Key benefits of blockchain technology for HR

Blockchain technology offers several useful features for businesses in today's digital world. Here are four that should come in handy for companies.

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

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