{"id":1419,"date":"2018-11-07T16:08:44","date_gmt":"2018-11-07T20:08:44","guid":{"rendered":"https:\/\/solutionsreview.com\/talent-management\/?p=1419"},"modified":"2019-07-05T11:31:13","modified_gmt":"2019-07-05T15:31:13","slug":"hr-professionals-can-benefit-blockchain-technology","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/talent-management\/2018\/11\/07\/hr-professionals-can-benefit-blockchain-technology\/","title":{"rendered":"How HR Professionals Can Benefit from Blockchain Technology"},"content":{"rendered":"

\"How<\/p>\n

Blockchain technology serves a variety of purposes, and has even started to make an impression within the area of human resources. Utilizing blockchain offers a wave of opportunity across specific areas of talent management, such as recruitment. For instance, it allows peer-to-peer interactions that decrease middleman costs and streamline the flow of data necessary in the hiring process.<\/p>\n

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\"Download<\/a><\/p>\n<\/div>\n\t\t<\/div><\/div>\n

“Blockchain technology happens to be one of the most secure, and advanced forms of what we call \u201cdistributed ledger technologies\u201d or DLTs. It\u2019s a \u201cledger\u201d because it keeps track of a list of transactions shared with people in a network,\u201d explained Will Lee, CEO of\u00a0Blue Whale Foundation.<\/a>\u00a0\u201cIt\u2019s \u201cdistributed\u201d because everyone in that network has an identical copy of this ledger, and they can see all the previous versions of it \u2013 like a shared Google document. Now every time a change has to be made, a majority of the people on the network have to agree \u2013 or reach consensus \u2013 about the change. Once everyone agrees, the change is made, and everyone can see the new edited version. The fact that its \u201cdistributed\u201d this way grants reliability and security as it stores data that can\u2019t be altered without majority approval from the network.\u201d<\/p>\n

So how is it helping HR professionals?<\/h2>\n

Here at Solutions Review, we had the opportunity to speak with Lee bout how exactly blockchain technology is impacting the HR department and how professionals can benefit from utilizing blockchain. Below is what he had to say.<\/p>\n

Blockchain is incredibly powerful for HR professionals especially when it comes to the verification process when you have to evaluate educational qualifications and professional certifications. You want to make sure you\u2019re getting what you paid for, right? Now in 2013 alone, roughly\u00a03,000 false degrees<\/a>\u00a0were being sold. Also,\u00a075% of HR managers<\/a>\u00a0having reported catching a lie in a resume.<\/p>\n

Blockchain holds the potential to quickly and reliably eliminate fraud by giving job seekers the potential to create a digital file of their educational qualifications, and on the other hand, permits employers to verify the accreditation of potential hires within minutes or hours at most. Traditionally, this process takes weeks to confirm.<\/p>\n

Blockchain technology is well-suited for improving the hiring and recruitment process as well<\/a> – it can provide quick and easy proof of education and work history verification.\u00a0Blockchain technology verifies who worked on specific projects and their role in it. So as mentioned earlier, the decentralized public ledger allows employers to quickly and easily compare and assess potential hires\u2019 based on their verified ratings or reviews. Additionally, because clearly-defined scope of works can be written into smart contracts, compensation is also transparent and automatically paid out upon task completion.<\/p>\n

There is also a potential for blockchain to play a role particularly in terms of performance evaluation.<\/p>\n

“One of the things we\u2019re trying to do at Blue Whale is to develop a \u201cContribution Activity Manager.\u201d It allows people to be rewarded for completing any number of predefined tasks on the network such as dispute resolution, leaving reviews, referrals and so on. That allows individuals\u2019 contributions to specific projects, and also the team in general to be tracked, and rewarded easily and fairly. Of course how fair the system is will depend in large part on the definition of the items which deserve recognition \u2013 and part of the beauty of blockchain is that anyone can suggest a change; and as long as the majority of the network approves that addition or deletion, then it will be implemented with minimal delay and unhappiness,\u201d added Lee.<\/p>\n

Click here to read the full interview.<\/a><\/p>\n

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Looking for more? Download our\u00a0<\/span>talent management buyers guide<\/a>\u00a0and check out the top-24 products available in the market with full page vendor profiles, key capabilities and questions to ask yourself and the vendor before purchasing a talent management solution. For those just starting the talent management software search process, this is truly the best resource to help get you going.<\/span><\/p>\n

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And don’t forget to follow us on\u00a0Twitter<\/a>,\u00a0LinkedIn\u00a0<\/a>and\u00a0Facebook\u00a0<\/a>for all the latest in Work Tech space!<\/em><\/p>\n

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\"Download<\/a><\/div>\n\t\t<\/div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Blockchain technology serves a variety of purposes, and has even started to make an impression within the area of human resources. Utilizing blockchain offers a wave of opportunity across specific areas of talent management, such as recruitment. For instance, it allows peer-to-peer interactions that decrease middleman costs and streamline the flow of data necessary in […]<\/p>\n","protected":false},"author":34,"featured_media":1420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[5],"tags":[373,191,26,10],"acf":[],"yoast_head":"\nHow HR Professionals Can Benefit from Blockchain Technology<\/title>\n<meta name=\"description\" content=\"We spoke with Will Lee, CEO of\u00a0Blue Whale Foundation, about how HR professionals can benefit from blockchain technology and how its making an impact.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/solutionsreview.com\/talent-management\/2018\/11\/07\/hr-professionals-can-benefit-blockchain-technology\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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