Blockchain for Human Resources
Blockchain is a ledger technology which is best known for its use with financial transactions, cryptocurrencies infrastructure etc. However, there are a lot of use cases for blockchain applications beyond this, and now blockchain technology is looking to make a move on the human resources space.
As blockchain technology becomes increasingly more accessible, people are beginning to realise just how wide ranging its applications are and how the benefits of a decentralised ledger system can benefit other industries in a multitude of ways . Three significant characteristics of blockchain technology which stand to benefit the human resources industry include immutability, decentralization, and security. But how can it be applied?Enhancing the recruiting process and strengthening verification During the recruiting process, HR teams have to go through applicants’ CVs to look for the right candidate. Many HR teams identify falsehoods on CVs, but blockchain technology can improve the accuracy of error or falsehood findings in the recruiting processes. Certificates can be verified over blockchain and stored as a permanent record on-chain to reduce the labor and expense costs currently associated with background checking.Streamlining administration processesUtilizing smart contracts can also streamline many administrative processes that HR teams handle, including payroll, contract payments and taxes etc. This comes in particularly handy when it involves cross-border payroll to employees in overseas jurisdictions. Blockchain automatically sifts through exchange rates and communicates with intermediary banks so employees can be paid quickly - and at a lower cost to employers in the long term.Security of sensitive and personal informationHuman resources team handles large volumes of applications which include personal information, including employees’ and applicants’ names, addresses, salaries and benefits etc. This makes the human resources a high risk for data breaches. Blockchain provides security to prevent internal frauds and external hacks of sensitive information. Blockchain’s immutable nature also avoids the risk of tampering or changes to information without permission. How can Blockpass help? Using Blockpass’ groundbreaking and unique on-chain KYC, its solution can be used to determine a multitude of criteria, allowing individuals to fully interact with blockchain solutions in a compliant manner. Blockpass’ KYC Connect® provides verification of certificates based on demands that can be customised to any situation. Blockpass can now provide seamless and secure on-chain KYC data across multiple blockchain platforms, and this is just the start.The Blockpass platform is fully automated and hosted in the cloud, with no integration or setup fee. Businesses can sign up to the KYC Connect® console in a matter of minutes, test out the service, and start conducting identity documents verification, KYC and AML checks. Sign up for FREE at console.blockpass.org.