Blockchain
…? What is it Anyway?
The
blockchain is a peer-to-peer network of ledgers that encrypts and stores blocks
of data and digital history and can be viewed and verified by anyone in the
network. Every time new data is added it extends the ledger’s chain of blocks.
The public nature of blockchain is what makes the technology unique, said Tim Griffiths, chief technology leader of Xref, an automated reference checking company in Sydney, Australia.
“Every time you add data to a block it is confirmed by the network,” he said. For example, a university might verify completion of a degree, or an employer could confirm dates of employment. Once data is added to a ledger, it is updated across the network. Ledgers can be added to but not altered, ensuring information remains safe and uncompromised — if someone tries to alter a ledger, everyone else on the network is able to see it, Griffiths explained. “It guarantees the data is certified and can’t be manipulated.”
Ref: (www.workforce.com)
The public nature of blockchain is what makes the technology unique, said Tim Griffiths, chief technology leader of Xref, an automated reference checking company in Sydney, Australia.
“Every time you add data to a block it is confirmed by the network,” he said. For example, a university might verify completion of a degree, or an employer could confirm dates of employment. Once data is added to a ledger, it is updated across the network. Ledgers can be added to but not altered, ensuring information remains safe and uncompromised — if someone tries to alter a ledger, everyone else on the network is able to see it, Griffiths explained. “It guarantees the data is certified and can’t be manipulated.”
Ref: (www.workforce.com)
HR &
Blockchain
Blockchain
technology is soon going to change the manner in which HR professionals deal
with all sensitive data.
That has big implications for HR, said Jeff Mike, vice president and HR research leader for Bersin by Deloitte. “The reason it is relevant is that blockchain creates the potential for personal data to be owned by the individual rather than the organization,” he said.
This refers to the fact that every employee could potentially keep control over his/her entire academic and work identity, including where they went to school, their grades and degrees, and their work history and training. “It would be more secure and more portable, moving with the individual instead of getting stuck inside the organization,” he said.
That has big implications for HR, said Jeff Mike, vice president and HR research leader for Bersin by Deloitte. “The reason it is relevant is that blockchain creates the potential for personal data to be owned by the individual rather than the organization,” he said.
This refers to the fact that every employee could potentially keep control over his/her entire academic and work identity, including where they went to school, their grades and degrees, and their work history and training. “It would be more secure and more portable, moving with the individual instead of getting stuck inside the organization,” he said.
As a cross-industry disruptor,
blockchain technology has the potential to reshape the HR technology landscape
(Deloitte)
(Deloitte)
Blockchain’s
decentralized network of computers authenticates and automates the flow of
information. That makes it a reliable system that stores data while cutting out
the middleman. This is the reason that it could completely disrupt the way HR
professionals work.
If we fully utilize blockchain’s capabilities, the technology will create more accurate and effective approaches to just about everything in HR. From big-picture areas like hiring and taxes to smaller scale tasks like payroll, there are so many important human resources applications that blockchain will change.
If we fully utilize blockchain’s capabilities, the technology will create more accurate and effective approaches to just about everything in HR. From big-picture areas like hiring and taxes to smaller scale tasks like payroll, there are so many important human resources applications that blockchain will change.
Numan Aly is a Senior Certified Professional (SHRM-SCP) who has conducted multiple talks on this topic. You can check out his LinkedIn profile. Numan Aly has also uploaded multiple useful motivational and informational videos at his YouTube Channel. He is the HR pro who translates organizational vision into HR initiatives that improve performance, productivity, growth by enabling, engaging and empowering people and organizations. You can also follow Numan Aly at Twitter & Facebook
Possible
usages of blockchain
- Verifying and assessing the education,
skills and performance of potential recruits – enabling those recruits to
be allocated to the most appropriate roles.
- In turn, giving people a comprehensive,
trustworthy blockchain-based record of their education, skills, training
and workplace performance.
- Managing cross-border payments and
employee mobility, including international expenses and tax liabilities,
with the potential for organisations to create their own corporate
currencies.
- Boosting productivity, such as by
automating and reducing the burden of routine, data-heavy processes like
VAT administration and payroll.
- Enhancing fraud prevention and cyber
security in HR, including both employees and contractors.
Blockchain could shake up the world of
work. On one level it could revolutionise HR processes, but it could also
transform workforces - the skills needed, secure value transfer and
transparency to name a few
(www.pwc.co.uk)
(www.pwc.co.uk)
References taken from:
· www.pwc.co.uk
· www.workforce.com
· Deloitte
· www.pwc.co.uk
· www.workforce.com
· Deloitte
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