Blockchain has for long periods been confined to capital markets and payments, especially when using cryptocurrencies. However, with continuous innovation and creativity, blockchain is now disrupting a whole lot more than Bitcoin and other cryptocurrencies. The potential of blockchain technology can be seen in the insurance and banking industries.
Blockchain can be used in HR because it uses a decentralized network of computers to verify and automate the flow of information. Such a system can cut out the middleman and stores crucial data about former, current and potential employees. It may now sound outlandish to say that it won’t take long for blockchain to revolutionize human resource functions, but with enough evidence from the finance industry, businesses in Ireland should look forward to incorporating blockchain tech into their HR functions.
Irish business owners can attest that recruitment is no easy task and requires a lot of resources. More often than not, businesses hire third parties to help with recruiting talent, which is quite expensive. Most information about the candidate can be accessed using blockchain, and this will eliminate the need for looking for academic qualifications and work experience. It will be easy for business operators and HR managers to verify employee’s information without bias.
Employee Life Cycle
Blockchain is primed to disrupt the whole employee life cycle, from hire to retire. Traditional procedures used to ascertain the lifecycle of employees take long: conducting interviews, checking qualifications, and gathering and validating enough references and work experience. Using a secure and decentralized system, blockchain allows the HR to use less energy and time when validating crucial information about employees.
Data stored in blockchain is accurate, valid and easily accessible. Blockchain technology will be an important additional feature to the HR department because it will save time and resources that are currently being used to facilitate functions. Businesses in Ireland can use this technology to recruit and check employee life cycle.