Blockchain: Saviour of HR and payroll issues?
Could blockchain technology help to streamline HR solutions and other work-related platforms?
Distributed Ledger Technology (DLT) is a “technology concept or architectural principle that can be realised in many ways,” according to Forrester.
Although companies are now experimenting with blockchain, there is no single application of this exciting new technology. It’s therefore important to be careful and properly evaluate the market. This will help you understand the DLTs available and which is the most appropriate solution for you.
Cutting through the hype
There is, undeniably, a lot of hype around Blockchain. As Wired put it, “At this moment, few business trends can compete with the magic of blockchain technology”.
Indeed, simply adding the word ‘blockchain’ to a company name can now result in immediate stock price gains. The announcement of a KodakOne blockchain network, for example, saw the EastmanKodak share price more than double.
To help you understand whether blockchain can help your business problem (or not), the World Economic Forum’s white paper Blockchain Beyond the Hype includes a practical framework and a decision tree.
The benefits of blockchain
DLT-based applications provide important benefits for transactions involving personal and payment data. These include:
- Increased security
- Faster transactions
- Limited data disclosure for a predetermined purpose
Blockchain and DLT developments progress fast. There are many real-world applications on top of the experiments. Stay up to date with which projects are successful – would they be applicable to the HR and payroll space?
All main technology vendors explore use cases for DLT in their solutions. It could be equally interesting to follow what niche vendors are doing, as they are typically not bound to a segment or industry, are more agile and will quickly shift into other applications.
How Prosper² can help
Prosper² is keen to ensure its members maximise business efficiencies. Discover our HR and payroll offerings in the Membership Perks and Marketplace. Click here to find out more.