Story of the week: How HR Professionals Can Benefit from Blockchain Technology

Blockchain technology serves a variety of purposes, and has even started to make an impression within the area of human resources. Utilizing blockchain offers a wave of opportunity across specific areas of talent management, such as recruitment. For instance, it allows peer-to-peer interactions that decrease middleman costs and streamline the flow of data necessary in the hiring process.

“Blockchain technology happens to be one of the most secure, and advanced forms of what we call “distributed ledger technologies” or DLTs. It’s a “ledger” because it keeps track of a list of transactions shared with people in a network,” explained Will Lee, CEO of Blue Whale Foundation. “It’s “distributed” because everyone in that network has an identical copy of this ledger, and they can see all the previous versions of it – like a shared Google document. Now every time a change has to be made, a majority of the people on the network have to agree – or reach consensus – about the change. Once everyone agrees, the change is made, and everyone can see the new edited version. The fact that its “distributed” this way grants reliability and security as it stores data that can’t be altered without majority approval from the network.”

So how is it helping HR professionals?

Here at Solutions Review, we had the opportunity to speak with Lee bout how exactly blockchain technology is impacting the HR department and how professionals can benefit from utilizing blockchain. Below is what he had to say.

Blockchain is incredibly powerful for HR professionals especially when it comes to the verification process when you have to evaluate educational qualifications and professional certifications. You want to make sure you’re getting what you paid for, right? Now in 2013 alone, roughly 3,000 false degrees were being sold. Also, 75% of HR managers having reported catching a lie in a resume.

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