies including the major ones like Ethereum and Bitcoin.
Accessing money, and utilization for the simple purchase of services and goods matters a lot for the workers. Those who live in a country where there is a devaluation of the currency, and banking seems to be not worthy of trust, or other barriers placed by the government, this is not the case. When blockchain technology backs the payroll systems based on crypto, it leads to many opportunities to drag more and more workers, globally by businesses.