Since appearing in 2008, while the world was still getting accustomed to smartphones and apps, blockchain managed to go relatively unnoticed, until recently when the recent Bitcoin boom threw the technology into the limelight.
While it may still be in its infancy, blockchain has the potential to impact our lives as immensely as the internet or social media.
Ensuring accountability and transparency
Blockchain has the ability to transform accountability and transparency within a company. It is a remarkably clear and decentralised way of recording lists of transactions.
Blockchains create effective and inexpensive secure public records meaning they transcend their financial beginnings, enabling transparency for voting in elections or proving a document’s creation date and time.
Having indisputable records ensures accountability and transparency whether that be in the healthcare industry, the automotive industry or the financial industry.
One of the main industries leveraging the power of blockchain is HR.
So far, the technology has been used to solve two main problems for HR. One is basic verification and the other is the transaction process. Basic verification is the process by which employers and agencies confirm the identity of an individual and transaction is the process of a person achieving their ultimate goal, such as a new job.
As Ian Horrocks from Recruitd says; ‘The jobs market is flooded with embellished CVs, fake references and dirty data. 86% of employers have uncovered lies or misrepresentations on a resume, and the other 14% presumably don’t look hard enough. Candidate verification is expensive and slow for the employer. What we’re building is a platform that applies blockchain technology to pull all basic employment-related details into one block.’
The block is automatically validated by the network and will be associated with an electronic signature, meaning candidates, recruiters and employers are spared many of the touchpoints in the screening process. This has the potential to create a decentralized ranking of job-seekers per skillset / job type / industry.
The impact of blockchain has been more forceful than was predicted, it’s not simply a new way to get business done, it’s changing business as a whole. Which is why it’s important to start taking action and get involved if you aren’t already.
In our upcoming article we dig a little deeper into the three sectors blockchain is currently transforming.
Steps to success
We advise any CIO of a company, or CXO for that matter, who are serious about blockchain to start by conducting a review of the organisation, including operational, technological, structural and resourcing capabilities. While assessing and identifying the potential hurdles that may impede a successful implementation of the technology can save your company a fortune, both in terms of time and money.
The next measure is to develop a clear plan and ensure you’ve got buy-in from the rest of the leadership team. If the board isn’t 100 percent behind it, it’s unlikely the rest of the business will be either.
Assuming you’ve got their buy-in, it’s crucial to develop a team that understands the complexity of blockchain and has experience in working with the technology that is rooted in the foundations upon which blockchain is built, for example, .NET development. It’s important that throughout the process companies remember to test, test, test. Even when you think you’ve tested enough, test some more.
The future of blockchain is bright. The technology has a lot to offer and this is only the beginning. As more industries realise the positive implications of blockchain, we will see a shift in the business community. At NashTech we’re embracing the blockchain revolution and are keen to hear from businesses that are as excited about it as we are.
Why not, get in touch with us today?