Who said Blockchain is only a technology for fintechs? Today, numerous companies are leading the way by applying Blockchain to improve business.
Even to improve human capital management.
The technology that is trending
Business blockchain is here to stay. It is already beginning to be heard how the most innovative companies are implementing this tech in their management to improve their business indicators.
The multinational automotive company Toyota, which partnered with MIT Media Lab, is implementing enterprise blockchain to improve autonomous driving technology. In addition, this platform will enable users to manage ride-sharing information along with car transactions.
Other innovative companies such as Facebook (now META) are looking to blockchain technology to change its internal network structure and make it more secure so that people can use its platforms and their data will not be breached.
Meanwhile, the food company Nestlé uses blockchain to certify and track its coffee. Through a blockchain platform that will store coffee data, customers will be able to trace the production process to its origin. The data and records stored by the company are accessible from within the IBM Food Trust blockchain platform.
But what is Blockchain all about?
When we hear about Blockchain, it usually concerns Bitcoin and other cryptocurrencies, in association only with the financial world.
Therefore, it is important to know what this technology is about to understand its potential and application to business.
Blockchain is a shared, unalterable ledger that facilitates the process of recording transactions and tracking assets within an enterprise network. Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and costs for all involved and building trust.
According to Gartner Trend Insights, the aggregate business value of Blockchain will grow to just over US$176 billion by 2025 and then exceed US$3.1 trillion by 2030.
So, why is blockchain important for your company?
Companies operate based on information. The faster they get it and the more accurate it is, the better. Blockchain is ideal for getting that info, as it provides immediate, secure, shared, and completely transparent data stored in an unalterable distributed ledger to which only authorized members could access.
A blockchain network can track orders, payments, accounts, production details, and much more. Additionally, because users share a single authoritative source of information, you can see all the details of a transaction from start to finish, allowing you to generate greater trust and efficiency, as well as more opportunities.
What are the key elements?
Distributed ledger technology (DLT)
All network participants have access to the distributed ledger and its immutable record of transactions. With this shared ledger, transactions are recorded only once, eliminating the duplication of effort, typical of traditional business networks.
No participant can change or alter a transaction after it has been recorded in the shared ledger. If a transaction record includes an error, a new transaction must be added to reverse the mistake, but both events will be visible.
A set of rules, called a smart contract, is stored on the blockchain and executed automatically to speed up transactions.
What problems does it solve in human capital management?
The implementation of blockchain technology has a positive impact on the Human Resources sector, such as Digital Identity: making it more secure and powerful than a digital certificate. For example, it makes it possible to register all of a person’s qualifications to simplify the process of verifying their training.
Also, it is handy for the management of assistance. All the information loaded in Blockchain remains unalterable. It cannot be manipulated or falsified and implies proof constituted with notarial value.
In this line, Blockchain technology is also an ally for data protection, the selection and identification of profiles, or the management of payroll, schedules, and vacations.
Concrete benefits for HR management
At Oxean Cross, through Epical, we become your ally to design a program with Blockchain technology to improve your company’s human capital management.
In which specific areas can it be applied?
Developments under blockchain technology can go a long way to help prepare your organization for a changing workforce. Let’s talk about creating a project tailored to your company’s needs.
Do you have questions?
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