Understanding blockchain is one of the fundamental business, and therefore HR, challenges of next 12-24 months.
Be prepared - the article I'm sharing is a long read (10 mins at least I reckon, and that's without following any links) but it is an excellent read so do so save it for the journey home.
In the meantime below are some exerts (2-3 mins read) that make the main points to whet your appetite.....
1. What is blockchain again????
"Blockchain is an encrypted digital ledger of records, organized into blocks. These blocks are located on servers called nodes, with any nodal computer connected to the network and linked to others, like a chain. Each node maintains a copy of said ledger and informs other nodes of newly submitted or newly verified transactions, allowing information to be distributed securely across an entire network without the need for a central administrator/platform."
Every piece of data that is shared down this chain of nodes is protected with advanced crypotgraphy and because it's split out, it's very difficult to hack.
2. and how is this useful for job seekers?
"For job seekers, they truly own their own data and share it with whomever they please, on a secure, verifiable, and decentralised network".
"Imagine: when you update your profile with a new job title, it automatically syncs and updates everywhere at once, across all platforms, saving you time and optimizing your online processes... For candidates, deciding which applications can access your data is as simple as toggling notifications on or off."
3. and recruiters?
Blockchain tech can "expedites recruiters’ manual tasks like conducting background checks... creating a powerful network that helps applicant tracking systems because they have more enriched [accurate] data to build more and better features, recruit better, and make better hiring decisions.”
Like other blockchain applications, this will "bear the burden of public proof. But this is tech that may change your life sooner than you think, so let’s try".
“There are 12 million job seekers a year who are not yet in the dock.io network. When we start integrating them, and then plug into hundreds of other networks, we can scale to build a bigger network than LinkedIn, and do it without LinkedIn.”