You have heard one hundred percent of Bitcoin, the popular digital payment system that is changing the entire banking system, making it possible to spend an alternative form of virtual currency around the world. This removes the need to contact a corrupt local government or bank that charges elephant-sized fees to convert one currency to another. All Bitcoin transactions are stored and displayed on a kind of “Google Sheet”, formally known as a “publicly available ledger”. Each transaction is a kind of public contract, but at the same time anonymous. Only the two parties involved in the process will be able to know the details because they exchanged bitcoin addresses with each other.
When you add some code to a decentralized blockchain platform (like Ethereum), you can create something called a “smart contract”.
We found a clear comparison: smart contracts work like vending machines. You throw in the register machine) bitcoin and a contract that was kept by some third party, and a certificate, for example, that you ordered, falls on your account. Smart contracts not only contain information about the obligations of the parties and penalties for their violation, but also control the implementation of all terms of the contract.
This is a simple way to automate workflows that still require human intervention.
The easiest way to understand how blockchain technology and smart contracts will impact the HR world is to find out who stores the data and what makes you pay for. For example, any platform where you are looking for an intermediary to perform a service is a perfect example of how smart contracts can work.
This technology is still in its infancy, so companies operating in this space will have to prove that what they are doing is really necessary. The case studies will wait a couple of years, but remember: when it comes to technology, who adapts first is the one. Blockchain for HR and recruitment
We, of course, still have to wait a couple of years before we see massive adoption of blockchain in the consumer space, and HR, recruitment and talent search may be even further. But it is still important to soberly assess the future and be on the lookout. Here are a few areas where you might first notice a change (or even a negative one): Social networks. Linkedin is a great example of how a centralized network stores your data and sells it to you. We may soon see a decentralized social network that will allow you to control your data. It will also allow you to monetize your expertise through micropayments: for every comment, published content, and action performed.
The background check process is slow, expensive and a real bummer for a candidate who has to fill out login forms. In the future, all personal information of the candidate previous addresses, employers, salary data, social security number, visa status, etc. will be pre-confirmed and stored in a secure, linked blockchain application. After verification, this information can be automatically available to the organization for free, because the candidate owns this data and can provide access. This is also the simplest automation: there will be no need for recruiting specialists who will spend all the time confirming your information. There are already several companies (21! And their cases are described there) that are working in this direction. CV confirmation and availability
We pay job boards for access to resumes posted in their databases, but the candidates who own these resumes have little control over who actually sees their information, what happens to it, whether it can accidentally get to the current one. to the employer, because he also has to pay for using the same service! It looks like we will soon see companies build decentralized resume databases owned and controlled by candidates and authenticated by the blockchain.
Imagine a world where an employer pays applicants to upload or contact their resume, instead of paying a job board or LinkedIn. Everything is in the black! (Except for job boards and LinkedIn, of course). Candidates with good resumes will receive micro-sums to be contacted, and employers who are used to paying for it anyway demonstrate to the candidate that their skills are assessed by talking to them. Recruit Technologies recently announced that they are going to create solutions for these challenges.
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