The industries are adopting various technologies to stick with this ongoing competition in the market. The rapid changes in the business platform also include the human resource system that has brought significant change.
Blockchain technology has a unique structure of a peer-to-peer network where the data transactions are secure with smart contracts. Smart contracts are the inbuilt conditions that are being created between the system and users based on protection.
However, many industries are now involved with blockchain technology and spreading their business network over every possible corner in the world. But, before everything, the necessity of a strong HR system arises that will profound the company. Working from home means working from a distance that creates insecurity towards the hired employees, especially in this pandemic situation.
Dilemmas with blockchain solutions
Certain issues have been arising with the conventional HR management system like; skill gap, objective or motive difference between company and employees, absence of physical appearance that results in unreliable login timing, Fraudulent in document verification, employees’ data histories, etc.
- Data Insecurity- The manual hr management system faces threats of losing data and records of the employees. Even the third-party interference while stealing the records that are hampering the Hr process as well. You always have the issue of whether the documents are false. But not with blockchain, due to its inherent transparency and immutability, enable the data to be tamper-free along with the permanent data storage in the system. That means they cannot be deleted once it is uploaded.
- Lack of standard HR norms- Remember, the HR standards carry the reputation of any company. If the system is not fitting, it can also hamper the employee work records, and thus unfortunate consequences may arise in the future. Blockchain provides a certain state where the data are stored securely and visible for both the company employees at the same time.
- Numerous data supply- It’s manageable the manual distribution within a small business company unless the business takes off and expands. The difficulty of managing and delivering documents starts when the different sectors become wider in size.
- At this moment, a reliable chain is necessary, and it can be possible with blockchain. The decentralized peer-to-peer network with immutability makes the data sharing secure with any third party interference along with real-time updates.
One of the great solutions to rebuild the HR system is the blockchain-based application, where the employees’ login and log out time along with their working hours, can be recorded. These updates will be visible for both the company and the employees, eliminating further complications. Used with smart contracts, that has the inbuilt condition of releasing payments after meeting deadlines or requirements, and making sure that the work is done. No delays in payment and no question whether the hours were worked.
It works for everyone. Connect with ‘Blockchain Software’ for more information on how blockchain can change HR.