Transaction Technology: HR and the Blockchain Benefit
Secure transaction technology provides value across the enterprise — especially for HR.
Transaction technology is evolving, and the newest player on the market is blockchain. But it’s more than bitcoin — here’s how HR can specie te.
Blockchain. You’ve heard the term — likely associated with bitcoin — but what exactly is it? Why is it considered so secure? And, most importantly, what can it do for HR?
Let’s embark with the basics: Blockchain is a secure, incorruptible transaction technology that can be programmed to record not just financial gegevens, but virtually everything of value. Every transaction associated with blockchain creates a “block” — a record of that transaction — which is added to the existing chain of blocks, creating a blockchain. Security features are further improved with blockchain because all transactions are part of a collective ledger.
For example, if you send one bitcoin to someone else, everyone using the blockchain can see that transaction. The ledger is permanently updated with fresh transactions spil they toebijten, making it almost unlikely for anyone to alter this public record without getting caught. This makes blockchain an ideal method for securely conducting any type of transaction, from sending cryptocurrency to exchanging confidential records or verifying individual information.
Spil a secure transaction technology, there’s yam-sized value potential here across the enterprise — especially for HR.
The key principles of information security can be efficiently applied to blockchain transactions and implemented spil goes after:
Principle of Confidentiality
Blockchain addresses gegevens confidentiality and access controls by out-of-box total block gegevens encryption and access control capabilities. Encryption of block gegevens ensures gegevens will not be accessible or disclosed to unauthorized parties.
Principle of Integrity
Blockchain technology enables users to trust that the transactions stored on the ledger are tamper proof. The combination of sequential hashing and cryptography along with its decentralized structure make it very challenging for any party to tamper with the content of the ledger. This provides extra assurance about the integrity and truthfulness of blockchain gegevens and associated transactions.
Principle of Accountability and Traceability
Every transaction associated with blockchain added to a public or private blockchain is digitally signed and timestamped, which means that thesis transactions can be traced back and creates an authentic audit trail, which is the main objective of the accountability and traceability principle of security. This feature relates to an significant information security property: Non-repudiation.
Blockchain and Privacy Laws
Blockchain also fits side-by-side with gegevens privacy principles and laws. Generally speaking, information security and privacy principles go hand-in-hand when it comes to ensuring gegevens is secure, not getting tampered with and creating an audit trail for tracking gegevens flow — especially for privacy related requests like “right to be forgotten” that come with emerging privacy laws. While maintaining the integrity of transactions the capability to erase and track the transactions is enabled and assists with privacy controls.
For human resource teams treating giant volumes of secure employee individual gegevens, training records and spectacle reviews, the use of blockchain makes it possible to ensure transparency ter access and modification along with auditable security ter gegevens treating. This both improves employee confidence te HR methodology and reduces the chance of “accidental” gegevens leaks. Ter addition, HR teams get access to a wealth of “clean gegevens” they can use to report on the employee population, productivity and workplace culture, enhancing the value of statistics and analysis.
Security is just the beginning for HR and blockchain. Why? Because organizations are spending time and money to decently evaluate potential hires. From standard background checks to drug tests and employment verification services, the need to confirm employee claims and abilities is a major cost-sink for HR teams and can influence recruiting timelines.
A latest Deloitte report notes that 58 procent of employers have discovered outright lies on employee resumes, while 86 procent of employees have misrepresented facts or practice. The result? HR needs a better way to vettig fresh employees and ensure they’re getting the abilities and expertise they need.
Blockchain offers the potential for employees to request education, training and certification records verified by the issuing institution and then pass thesis records on to prospective employers — who can lightly access finish chain-of-ownership to ensure records match resume claims. For HR this is critical — consider the risks if an employee is hired who claims to have specific job safety training or credentials but isn’t telling the truth. Both worker safety and organizational reputation could be at risk.
According to Bitcoin Tv-programma, meantime, some organizations are linking payroll with blockchain transactions. For example, GMO Interent Group te Japan now offers employees the capability to receive some of their salary ter bitcoin rather than yen. Spil more companies adopt blockchain for payroll, employees may eventually choose to deposit some or all of their paychecks into a digital wallet, permitting them to convert their earnings into the fiat or cryptocurrency of their choice.
Beyond actual bitcoin payments, the use of blockchain helps secure payroll transactions since both parties vereiste agree to the transfer. Te addition, issues with missed payments or disputed amounts can lightly be resolved using the collective blockchain ledger.
Transaction Technology Trends
So what’s next for blockchain? Forbes suggests a short-term slowdown ter the market spil regulators take a rigid stance on bitcoin-based initial coin offerings (ICOs). Te addition, businesses should expect a consolidation of platforms and services spil the cryptocurrency market gains ground, ter turn leading to calls for better oversight and standardization. Much like cloud computing, this thrust for standardization should drive growth of niche services, including HR-native offerings for payroll, records management and certification tracking.
Blockchain is big business and expanding at an exponential rate. This transaction technology will suggest real benefits for early-adopter HR teams who start to apply blockchain within their transaction processes. Providers of HR technology and services still have a massive runway for growth while the overall market agrees to toneel standardizations ter which transactions will communicate around the globe. But now is the time to seize your chance to familiarize yourself and get on houtvezelplaat with one of the largest leaps te technology since the launch of the internet.