Blockchain technology is perhaps best known for the function in protecting the cryptocurrency, such as Bitcoin. It makes the financial transactions in the decentralized environment, since it runs without the need of any bank and middleman.
Meanwhile, it is landing in the human resources (HR) areas, which will inevitably change the way that HR professionals to handle their routine task. Let see how blockchain technology can facilitate the HR works in the future.
Improve recruiting processes
blockchain technology can reduce the labour and expense resources for candidate’s background checking. It provides employers with the most accurate snapshot of a candidate’s credentials and background.
Blockchain has the power to replace many of the manual tasks and eliminate manual effort of the payroll systems. It is because the technology offers ‘smart contract’ solutions that allow a company to automate and secure payments to contractors and vendors.
Automate taxes process
Blockchain can record and update employee tax conditions and provisions since it automatically follows the regulations from the labour legislation.
The blockchain makes it easier for a business to sustain an audit because it can securely share its records with regulators in real-time. The time and cost spent for document collection will be reduced. Furthermore, the blockchain’s cryptographic hashes and source verification build a strong barrier against document manipulation and fraud.
Strengthen data security
HR teams are tasked with conducting high-volume financial transactions and personal data, such as payroll, finance, disciplinary records, performance records, expense reimbursement, healthcare, and more. Those work tasks are confidential and easy to suffer data breaches. Under this dangerous condition, blockchain technology is being lauded as a solution for strengthen network security.
By using the blockchain technology, all the process and access will be recorded and under controlled. Therefore, this limit both internal fraud and external hacks of sensitive data. Blockchain offers strong protections against data tampering by locking access to IoT devices. And it will shut down the compromised devices within the IoT network if a security event is suspected.
Contact us today!
Consultants from Achiever Technology helps you to understand more about the usage and benefits from the enterprise resources tool, such as HRMS, ERP, POS and CRM. Contact us today!