When someone breaks conversation about the blockchain, the very first thing that crosses your mind is Bitcoin. However, Bitcoin is just a product that originated from this technology and it has disrupted the financial sector like nothing has ever done before.

Even though, blockchain is associated with the most famous digital asset Bitcoin – the technology is more than just a digital currency. It first made a splash in the world with the invention of Bitcoin back in 2009.

Working at its best, it’s core purpose is to track down the transaction movement without the involvement of a central entity. Let’s say, Tom owes Sally $100 and he wants to send it to her. Blockchain associates with the verification transaction process, by tracking and distributing it to a decentralized network.

When the money is sent, it gets accessed through a distributed ledger program. The information is then passed on to the network consisting of several computers, notifying that Tom has sent $100 to Sally. Since the information ledger isn’t stored on just one system, it can be reviewed anytime by anyone.

More than just a digital commodity – Hiring Process

Slowly but eventually, the blockchain technology has started spreading its wings all across the business sector – especially the hiring process! And that includes Human Resources (HR). If you think of the hiring process – salary negotiation, interview, and application jump into your head.

Blockchain may provide an option to verify the candidate’s credentials. Unlike verifying the authenticity of the information provided by the applicant, by conventional long process – blockchain can assist in simplifying it.

Not to mention, cross-checking the references is a long process and consumes a lot of precious time. However, through blockchain technology, it takes lesser time to confirm the legitimacy of the information.

Encouraging goodwill

A distributed resume is hard to track. Particularly, the employees with lower-level of employment having not enough job history, are hard to verify. Nonetheless, with the help of blockchain technology, the candidate’s entire history can be substantiated.

The entire process eliminates the chances of fraud as it demonstrates the high level of accuracy in finding the exact information about the applicant. From educational history to job profile, everything can be accessed through this technology.

Aiming for tomorrow

Although blockchain applications for HR are in the theoretical phase, the optimism with regards to its implementation is at peak. Imagine, the number of administrative tasks that can be carried out through this technology.

Since the development is in the early stages, no one knows it for sure that how it is going to affect the corporate world. The important part is its execution and the potential to reduce the transaction cost. Blockchain has given the world high expectation and never-ending possibilities.

In conclusion, the HR industry is going to embrace the blockchain in all essence. Possibilities are endless that the technology offers. It wouldn’t be wrong to say that blockchain will be an effective tool to reduce the chances of cyber-crime and theft. Also, it is going to be the perfect means to rectify the bottleneck in payment method.