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BLOCKCHAIN 101: WHAT IS IT AND HOW DOES IT WORK?

Source | talentorganizationblog.accenture.com | NICOLE KNOTT

What is blockchain, how does it work, and what role could it play in the evolution of human capital management (HCM) technology?

Mention the word “blockchain” in polite conversation and you may as well be speaking in Greek. With my new blog series on blockchain, I aim to demonstrate the value this relatively new piece of platform technology could have on the future of human resources and talent management in financial services.

But first, let’s demystify some of the terms we’ll be using over the next few weeks.  

What is blockchain?

Blockchain is a multi-party system that maintains and records data in a way that allows multiple stakeholders to confidently and securely share access to the same data and information.

As Human Resources are continually exposed to and collecting sensitive data through external and internal process, the use of blockchain can provide peace of mind for both employees giving data and those collecting it. Features of blockchain that drive confidence between businesses participating in these multi-party ecosystems include:

  • Provenance – Knowing where the data comes from, and the ability to trace the complete history—including who has ‘touched’ it.
  • Tamper evidence – The mathematic ability to know if anyone has tampered with the data.
  • Granular control – Each data element can be encrypted with identity and security features specific to control who can access what.
  • Security – Each data element is encrypted and segregated.

Click here to read the full article

Source
talentorganizationblog.accenture.com
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