information about the blockchain

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Description

1. Defining blockchain - make the audience understand what it is

2. Give real world example of companies utilizing block chain

3. How HR is adapting blockchain technology

4. Pros and cons of blockchain and HR

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Abstract New technologies such as AI and blockchain will change the way human resource departments operate. Our presentation will define these technologies and highlight their applications to HR functions. We will cite examples of early adopters to these technologies and the results therein produced. We will also explore the ethical and legal issues surrounding these new technologies. Introduction Human resource is recognized as one of those industries which to a great extent does not make its way into the world of science fiction books, and no child grows up with the thoughts of revolutionizing the technology around this particular field. In the olden times, the human resource was taken as a paper-intensive, non-innovative area, where workers get hired or fired, salary decision are made and as an area where team building sessions are planned. However, it is worth noting that behind the scenes, the human resource department is changing and highly incorporating technology at a rapid pace, even if this technology was not designed for human resource to start with. Technology in the human resource department is what this paper covers. Technology Transforming the Human Resource Department In the year 2015, Globoforce in collaboration with the Human Resource Management issued a report that identified talent retention, competitive compensation, employee engagement, as well as organizational leaders for tomorrow as the major human capital challenges. Due to the presence of these challenges, innovation has been sparked inside human resource departments across the globe. For instance, it is known by many now that social media is being utilized in the process of recruitment, and it appears that more than ninety-one percent of recruiters always turn to these channels as the means to identify as well as validate candidates. There is a 3% of recruiters who may be less visible but who are part of a relevant innovation in the human resource. These recruiters have moved beyond Facebook, Twitter, and LinkedIn and are therefore piloting Snapchat as a recruitment tool. With all these great changes being realized, a proper question might be; what are the technological innovations that will move the human resource technology and its trends in the future? Impact of Blockchain Technology in the Human Resource Department Blockchain technology consists of an extremely secure way when it comes to recording transactions that have occurred between two or even more parties. In this case, each transaction is what is recognized as a block and blocks are joined utilizing cryptography generating a chain of blocks hence coming up with the name blockchain. It is worth noting that blocks can never be done away with or deleted. Therefore, because of the blockchain, there is a secure, unmodifiable record of every single transaction. This technology has potential applications such as a permanent record of food supply chains, management of legal contracts, identity management as well as proving ownership of property. Blockchain technology can be utilized to add value to the human resource department in the following ways. Recruitment Data validity that is made available through blockchain could offer both the organizations and candidates increased confidence in the process of recruitment. This technology when used properly could offer candidates a verified record of achievement, doing away with organizational concerns in matters related to falsified information on curriculum vitae. For instance, college or the university degrees would be added to a person’s blockchain-based curriculum vitae if only the education institution validated their achievement. Human resource departments upon seeing such on a candidate’s record of achievement would realize that it was a truthful claim. The future of human resource department looks bright because of blockchain technology. Through the technology, more informal achievements could be added to the blockchain through a consensus between two parties a practice that will ensure that an individual’s claim that their results had improved by 20% will be validated by the former employer so that the new employer gains confidence in the ability of the candidate. All these would see human resource department making tremendous steps to greatness. Payroll Putting blockchain technology in use in the human resource departments for global payroll acts as the way to reduce the costs incurred because of intermediaries, for example, banks, in verifying transactions and making sure that money is sent to the right person at the right time. The technology would be of great help in human resource departments in the sense that it would increase the speed of transactions, which would take place as soon as consensus is reached as far as the blockchain is concerned and the new record of payment has been included in the ledger. It is recorded that using blockchain for payroll is not a difficult undertaking; the only challenge being experienced now is regulatory hurdles, particularly if the parties involved ought to make cross-border payments. However, things are working out slowly in favor of the technology and the future seems promising in this area. Cybersecurity Blockchain technology could be highly utilized when it comes to controlling who has access to sensitive worker information as well as the only time changes occur is when authorized parties make them. With this practice, the many issues we face today of employee information being interfered with by unauthorized people will be over. The employees because of the technology will be in the position to stay in control of what information is stored or even changed about them. Therefore, cyber security through blockchain is of great value to the human resource departments. Smart contracts When it comes to smart contracts, there is the use of digital technologies in signing contracts, ensuring compliance over time, verifying them, all in a manner that no third-parties are used. In matters related to recruitment, using smart contracts could result in issuing as well accepting job offers extremely fast. When there is a shared blockchain between an employee and the employer, it will aid in keeping track of all contractual changes that do take place through the tenure of the employee. It is a technology that could be used to enforce conditional clauses, for instance, releasing bonus payments every time achievements are met. What the Future Holds Blockchain has emerged as a new, embryonic technology, even in fields such as the financial markets as well as banking. It is agreed by most