POTENTIAL IMPACT OF BLOCKCHAIN ON HR AND PEOPLE MANAGEMENT
Dr.Aishwarya N · Journal of Emerging Technologies and Innovative Research · 2018
Blockchain is a digitized, decentralized, immutable, ingenious invention of the current world by a person or a group of persons under the pseudonym, Satoshi Nakamoto. Everything that has a value can be recorded into a blockchain ledger and transactions can be done based on the record. People often confuse Blockchain ledgers with Google Docs, where Google docs is a shared ledger and multiple people can access the ledgers at the same time. In Blockchain, the person having the token (or key) only can access the ledger and once transactions are done it is non- modifiable. Blockchain till date hasn’t had any failures and is known for its durability and robustness. Even though there are lot of instability in the crypto-currency market in 2017, companies are investing more and more in this technology and have been filing patents throughout the year of 2018. Bitcoin is one application of blockchain and from that application business people can learn and expand how it can be used for different areas. In the recent years, many HR organizations have started using Blockchain for their recruitment, compensation, talent development and performance evaluation. Blockchain ensures transparency, ease in usage, updating ledgers and fraud prevention and fraud detection among all functions of HR. This is only just the beginning. As more and more firms embrace Blockchain, most divisions and departments will intersect their functionalities with the platform, creating a cleaner, simpler, convergent and democratic approach to data, delivery, and process efficiency. This paper focuses on the applications of Blockchain in various industries and how blockchain as a technology is used HR functions such as recruitment, performance evaluation, talent management and compensation. This paper also discusses the potential pitfalls of Blockchain briefly.