Different governments and industries around the world have already started leveraging the potential of blockchain technology. Blockchain technology development is not only about Bitcoin and other cryptocurrencies, it can do a lot more than that.
The decentralized feature of blockchain verifies and automates the flow of data/information. This makes it a trusted system to store data without any third-party help or middlemen. This is the reason it has attracted different economies. Well, to our surprise HR professionals can also take the advantage of blockchain.
This article talks about the potential, an idea which is generating all over the web. Consider it as a layman guide.
No need of resumes or job portals
The blockchain is a decentralized and distributed system which can store employee information related to their job experience, achievement and even the reason behind him/her job change. The HR doesn’t have to verify it each time they get in touch with the candidate. This detail is all authenticated and are stored on the journey levels of an employee. Likewise, the company detail will also be provided, so that the candidate can also check from their side before applying. It is also possible to store the performance indicators for better scrutinizing.
Blockchain can automate taxes
Right now, it is little difficult to adjust the tax for contract workers. Blockchain can track the income, tax rate and how much an employee needs to pay. So, there is no need to struggle with the documents when the HR professionals and employees can record and manage all the document on this public blockchain database.
Streamline everyday HR work
Support of the blockchain-based application can help with tracking payroll to issuing pay slips. This technology allows network computers to efficiently send and receive funds instantly and securely anywhere around the world. Thus, blockchain development guarantees to streamline the everyday HR tasks.
Blockchain technology is different, unlike other technology which is just altered and added with updates. It is something world has never seen before. Research and development regarding this latest technology potential are happening all over the world. Where few countries are accepting it gladly, few are still confused about its security.
One thing, blockchain is cheaper than people intensive method and it is also hack-proof. The codes and unique keys save all the private information on the chain.
The time will reveal its more use case. Till then, if you are looking to develop a blockchain based application for your own company to help the HR process or simply use it for the transaction, some of the top blockchain development companies can help you out.