Blockchain Could Change the Face of HR

If you haven’t heard of blockchain, perhaps you’ve heard of Bitcoin, the cryptocurrency that uses its technology? Let's take a look at how blockchain could transform the daily work of the HR department.
HR professionals are becoming increasingly curious about the benefits of blockchain technology and are already seeking ways to seize a ‘first mover’ advantage by adopting it.
IBM, Samsung, Visa, Walmart and Barclays, to name just a handful, are already seeing the benefits of blockchain to track supply chains, create ‘smart’ legal contracts and simplify financial transactions. Each of the Big Four accounting firms has already rolled out blockchain in various formats.
So, what on earth is it? Blockchain technology enables a record of transactions to be stored and verified across a network and validated in real time.
Transactions can be financial in nature or purely information-based, and because the network records each transaction (the ‘block’) and maintains a permanent and unalterable historical record of transactions (the ‘chain’), there is limited scope for fraud.
Imagine a room full of people and one person lends money to another, with everyone in the room agreeing upon and writing down the exact details of the transaction and keeping the record with them, and you start to get the idea.
It is for this reason that immediate applications became apparent in the financial world, with the ability for computer networks to replace banks in maintaining financial records.
Logic follows that if a computer network is able to record the transactions usually carried out by a bank, why not integrate how we represent currency itself and remove the possibility of fraud which is so rife in our current system? It was this line of thinking that created Bitcoin with blockchain as the enabling technology.
With the ability to maintain an accurate record of validated information, providing a shared and immediately available ‘one version of the truth’, blockchain is lauded as the most revolutionary form of technology since the birth of the internet.
What does blockchain mean for HR teams?
Let’s start with recruitment. If you’ve ever used an online job board, CV database or professional networking site such as LinkedIn, you’ll appreciate how the ability to find people with the right skills and experience can help you identify potential candidates for positions you need to recruit.
One element which can cause confusion is the vast number of ways in which people describe their skills and experience.
Imagine you’re trying to recruit a project manager. You will soon find out that “project management” is a catch-all term used to describe anything from building a nuclear power station, to arranging the office Christmas party.
One way in which blockchain technology can simplify the work of identifying potential candidates is to provide a database of people with experience and skills codified to accurately record their abilities.
Human recruiters are naturally limited in time and resources (and often patience) in having to combine endless strings of keywords and search terms to find people on professional networking sites or job boards which often contain inaccurate or outdated details.
Artificial Intelligence, however, would be able to comb through a live and accurate blockchain-enabled database of potential candidates and identify those best suited to the role. Added to this would be the ability to discover the right people, irrespective of age, gender or nationality.
Stamping out fraud
Currently, after finding a suitably qualified person to recruit, HR departments have to confirm that the individual is who they say they are, holds the qualification they state and has, in fact, held the roles they have included in their CV.
You only have to run an internet search for the words ‘CEO’, ‘CV’ and ‘scandal’ to appreciate the implications of an ineffective reference check.
Some universities have already started to look at using blockchain as a means to verifying the educational qualification level of their alumni as an accessible record. This process will detect fraudulent applicants.
Blockchain could also be used to record and map the skills and abilities within the current workforce of a business. Companies have been doing this already, albeit in a more rudimentary way through performance appraisals and maintaining records of company-approved training courses.
A more rigorous approach using blockchain technology has the potential to turn workforce planning from a laborious annual exercise to instantly accessible and live business information. This will allow companies to understand exactly how many staff they need to recruit and where, who the right person is for that internal promotion, and if staff allocated to projects have the correct competencies.
Pay rises via blockchain
Blockchain has the potential to provide a more robust approach to pay scales with defined salary increases for key skills or capabilities that are held at a premium in the market, or for allocating performance-based bonus awards in a more measurable way.
It is already standard practice in some industries for service companies to have the qualifications, certifications and skills of staff assigned to a certain projects or scope of work tied in as contractual obligations.
Taking the capabilities and functionality of blockchain technology to a rather progressive yet not inconceivable application could allow more rigor and certainty in such contracts and allow companies to better understand the return on investment for staff with particular skills.
Of course, all of the mentioned applications are based on speculation and theory and as with any technology, blockchain must overcome a number of obstacles including a significant shift in attitude in the way people work.
Curriculum Vitae Chain, as the first blockchain application in recruiting sector in Asia, has already made progress in speeding up recruiting process and eliminate extra cost, and eventually increase the productivity.
Regardless of the rate of progress, blockchain will certainly have an unavoidable impact on the way we do business and HR professionals should continue to monitor it carefully during 2018.



How Blockchain Will Fight False Information in Applicants’ CVs

There is much false information in the applicants’ CVs now. Fake Academic Record Former Harvard University student Adam Wheeler fabricated Scholastic Aptitude Test (SAT) scores, letters of recommendations, and transcripts to gain admission and received $40,000 in grants. Wheeler’s true academic credentials were revealed when he attempted to apply for the Rhodes and Fulbright scholarships in his senior year. And former University of Notre Dame head coach lied about receiving a master’s degree and being a football legend in college when he never even played a game. Fake Working Experience Celebrity chef Robert Irvine lied about designing Price Charles and Princess Diana’s wedding cake. It was reported by the website of CPC Central Disciplinary Committee and Ministry of Supervision that the governors in Hainan Province forged their CVs, including their academic qualifications, work experience and even their ages, to be employed in the government departments. Since the government, which ha…

Blockchain Plus, Where Online Recruitment Will Rejuvenate

Since Premier Li Keqiang took office, at least 15 topics regarding Internet Plus have been discussed at State Council executive meetings. Premier Li stressed on many occasions that China should promote the new drivers of growth fostered by Internet Plus to create huge potential for a new industrial revolution. But now, blockchain technology has been around for a number of years and its most well-known use so far is Bitcoin, the cryptocurrency that came to prominence in 2008. The uses of blockchain are not limited to financial transactions, though, and enthusiasts are looking into other ways applications for the technology, especially for the types of transactions where there are often disputes or trust issues. It’s time to put forward a new concept, namely Blockchain Plus. Blockchain technology is a powerful change agent for broker-based industries. We only need to look at the fervor in which the Financial Services sector is being disrupted by Fintech start-ups applying blockchain to b…

What is Curriculum Vitae Chain and CVH?

As the first blockchain application in recruiting sector in Asia, Curriculum Vitae Chain will solve the problems that has plagued recruitment industry for years and finally upset it.
A Brief Introduction of Curriculum Vitae Chain The team of Curriculum Vitae Chain believes that finding a dream role at a dream employer should be quick and easy. Equally, and finding top talent should be simple and inexpensive. However, it is challenging, time-consuming, and costly finding that dream role now. But if having the assertions on a CV verified by educators, accreditors, and employers, it will increase employability and make an enormous difference to the recruitment process. With this dream, the team of Curriculum Vitae Chain developed this system that allows everyone who uses it to maximize their potential. Put simply, Curriculum Vitae Chain is a blockchain-based verification, career management, and recruitment platform. How Does Curriculum Vitae Chain Work? When the applicants finish the biome…