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How can the financial services industry use blockchain to eradicate pain points in its HR ecosystem?

Now that we have a better understanding of what blockchain is and can do, let’s have a look at where it fits into the evolution of HR and talent technology. 

The road so far … 

In a mere five years, we’ve seen tremendous change in human capital management (HCM) technology.  

  • In 2015, organizations like Oracle, Workday and SAP redefined the user experience of HCM technology with their cloud-based HCM solutions, while expanding integration into areas such as performance, learning, analytics, etc. 
  • In 2018, we saw the emergence of cloud HR 2.0. With Microsoft Azure, Amazon Web Services and Google Cloud Platform leading the way, best-of-breed solutions emerged across the talent lifecycle owing to the portability of data through APIs and cloud platforms. 
  • In 2020, we predict that relationship databases will link employees and contractors across multiple entities, tracking performance, knowledge and social capital. 
  • By 2021, the era of blockchain will have fully emerged, enabling decentralized authentication of payroll, employment contracts, work orders and qualifications—changing the very nucleus of HR service delivery. 

What are the pain points plaguing HR today?

In the new world of work, HR organizations are searching for top talent from all over the world, which adds a layer of complexity when it comes to accessing and validating information about these individuals. 

Most companies, governments and other service providers continue to store and secure necessary information in silos and antiquated systems. This impedes the free flow of data between organizations and creates the following pain points: 

  • HR has to interact with and depend on numerous parties to validate candidate information. 
  • Candidate information is often inaccurate, incomplete, or unfindable depending on the provider. 
  • Interview processes can be overly extensive, deterring candidates from applying for employment. 

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