The Evolution of Labor Market: A Blockchain Based Decentralized Hiring System for Efficient Labor Acquisition
Kuna Sai Prasanna Kumar, Kodisana Sai Manoj Kumar, R. Yogitha · 2024
The significant impact that technological advancement has had on the evolution of the labour market has led to the emergence of innovative and imaginative approaches to hiring more workers more effectively. In order to address the issues with the current job market, this essay suggests a novel approach to hiring that is decentralised and blockchain-based. The proposed method increases labour procurement's efficacy and efficiency by leveraging blockchain technology's decentralisation, transparency, and immutability. Rather than using middlemen like traditional job boards or recruiting agencies, this approach eliminates middlemen by connecting companies and job seekers directly through blockchain technology. Smart contract automation of the hiring process guarantees the safe implementation of employment terms and conditions. The de centralised nature of the system ensures that individuals from all around the world can find work, and employers can locate talent from all over the world. Furthermore, the system ensures that both companies and job seekers have credible profiles by incorporating reputation management into a de centralised identification system. This helps to reduce problems caused by dishonesty or misrepresentation of qualifications. Furthermore, the entire process incorporates a grading and feedback system, allowing participants to assess one another's trustworthiness and performance, resulting in better hiring decisions.