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: Preventing Fraud
Module: Real World Examples
Letters of Credit are a means of reducing risk between importers and exporters in trade. They help to guarantee more than $2 trillion worth of trade, however this process can be time-consuming and paper-intensive. Naturally, many in the financial world are attempting to transform the process using blockchain technology.
The de facto central banks of Hong Kong and Singapore announced in October of 2017 that they would begin to link their financial trading platforms via a blockchain solution.
Norman Chan, head of the Hong Kong Monetary Authority said of the platform, “This interface is likely to be the first of its kind in the world in the application of [blockchain] in solving the century-old problem arising from the inefficiency of the paper-based trade finance system” also adding that “Hong Kong’s project can digitize trade documents, automate processes, allow sharing of required documentation among authorized participants, and reduce human errors and the risk of fraud.”
Fraudulent letters of credit are of concern to banks all over the world. HSBC, Bank of America Merrill Lynch, and many government agencies are also considering blockchain solutions involving smart contracts as a replacement to the much easier to compromise paper forms historically used in the process.
Going paperless is no longer simply an environmental statement, or a lifestyle or branding choice, it is essential for organizations who are taking security seriously. All too often in HR, you’re bogged down in paper!
Traditional forms of identification and documentation on paper or in physical form are much more vulnerable to theft, forgery, or manipulation than those stored on a blockchain network. Blockchain also has the advantage of verifying the legitimacy of any change made to records on the network, so it is clear to all parties that all of the data is legitimate at all times.
In an era where trust is hard to come by, it is refreshing to see a technology solution which is promising to make trust so easy.
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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...