Key benefits of blockchain technology for HR
Imagine a world where everything is truly digital – where contracts are stored in bits of code, and individuals and organisations use machines and algorithms to undertake and record every transaction. Some might find this to be a terrifying prospect, but it offers the tantalising possibilities of a truly paperless world, one in which middleman may no longer be necessary.
But as a 2017 editorial in the Harvard Business Review notes, blockchain is not necessarily a disruptive technology, but more of a foundational one. And in this mode, “blockchain will allow [for a] shift towards greater efficiencies, security, and trust throughout the supply chain,” notes Arran Stewart, Job.com co-founder.
Core advantages of blockchain:
Decentralisation - no more need for third parties
Transparency - maintains a clear audit trail of logged transactions
Immutability - difficult to change or tamper with data
Security - only authorised parties can read relevant data
Check out our in-depth story on HR and the blockchain here: (Block)chain reaction