Blockchain is going to revolutionize our way of conducting business, but likely not in the manner that you believe. While it is most closely associated with Bitcoin and other cryptocurrencies, blockchain engineering is primed to disrupt a whole lot more than currency.
Blockchain's principal network of computers simplifies and supports the flow of information. This makes it a trusted system that stores information while cutting out the middleman. This is the reason that banks are still working to stay abreast of blockchain--and also why it could completely disrupt the way HR professionals do the job.
If we completely use blockchain's capacities, the technology will make more accurate and effective approaches to virtually everything in HR. From big-picture regions like hiring and taxes to smaller scale tasks such as payroll, there are so many important human resources applications that blockchain will change.
Blockchain is likely to make resumes and LinkedIn obsolete It might seem like an outlandish statement now, but blockchain engineering is completely capable of creating both old-school resumes and career networking sites like LinkedIn obsolete.
Rather than an applicant writing up a description of where they've worked and what they've done, blockchain trades will simply store all their history. That will completely alter the way that companies recruit candidates. There will not be any demand for a lengthy verification process where HR offices call references to confirm employment history.
They could pull up the people blockchain. It's even possible that the blockchain can save performance indicators like whether the employee was promoted or the reason why they abandoned the company.
Having this comprehensive picture available will take a good deal of the subjectivity out of the game. We won't fix our resumes or alter how we introduce ourselves based on the specific job we are applying to. Blockchain can record both our successes and failures, supporting us to embrace those failures and what we've heard from these instead of simply leaving them out. Most importantly, a more comprehensive picture will help businesses make better decisions and allow strong performers to rise to the surface.
If LinkedIn will continue to exist, then its principal value-add is in the kind of a nicer user interface which produces blockchain technology easier to browse. The history and "content," however, will all be pulled out of the people blockchain.
Blockchain will automate taxes and make them accurate
Right now, earnings for contract workers are complex. By write-offs to estimated taxes, the annual tax burden can be a headache for employees and employers alike. Take estimated tax rates for hourly workers in my home country of Australia. Here, they are sometimes extremely inaccurate. For example, let's say I typically make $20 an hour. If I earn $100 an hour on a particular day, my earnings will be taxed as if I'm going to make that higher rate annually. That will put me in the maximum tax bracket, though that payment is still an anomaly. Then, I must wait to record taxes and let the authorities know that I paid too much before I could return my refund.
Additionally, I have to meticulously track my expenses when I want to take deductions, saving receipts for years. The frustration and headaches these causes are exemplified in an episode of Seinfeld called "The Truth" in which Jerry leaves a desperate phone call to a pc shop, trying to find some kind of evidence that he purchased a computer years past.
That is where blockchain can enhance people's lives. It is a reasonable and accountable method where nothing slips through the cracks. Blockchain can track my earnings and my buys, and reset my taxation rates accordingly and in real time based on how much I'm earning. There is no need to wait all year and there is no need to go through the bother of saving every single bit of paper.
Blockchain will streamline routine tasks
Everything from tracking payroll to issuing paychecks to handling contracts is significantly more effective using blockchain. The technology allows businesses to send and receive money instantly and safely anywhere in the world without using a bank for a go-between, and also minus the corresponding fees which apply.
It may also cut many of these day-to-day tasks of managing
Contracts by implementing smart contracts which can mechanically execute predetermined terms. Both parties are ensured that the other hand would uphold those terms without having to spend too much time ensuring good oversight.
Blockchain efficiencies outweigh worries
Frequently, even if technology gurus discuss innovation, they often wind up getting a renovation. Rather than coming up with truly novel technology, they just slightly alter and refresh what already exists. Blockchain is different. It's one of the few developments on the market that's real and really new, just like nothing that we've ever noticed before.
That is why blockchain is primed to cause disruption. It is cheaper and it is better than normal timeintensive and people-intensive procedures. This makes people's lives simpler. Now it's just around innovators to help it become a reality.