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: Skeptics and Scams
When looking at any emerging technology, there are always valid reasons to be skeptical that it will ever reach wide acceptance and adoption within the greater business community. Blockchain technology has perhaps more of these hurdles than others, and has taken longer to get off the ground in the business world due to the ways in which cryptocurrency was first used at scale.
The business community is conservative by nature, so when Bitcoin and other cryptocurrencies came onto the scene, their business applications were apparent to some, but it felt like too risky of an investment to most people. Some attributes however, such as pseudo-anonymous transactions, non-government currency, and so on made it very attractive to anyone interested in running a criminal enterprise, avoiding taxes, or many other forms of ill intent. So it is understandable why so many of these currencies were tied to bad reputations early on… the people using them were, in many cases, up to no good.
As interest in the cryptocurrency and blockchain space grew, many entrepreneurs flooded the space with so-called “Initial Coin Offerings” known as “ICO’s”.
These marketing plans would let investors get in on the ground floor of a new token before they hit markets. As you can imagine, an overwhelming number of these schemes were nothing but pump-and-dump, get-rich-quick scams. The Crypto world has largely been an unregulated, Wild West mess and many predators who have been getting rich off of people trying to capitalize off of the gold rush mentality.
So problem #1 has certainly been a lack of oversight and accountability regarding governance over this space in general.
The second notable reason to be skeptical about blockchain technology is over-hype. “Blockchain” has become such a buzzword that there are many wondering how many investors and business leaders actually know what it means. For example, in 2017 “Long Island Iced Tea Corp” changed its name to “Long Blockchain Corp.” and saw its shares rise 289%.
The company was unprofitable and made the move as a sort of “Hail Mary” to get involved in this new industry. They say that they are seeking to “partner with or invest in companies that develop decentralized ledgers”... whatever that means.
This is the same kind of bubble that built up and then burst in the late 90’s around the dotcom boom when interest around the internet peaked. Companies that didn’t know what they were doing suddenly wanted to become tech or internet companies. They would put out a press release claiming to be pivoting to the internet, they would see their stock price go up, and then they wouldn’t actually know what to do. So this is a somewhat worrying sign that there are a lot of players in the blockchain space right now who are not trustworthy and who probably won’t be sticking around for the long haul.
The third reason to be skeptical about the blockchain revolution is that it is going to take a long time for all of the potential to be fully realized. Some of the possibilities that I mentioned earlier in the course would require a huge amount of investment and collaboration from many third parties. It is certainly possible, maybe even likely one day, but it isn’t going to happen overnight.
For example, in the case of universities making student records available on a blockchain. It is so easy to draw that system out on paper, but to get through all of the legal and collaborative hurdles to put that system in place would be very challenging.
This is a very dynamic and exciting field that raises so many questions about what the best ways are to exchange data of many types around the world. Blockchain technologies will challenge our social, financial, and legal systems over the next decade as we try to determine how best to use them.
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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...