Firstly.. What is Blockchain?
In summary, it is a new and more efficient way of Storing/Sharing Information and Value owned by Users (Nodes). With the use of Smart Contracts, Code becomes the middle man and can reduce a lot of error whilst also saving massive amounts of time. It has the potential to re-build standard procedures within every major industry, visible to everyone.
1) Recruiting and Applying for Jobs
Currently seeking Candidates, establishing whether they are qualified and then doing Pre Hire checks is incredibly slow, inaccurate and prone to false information. Fraud is also another common problem with this entire Candidate to Employer procedure.
People often amend their Resume according to the role they are applying for and Hiring Manager often wait days before hearing back from any References; that’s if you manage to get one. However, if employee details were stored on the blockchain – Applicants can provide potential employers with permission to access their blockchain based employment information. This could include employment history, letters of recommendation, educational records, and so much more. It essentially streamlines the entire process. Candidates are honest and control their data, whilst employers get quick feedback and can move quickly.
2) Get Paid Instantly – NO Delay
If you’re a gig/temp worker, you often find yourself waiting for payment from your Employer and It is usually on their schedule. With Blockchain technology, get paid for what you work immediately after its done. There is no waiting for HR Managers to schedule your payment, it is all handled in Contracts pre written and decided by both parties.
With a smart contract, the business and worker can establish the criteria for which pay is earned. When those criteria are met, and the smart contract is satisfied, pay will be distributed instantly. For example, a smart contract can be designed so that payment is released to an independent truck driver the moment the cargo he is delivering arrives safely at its destination. Not only does it help contractors receive payment automatically, but it can also protect businesses from fraudulent invoicing.
3) Protection From Cyber Criminals
Within HR and Recruitment you’re often handling highly sensitive information such as Personal, Finance, Insurance, Banking & Disciplinary Records. All of this is valuable and at risk of being stolen.
Again with the use of Blockchain the risk of this being taken is reduced, in some cases, virtually eliminated. Records stored in the Blockchain are decentralised and not held in any one given place. Hackers will find it hard to access and corrupt data they cannot find. In addition to this, any amendments made have to be authorised and verified.
