Blockchain for HR
Take a moment to think about your day as an HR Professional. Wouldn’t it be great to focus on more strategic HR initiatives instead of administratively burdensome tasks? Say hello to, blockchain!
The term, ‘blockchain’, most likely sounds familiar but what is it and why should HR care? What if you found out this technology was not only going to disrupt how the world operates but it will significantly change the way HR pros work? In fact, a number of processes throughout the employee life cycle from recruitment to transition will be impacted by blockchain.
This course offers an introduction to understand what blockchain technology is, the role it will play in business over the coming years, and how you can leverage your understanding of blockchain technology to better serve your organization.
Blockchain technology is poised to be the foundation for major 21st century technological advancements. By learning about this revolutionary technology now, you’ll be in a better position to use blockchain for your own initiatives and take the lead in helping your workforce adapt to such extraordinary change.
HR Jetpack is recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP or SHRM-SCP. This program is valid for 1.0 PDCs for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit shrmcertification.org.
This activity, has been approved for 1.0 HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
The use of the HRCI seal confirms that this activity has met HR Certification Institute's® (HRCI®) criteria for recertification credit pre-approval.
Title: Cutting Out the Middleman
The most powerful new technologies have a tendency to hit society and our economy like a tornado, wiping out a huge chunk of what was once there. Blockchain technology is potentially on the scope of electricity, the internet, the internal combustion engine, or other grand inventions that reshape the world as we know it.
The defining characteristic of blockchain technology that makes economic disruption so likely is that the blockchain establishes trust between two parties who otherwise would have likely needed a middleman to facilitate their transaction.
In the case of a currency, such as Bitcoin, this might have been a financial transaction. So Bitcoin effectively cuts out banks or other large-scale financial institutions. In countries with unstable national fiat currencies, in places such as South America or Africa, Bitcoin and some other cryptocurrencies, are seen as more stable and viable options than the national offering. A move to cryptocurrency by enough of the population can further the destabilization of those national fiat currencies.
In the case of other kinds of transactions which might now or in the near future be handled over a blockchain, it might mean that businesses which historically thrived as middle-men or brokers are no longer needed. As one blogger said, “the easiest way to understand blockchain technology and smart contracts is to figure out who is hoarding data and making you pay for it”.
Right now for example, social media companies such as LinkedIn make money hoarding data and then selling access to it. However, if HR leaders no longer needed to rely on a 3rd party such as LinkedIn in order to discover information on candidates, and instead could find the same data on publicly available blockchains or through relationships which gave them access to private blockchains where they could cut out the middle-man, then those business models would no longer be viable for an organization such as LinkedIn.
Online and offline, many businesses function as a resource to others by providing information and services related to the fact that they have knowledge that others do not have access to. If that information suddenly became more accessible, then it could impact those business models.
The loss for middle-men will also be a huge gain for providers and consumers of data and services. Blockchain networks will empower both groups to connect directly with the other without having to go through middle men. Since Blockchain systems can be trusted to be secure, they can conduct their transaction without needing to rely on the reputation of the middle-man as they would have historically. Trusting the technology and the method is all they need. This should lead to better, safer, cheaper outcomes for everyone.
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Michael Wilson works with small businesses to build and protect their brands online. He is an IT Generalist whose primary services include: Web Design & Development, Cybersecurity Consulting & Training, and Social Media Marketing. He also provides outside support for organizations that need someone managing their email & web hosting. He has a Bachelor's Degree...