But that’s only one application. Have you considered using it in your business (and I’m not talking about mining cryptocurrencies)?
Why Is Blockchain the Next Big Thing in Business?
Can you remember why you put your trust in the cryptocurrency you invested in? Most probably because these characteristics are associated with it:
If you’re still not sure about what it entails, view it as a digital ledger of information, but decentralized so it can be accessed by appropriate parties from anywhere if you give them access. The data it holds is also protected against falsification.
While many similar products—such as the cloud—exist, the algorithms in this technology make it superior to anything you’ve tried.
Yes there has been some controversy regarding blockchain currencies over the past few months. But just because the value of some currencies have fallen doesn’t change the capabilities of the technology itself. And these features can be used in your business by implementing blockchain technology, especially in your HR department.
Let’s Transform Your HR Department
Streamline Your Processes
This is always the challenge, right? How do you increase your productivity? Of course technology has been helping you get more done in shorter periods of time for the past few decades. But this is the next level.
The ability of blockchain technology to handle routine processes of large amounts of data will minimize the time spent on this like never before. And thanks to the high security features of blockchain technology you can entrust even your most important and private tasks to it without risk:
Match this technology with other state of the art features such as time and attendance products you can browse through on advancesystemsinc.com and busy individuals will instantly have more time on their hands. Released from one task they can put more effort and time into other work that will ultimately benefit the HR department & the business as a whole.
Be Known for Your High Level of Security
You can’t put too high a price on security these days. Cyber security is unfortunately on the increase with damage costs due to ransomware attacks possibly reaching $11.5 Billion in 2019 and it having another victim every 14 seconds.
So how will you keep your business safe? Your HR department handles private information and large amounts of money. Blockchain technology is safe because it requires consensus and this limits how it can be manipulated to commit fraud.
Before you acquire the latest antivirus software, consider if the secure feature of blockchain won’t solve this problem as well as help you to get things done.
Be More Informed About Future Job Applicants
How do you source your job applicants at the moment? And how do you pick the best ones from the lot?
It’s already difficult enough to find quality workers, right? You need people with unique combinations of skills, talents and experience. But in today’s world that’s only half the challenge. What if that perfect candidate lies to you about his or her experience?
Why waste time on doing background checks of technology can help you?
With a blockchain assisted system you can create a secure platform relating to employment:
– Verified information can be stored and will be protected against fraud such as applicants trying to add facts to resumes that aren’t true.
– Businesses can provide feedback on employees so other employers can view it in future.
– It becomes a quick process to find capable individuals from this pool of verified individuals the next time you have a post to fill. Since a lot of data can be stored details about abilities can easily be searched for.
– Applicants who need to prove their worth but also the authenticity of their credentials can refer potential employers to such a platform.
– People’s post graduate accomplishments can be recorded and viewed for a holistic view of someone’s capabilities.
You can see this benefits both employees and employers in terms of time management. Previously tedious tasks become quick reference activities so hopefully this will become the norm in the near future.
Payments Have Never Been Easier
What frustrates you the most about payment procedures at the moment?
Perhaps you’re tired of multi signature systems that make it difficult to confirm a payment. Of course you need the system for security reasons but it often hampers business growth.
Or perhaps you’ve fallen prey to payment fraud or obstacles? It can hurt your business and rob you of time you can’t afford to waste.
With blockchain you can prevent many of the challenges you’ve faced up to now. Smart contracts give instant validation without the need of multiple parties engaging at the same time. Best of all is it’s more secure than most systems in use today.
This is all possible with blockchain especially if you take the exciting step of creating your own currency in association with relevant parties. Hopefully in due time more banks will become part of such a system and empower businesses even more.
In terms of HR it means more secure payment systems relating to salaries.
International Impact Becomes Easier
Have you gone global yet? Modern technology has metaphorically made the world a smaller place since you can easily reach people on the other side of the world.
But it’s a daunting step to take. International business opportunities are attractive but they carry huge risks. So why not add blockchain to your strategy? All the benefits mentioned above make your international reach more probable and safer.
– You can have more secure payments to overseas partners or employees
– Pay less to third parties when transacting in different currencies
– Make employees more mobile since international costs (expenses and tax) affect your business less
How does this benefit your HR? You can now effortlessly employ people in another country or send them there to represent you. It expands your options so you can use more of the potential of your workers.
What is your biggest HR challenge today? Luckily technology catches up with business needs and blockchain is set to transform Human Resource departments everywhere. Now it’s time to educate and prepare yourself for what’s to come. Banks and your competitors are already busy. Will you stay ahead of the pack?