Listen up, folks! The buzzword du jour is “blockchain.” Ever heard of it before? You’ve might come across it in some articles you’ve read online. Either way, we don’t blame you if you don’t know what it is exactly!
Folks, you should also know that businesses in all sectors (not just banking) are scrambling to figure out how to “harness the potential” of concepts like “bitcoin,” “cryptocurrency,” and “blockchain.” Human resources and staffing are included in this as well.
Do you want us to tell you another interesting fact? If so, great! In less than two years, experts estimate, blockchain will come in full force in the human resources industry.
If you’re a recruiter trying to understand the potential effects of blockchain, we’ve got you covered. A glance at this link theblockchainrecruiter.com will also clear any doubts you have as well!
We hope we’ve sparked enough interest in you to continue reading this article. Here’s what else we want you to understand:
So, what is blockchain technology?
Many people consider blockchain to be the internet’s next evolutionary step. But what is it, precisely? A piece of software? A place to keep records? Digital money?
Although blockchain deserves its own blog post, in essence, it is a distributed ledger that records and safeguards the authenticity of input data.
Information recorded in a blockchain cannot be changed after it has been recorded. Therefore, it is used to store information such as cryptocurrency transactions to guarantee its security without relying on a centralized authority, such as a bank, to do so.
Because this data is low-key stored in a public distributed ledger, it can be verified and agreed upon by several parties. This helps to verify that the data is accurate and that no unauthorized changes are made.
Awesomely enough, blockchain’s protective and democratic features make it an obvious fit for financial applications, but the technology is now finding new uses in areas beyond money.
Oh and this allows for the safekeeping and dynamic interaction of sensitive personal data such as academic records and, of course, work records on a distributed digital ledger in real time.
Suddenly, human resources departments are starting to hear a lot more about blockchain and for a good reason folks! Find out more relevant info here.
How does it work, though?
Blockchain’s revolutionary qualities lie in its decentralized nature and its complete transparency.
Instead of relying on a central server or entry point, data of any kind can be accessed from several decentralized ledgers. And that’s what makes it impervious to disasters like blackouts and (gasp) hackers.
Not only is blockchain safe, but it is also fully fraud-proof, which is why it has been dubbed the “technology of truth” by experts.
Do you know what this means, folks? No more lying on job applications, that’s for sure!
Because of its distributed nature, it is difficult to create a phony entry because the system will immediately reject it upon discovering the inaccuracy.
Oh, and we also want you to know that peer-to-peer transactions between individuals in different locations are now possible for the first time in human history thanks to teamwork, cryptography, and creative coding.
Amazingly enough, this is a significant switch up from how most modern huge institutions typically deal with us and our data. However, the payoff for HR and recruitment experts that think ahead can be substantial.
What does this mean for recruiters?
“Sure, it’s fascinating, but I want to know how this helps HR professionals or recruiters?” Don’t sweat it because we’ll explain it below.
The revolutionary potential of blockchain in the field of human resources management is becoming clear even if the technology is still in its infancy.
Think about it this way, folks. Now that you’ve located the ideal prospect, it’s practically time to finish off their referrals, right? The awesome thing about it is that you no longer have to go to the trouble of tracking down former employers or teachers to get a candidate’s full, transparent job and academic background, including performance reviews. Talk about taking a break.
Blockchain technology has the potential to significantly reduce the workload of human resources and recruitment departments.