commentators that blockchain technology will result in the most significant initial impact due to its origins in this industry. As a result of this view, the financial aspects revolving around human resource are likely to emerge as the first to realize or see maturity in the application of blockchain for example, in matters related to payroll and cross-border payments to the highly-mobile staff. Jobs under human resource remit that happen to be expensive, labor-intensive or even slow will be the very first to feel the disruption of blockchain technologies. This technology could make the process of hiring far quicker, cheaper and accurate hence giving human resource more confidence. Some blockchain-based platforms are made available that could be of interest to human resource, for example, when dealing with the recruitment of freelancers. They utilize the technology of blockchain in verifying skills by consensus. Through this, people are in a better position to upload their portfolio as well as community votes based on whether they depict competency as far as skills are concerned. What follows is that the skill is then added to blockchain hence underpinning the profile of these people on the platform. It is very proper for human resource professionals to ensure that they keep track of how technology especially blockchain will affect the way the human resource function works and carries out its tasks in the organization. However, it becomes of great significance for these professionals to have a proper understanding of how the technology may disrupt other parts of the organization. Because of dealing with financial services, the human resource may embrace blockchain technology sooner than other industries, for instance, retail or publishing. Examples of Blockchain Users in Human Resources As we have seen earlier, blockchain technologies are highly proving to be wonderful game-changers in the world of human resources. They can to a great extent innovate the ways that applicants, recruiters, and even workers share confidential information with each other, process payroll among many other functions. There is, however, a great concern if there are any real-life examples of the technology being used or if it is just theory. In the human resource, companies such as Smart Contracts, CanYa, as well as Blocklancer have taken a great in the blockchain technology. All of these companies have developed the same goal-directed towards coming up with easier ways for employees and employers to agree about terms of labor without a middleman. CanYan has for a long time been focused on decentralizing the distribution of finances. Such practice is of great significance to human resources simply because it gives hints on how workers will be paid in the future. When the blockchain technology was first established, it was to support bitcoins but it made sense to CanYa Company which embraced the idea and started revolutionizing the manner in which contracts are fulfilled and compensated. Bloclancer is always seeking the opportunity to take full advantage of the increasingly gig-based economy to make sure that there is an easy way for freelancers to find something to do as well as for employers to access quality help. The company has utilized blockchain technology to assure clients that no contacts or information can be changed or deleted without proper permission. Lastly, Smart Contracts follow the same route. Upon the invention of blockchain technology, the company makes it possible for workers and employers to establish contracts with each other without the need for a third party. Therefore, some companies have played a tremendous role in ensuring that blockchain technology is being utilized to some extent in this initial stage of the technology. Ethical and Legal Issues The blockchain is viewed as a disruptive technology that to a great extent will change the entire world in the manner in which the society is governed by humans, people and properties are identified, databases are constructed and how businesses are made and grown. The great concerns here revolve around the inherent characteristics of blockchain that can benefit the society as well as promote what is known as more ethical ways to carry out business. The technology is helping in improving engagement in the societies. The biggest problem we usually have is seeing that the minority voices are heard. When such voices are listened to, and everyone is taken care of, communities flourish. Blockchain has come to set a fair ground for everyone. It just takes one to understand how this technology works and that is all about it. No person is set aside as far as the technology is concerned. With this inclusiveness, a value is added in the society, and it forms the basis on which companies dealing with this technology ought to operate. Diversity in disclosure is yet another ethical issue in this area. Participants in the world of blockchain technology range from those people dealing with hedge funds to casual people in the field of trading information. Taking the necessary steps to see that the platforms for discourse consist of a tone that is welcoming, this plays a critical role. People coming together to converse based on various issues forms the breeding grounds for funds, projects as well as companies. The technology also involves regulatory concerns such as issues of jurisdiction and applicable law as well. Even though the government of a country can not control the technology, some nations are still hesitant in embracing it, and this has slowed down its operation. However, observing the legal framework regarding the legal nature of blockchain becomes of great significance. Conclusion It is worth noting that new technologies such as blockchain will alter the manner in which human resource departments do operate. Technology is helping in making things easier in matter relate to payroll, cybersecurity among other areas within human resources. References https://www.bbva.com/en/7-regulatory-challenges-facing-blockchain/ https://medium.com/@leanne_luce/evaluating-ethics-in-blockchain-and-cryptocurrencyinvestment-d59aeda69e51 https://www.smartscreen.tech/examples-blockchain-technology-human-resources/ https://www.investorsinpeople.com/resources/ideas-and-inspiration/HR-blockchain-humanresources https://gethppy.com/hrtrends/technology-changing-human-resource-management
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Explanation & Answer

Attached.

INFORMATION
ABOUT
BLOCKCHAIN
Presentation

Define Block chain
➢It is a decentralized, digitalized public ledger that is used for all transactions
involving crypto currency

➢The records are added in chronological order
➢Replaces central recordkeeping in digital transactions
➢Any document can be inserted and stored in the system
➢Thus it is able to create an permanent record

EXAMPLE OF COMPANIES USING
BLOCK CHAIN
➢Industrial and commerc...


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