Just when we were still coming to grips with automated software, data manipulation, machine learning and intelligent automation disrupting the landscape of HR processes, a new contender appears on the scene – blockchain technology. It is clear that Blockchain isn’t just here to power the volatile world of cryptocurrency, which has acquired trillions of dollars in the way of market capitalization.

So why does Blockchain work so well?

Put simply, Blockchain provides a decentralized, anonymous and secure platform which gives parties a way of validating exchanged information and verifying transactions. In accomplishing this, it not only cuts down on costs and speeds up the otherwise cumbersome process, but it also gets rid of middlemen.

Entrepreneurs are currently engaged to find unique ways of implementing blockchain technology to improve the exchange of information between employees and employers. Below are the four main areas that Blockchain can will change in the next few years.

Payroll System

Generating payrolls overseas is extremely cumbersome and takes a long time to process involving multiple intermediary banks and other third parties. And when you factor in the numerous inefficiencies involved with their processes, the costs just add up.

Tiny variations in currencies can also have a profound impact on the relationship between employer and employee because most third parties involved will try taking advantage of these fluctuations. In contrast, a Blockchain payroll system offers a faster and more reliable solution without requiring intermediaries.

Fraud detection

A report by CareerBuilder found that over 50% of employers discovered candidates lying on their resumes. Employers go through dozens of resumes on a daily basis, and depending on the size of their organization, the number can easily climb up to thousands. Given the alarming statistics about dishonesty among candidates, how can employers reliably gauge the accuracy of all the resumes?

The traditional screening process requires both time and energy which overtime can impact recruitment. Blockchain technology can be used to help in the detection of frauds and verification of candidates’ information. In the future this will be a future proof solution for screening resumes.

Matching people’s skills with the right jobs

Blockchain technology can speed up the process of matching people’s skill and performance to jobs that fit their specific skill set. This can dramatically improve productivity levels in the long run. It can also help to reduce administrative burdens on small businesses which can finally focus their energy on serving their clients and grow their organization.

 Cyber security

HR is naturally involved in a high volume of financial transactions. This inadvertently makes them privy to some highly sensitive information which could fall into the wrong hands if the cyber security of the firm is challenged. In the wake of the recent onslaught of malware attacks such as the WannaCry ransomware, Blockchain can help address the lack of security in systems and their data. It can be particular help to businesses that aren’t prepared to handle cyber threats by addressing their risks and protecting sensitive information.

If you’re curious about how blockchain technology could help speed up HR processes in your business and save long-term costs associated with fraud detection, security threats and recruitment, get in touch with an expert from JS Benefits Group.