Blockchain technology is already changing other major business sectors, and experts at Human Resource Executive’s 20th Annual HR Technology Conference & Exposition in Las Vegas in October said “they expect blockchain to come to HR within the next 18-24 months.”
How Blockchain Works
“Blockchain is a way to store personal information about candidates or employees in a secure, confidential manner and make it available to anyone with permission from those individuals,” Wheeler said. Such a system could automate and speed the process of verifying job candidates’ credentials, saving recruiters from having to contact multiple sources to confirm historical information; could reduce resume fraud; and could improve time-to-hire, experts believe. Blockchain also could one day transform global payroll by cutting out the banks—the “middle men”—that add time and costs to the process.