The first thing that might come to your mind when one mentions blockchain technology is a cryptocurrency, Bitcoin. Recently, there has been a hype around Tesla purchasing Bitcoins worth 1.5 billion dollars and providing to accept payments with the help of Bitcoins for its products, thereby leading to the costs of the cryptocurrency soaring along with the speculations on what’s upcoming.
Being viewed as a distant possibility for organisational corporates to adopt on a large scale until now, concerning the example of Elon Musk, HR managers perhaps might look forward to exploring the possibility of leverage in Crypto as a payment mode for their payroll. Check out this article to know more.
Stability of Cryptocurrency
While cryptocurrencies relatively remain stable in developed nations, in countries where the cryptocurrency remains devalued or where the banking systems do not happen to be reliable, organisations that work globally and hire employees from such countries could utilise cryptocurrency that happens to be centred around Blockchain, thereby attracting additional talent to satisfy the business demand.
Blockchain in Payroll Processing
The processing of payroll involving workers in overseas locations happens to be cumbersome because it involves fluctuations in exchange rates, intermediary banks and lengthy lead times needed to confirm payments.
With the help of blockchain technology and application, the payroll processing might become much more efficient, thereby establishing the chain of approvals and actions required and facilitating the ultimate trigger for payment release, hence reducing the effort and time involved in payroll processing.
Blockchain Overcoming the Challenges in Contracts
The technology of blockchain could help overcome the challenges in the verification of work performed by contract and gig employees, thereby expediting their payments leveraging smart contracts on the basis of established criteria for payments to be done. It would likewise assist in the avoidance of fake invoicing and frauds.
The technology of blockchain happens to be developed around blocks of records that contain an encrypted record of the most recent network validated operations apart from the content of the operation within all the previous blocks. Eliminating the requirement for developing multiple individual ledgers and having a particular authority for approval, the participants within the network can have identical copies of the records encrypted.
Blockchain Technology in Combating Cyber Crime in Organisations
Cybercrime is one of the primary concerns of all organisations. By adopting the technology of blockchain, criminals would find it challenging to hack the system because the records will be decentralised. Therefore, with information no longer being saved in a particular place and all modifications requiring authorisation and verification, presently, it is possible to approximately eliminate all kinds of data attacks.
Blockchain and Recruitment
The area of recruitment is another area where blockchain Technology can significantly be beneficial for HR managers. If the employee records remain stored on a blockchain ledger and the authorisations to access their records like employment history, references and academic qualifications are provided to possible employers, both the candidate and the employer will remain on the same page, thereby making it possible to ensure your authentication, hence expediting the hiring procedure.
Artificial intelligence and advanced analytics, once regarded as an impossible tool for HR managers, presently, is becoming an essential backbone for each organisational function, thereby making blockchain a part of the core architecture of organisations. Therefore, it would signify as an advantage for HR managers to remain aware of blockchain technology, along with its potential use cases including the upcoming applications, being created by the startups and Enterprises.