Financial transactions and the contracts and proper records of them are the most important and defining structures in our economy. They govern almost everything, from interactions between nations and various other massive sectors to the establishment and verification of identities and chronicle events. We have come a long way from the conventional and tacky methods of financial transactions as the technology has evolved. Still, all these crucial tools haven’t been able to keep up with the digitization of our economy. Since humans have always been able to eventually find solutions to all their problems, Blockchain Technology was developed to solve this particular financial transaction problem.
What is Blockchain Technology?
Blockchain technology is probably the best technology for any kind of financial transaction in the world. A Blockchain is simply a decentralized, and digitized public ledger of all the cryptocurrency transactions. Bitcoins and other virtual currencies are at the heart of the Blockchain Technology that can record transactions between two parties in an efficient, permanent and verifiable way. Imagine a spreadsheet that is duplicated thousands of time across a network of computers that are designed in such a way that this spreadsheet can be updated regularly, that’s exactly the basic understanding of the working of Blockchain. The blockchain is often considered as one of the most secure payment options and is often used interchangeably with cryptocurrency like Bitcoin. Blockchain Technology is incredible.
How Can Blockchain Technology Transform Recruitment And HR World?
Every company that craves success and works with full determination towards achieving it always looks out for the best approach and opportunities. One of the best ways to do that is to keep yourself updated with the latest technology. Blockchain Technology is the new hero in the world of financial transactions. With its decentralized system, Blockchain Technology promises to change the lives of people in many different ways, one of the most potential application being the domain of HR and recruitment. Blockchain Technology can effectively be applied to the various processes that are time-consuming and need a lot of human efforts. Here are few of the Recruitment and HR elements that can be completely transformed using Blockchain Technology-
Selection and Recruitment
A bunch of efficient and valuable employees is the true treasure for any organizations and it is important nowadays than it ever was before. Being the crucial bearers of technology, knowledge, and service, employees of an organization represent the core management and values of any organization. Hence it is very important that the selection and Recruitment process is accurate and efficient. Blockchain Technology can effectively enhance the recruitment process by identifying who is visiting the recruitment portal of an organization in real-time, engage with them and effectively offer them the right set of jobs and competencies to take up. With Blockchain, the job profiles can be efficiently personalized for the potential candidates and attract people for the job published on an organization’s website. Also, the interview process can also be transformed with Blockchain Technology. It can effectively assess the technical and behavioral competencies of a potential candidate. The competency records of an employee can be stored just in case the employee reapplies again in future. This can help the organization to assess the previous pitfalls and lead to a better-structured interview.
Resume Verification and Validation
Talent identification, selection, and processing in the Human Resource industry involve a lengthy process of verification which needs the engagement of employees and employers. From the accurate verification of the candidate’s educational qualification to work experience, this all can be very time-consuming during hiring. Sometimes candidates aren’t exactly what they portray themselves in their resumes. The sad part is, it can be extremely difficult to verify the resumes of the candidates. All this can effectively change with the involvement of Blockchain Technology. Since Blockchain provides an encrypted network of blocks where companies and individual candidates can share information under various categories, hence this enables and eases out the process of verification and validation of employee data including educational qualifications and performances and career achievements.
Efficient and paperless employee onboarding
A background check policy is a must-have for any organization while getting an employee on-boarded. This background check is still majorly done by conventional methods like checks by emails, physical location checks, references to check the authenticity of the CV of the potential employee. Blockchains can help to a great extent when it comes to run a background check effectively and efficiently. An organization can have a series of immutable records which can effectively act as a background check against the CV of a potential candidate by having schools, colleges, and various other organizations on larger Blockchain networks that speak to each other. Blockchains would effectively increase the transparency between the employees and employers.
Improved overseas payroll payment
When the employees of a particular organization live in the same locality, same city or even the same country, the payment process is quite straightforward and simply bank issues and handles the payments. The actual intense complexity comes when transactions and payments are to be made across international borders. Not only is the security of the payment is a bit compromised but the additional wait time that the financial transfer takes place actually sucks. The problem doesn’t end just here. When the employees go to the bank to receive the check, he needs to pay the bank to convert it into money. Using Blockchain helps this money to move faster as when the initiates the payment, there exists a direct connection via the Distributed Ledger Technology to the account balance of the respective employees. So they receive their payrolls quickly, efficiently and without the involvement of any middleman.