Why blockchain will change the HR industry as we know it

Time to sift through that stack of resumes that were E-mailed in — odds are you’ve got about 50 to review for one position. Then someone needs to make sure the company’s freelancers and suppliers abroad get paid. But wait! You’ve just been informed that your systems have been infiltrated and your employees’ personal information may have been compromised!

These are familiar headaches in spite of which you still somehow manage to get real work done in your day. But these are also headaches that are set to be relieved by blockchain — a technology that’s taken a backseat in public consciousness to its best-known product, Bitcoin. But without blockchain there is no Bitcoin, and the technology is changing the way business is conducted across all sectors of the economy, even human resources.

Ok, interesting — but what is blockchain exactly and what does it have to offer the world of HR? The details of how blockchain is implemented are nuanced, but for our purposes, let’s say that blockchain is a decentralized system in which identical information is stored on a countless number of servers that can monitor and authenticate any changes to said information. It almost sounds dry and crude. The implications however, are anything but, specifically because blockchain eliminates the need for a single trusted holder of information to authenticate transactions and other changes.

For those working in HR, running a business or even just average Joes applying for positions, blockchain represents a new revolutionary wave. Paying salaries to freelancers abroad? The potential of blockchain means no bank needs to be the middleman in the process, making it cheaper and faster, both of which equal more wealth and productivity. Are you internally storing your employees’ personal information? Blockchain makes it near impossible for that information to be compromised since it’s no longer stored in one location.

But blockchain’s most transformative potential for the HR industry is in recruitment. You are probably used to updating your resume, making sure your LinkedIn page is filled out and trying your best to sound enthusiastic while contacting friends and professional acquaintances looking for a job. But those are the tools of the past.

Companies like OUNA are now offering services that change the rules of the game and it’s all based on blockchain. In this way, resumes become something more like highly-secure passports that contain a candidate’s education, work history, skill set and references rather than tourist visas. For hiring employers, these passports are honest, detailed and offer access much larger pool of talent.

OUNA even takes this new technology one step forward by introducing a smart algorithm that matches candidates and employers not only based on the background detailed in their passports, but on personality, motivation and temperament to find the perfect fit for both the employer and the candidate. Welcome to the future.

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