If life had a list of FAQs, “what is Blockchain?” would certainly be among them lately. But perhaps a better question to ask would be “what isn’t Blockchain?” What can’t Blockchain do? What field of business will be left untouched by this new technology? It may sound like an exaggeration, but Blockchain represents a fundamental revolution in how business and life itself are conducted; many of its potential applications haven’t even been thought of yet.
As a high-tech method of decentralizing information, Blockchain is making traditional intermediaries obsolete, a prospect that is driving tremendous growth. The global Blockchain market is forecasted to surpass $60 billion by 2024, up from a mere $708 million in 2017. The cloud-based ventures of Microsoft, IBM and Accenture are leading the pack in the activity that accounts for such massive growth, but those figures wouldn’t be possible if the technology wasn’t penetrating nearly every market and industry.
Take human resources for example. It’s an unassuming field for a technological revolution and certainly less romantic that the cryptocurrencies that exist thanks to Blockchain. But HR is in the thick of the blockchain revolution, taking advantage of the unprecedented security, reliability and efficiency that the new technology has to offer.
Look at Smart Contracts, made possible by Blockchain and at the heart of the revolution. These can be used to improve the recruitment workflow typically managed by humans. Companies like Ouna are using Smart Contracts and their own algorithm to bypass traditional recruitment intermediaries and robotically match employers with the best candidates for the latest job openings, and visa-versa — because productivity suffers and turnover increases when employees don’t meet the requirements of their position in terms of both experience and motivational drive.
The reliability of the information stored on Smart Contracts means that Blockchain can be trusted to function without a third party to vouch for job candidates and the claims on their resumes. This reduces time spent in verifying the veracity and personally qualities of the candidate. Together with OUNA’s algorithm, only a selection of the candidates who most perfectly fit the company culture and position will be available for consideration. All-in-all, the process cuts back on time and resources spent on a recruitment process that is otherwise costly and not necessarily very successful.
But beyond pure recruitment, Blockchain and Smart Contracts are set to upend the way HR performs other daily tasks like payroll and employee training, all thanks to the technology’s built-in ignorance of the intermediaries involved in such processes. Remember that one giant leap for mankind? Well, Blockchain may not be the moon, but it doesn’t need to be. As developments in HR show, Blockchain is already set to change your life more than the moon landing ever did.