Industries That Blockchain Will Radically Transform Human Resources/Recruitment

Industries That Blockchain Will
Radically Transform Human Resources/Recruitment


The term “cryptocurrency” is a misnomer.
A common misconception, held by many newcomers to the blockchain world, is that the technology’s potential lies solely in the banking and financial industry. In fact, the recent suggestion of the Indian government to rename cryptocurrency as “crypto assets”, and Warren’s Buffett’s belief that Bitcoin is not in any way a currency, are perhaps closer to the true nature of cryptocurrency than the commonly held belief that it is simply digital money.

Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value. The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry.

Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as follows:

Human Resources/Recruitment

Tamper-proof ledgers that safely store personal data

while simultaneously allowing them to be easily accessed makes blockchain ideal for use in a field  like Human Resources, where the verification of employee data can be time consuming and laborious. It would make hiring more efficient and streamline all of the tangential processes associated with HR, such as setting up an employee bank account and medical benefits.

ChronoBank is bringing blockchain to the recruitment industry. Recruiters can simply list their required services and any individual who can provide the skills and services can apply for the job and get paid in tokens. This will be based on how much real-time labor is put in. While it might appear similar to the projects we mentioned under “job marketplaces”, ChronoBank focuses more on the general recruitment industry, letting HR professionals hire employees as they require.

Conclusion

Blockchain technology is in its early stages and industry insiders are still mulling over the ways in which it can be merged. The possibilities of blockchain are somewhat similar to that of smartphone applications. Initially, apps didn’t catch on but developers soon realized that it could be designed to suit all sorts of needs – it was just programming. Thereafter, applications became all but a necessity for a business if it was wished to influence the market on a larger scale. Apps also gave developing power and outreach to the individual developer, allowing to them achieve what was often only accessible to larger development teams and resources.

Blockchain will further establish a sense of democracy and equality through its disruptive power. It can create a more level playing field, where individuals and small businesses will be able to compete with corporate powers that have established their dominance through the advantage of money. Perhaps this is the greatest disruption that blockchain will bring, that of the characteristic of an impartial democracy applicable to any undertaking.

Chuck Reynolds


Marketing Dept
Contributor

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