4 Ways Blockchain is Revolutionizing Business Processes Posted on : May 22 - 2018

Professionals in recruitment, contract management, marketing, Fintech and more are now using blockchain technology to streamline specific business needs.

Blockchain technology was introduced with Bitcoin, the digital currency. A blockchain is an unbroken log of transactions, each one considered a “block” of information. It’s maintained and shared over a network of distributed computers, but the data is encrypted for security.

But the blockchain concept is rapidly expanding beyond the cryptocurrency universe. Here’s how other professions are adopting blockchain to particular business needs for more efficient data sharing.

Recruitment

Locating and onboarding new talent is a constant chore for HR departments in every company. Blockchaining can provide you with a secure but flexible informational source. It’s changing the way businesses recruit employees in the information age.

A CareerBuilder survey of over 2,500 hiring managers found that 58 percent had caught applicants lying on their resumes. This makes it more difficult for you to find the right people to fit your business.

Having some form of verification system in place would reduce much of the risk and save valuable time in evaluating candidates. Blockchain technology would essentially let participating companies maintain a database of employees, along with their skills, duties, education, and history.

You could then compare an applicant’s claims against the experience and credentials that have been validated in the past. This could include a registry of diplomas, certificates, and other honors job seekers might list on their resumes.

Immediate fact-checking against an extensive blockchain of information could transform the screening and hiring process for companies of all sizes, and at a relatively low cost.

Contract Management

A solution for organizing and validating contract information could also prove highly beneficial for businesses of all kinds, such as in the construction or technical industries. A smart contract makes it possible for you and another party to exchange goods or services in a legally binding way, without the need for third party oversight. View More