From making talent search more efficient, candidate verification effortless, customer and employee data security foolproof, increasing workforce productivity, and managing the emerging gig economy, Blockchain can assist the leaders of today, and the future, in several business-critical challenges. A look at how this relatively new technology can serve as a linchpin for HR leaders to solve business critical challenges of the present and the future
As CHROs and business leaders juggle the multiple challenges of talent, retention, engagement, and training alongside preparing for the future of work, the advent of Blockchain promises to shake things up even further. Leading organizations like Accenture, Facebook, and Microsoft are all betting on Blockchain to define the next set of innovation and disruptions in the digital world. Blockchain, a relatively new technology, has also shown immense potential to bolster and optimize the HR function as well. Let us take a closer look at what the technology is, and what it means for businesses and CHROs.
Understanding Blockchain
While the term Blockchain has been doing the rounds for more than a decade now, not many fully understand its meaning or implication; even the most-watered down definition of Blockchain says that it is a “distributed, decentralized, public ledger.” Simply put, Blockchain is a new technology that allows digital information and data to be safely distributed without being stored in a single central database. Simply put, it is digital information stored in a public database (‘chain’). Each device (node) in Blockchain has its own copy of the information and helps in sustaining the entire network, which means there is no one single definitive record. This is a revolutionary change in the way the internet has been functioning so far, which is by storing and verifying information from a central source of record. In Blockchain, information is encrypted and stored across the entire network rather than a single server, which makes it virtually impossible to alter or hack.
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