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Blockchain Reaction

#1
“Those responsible for employee data should get up to speed on [blockchain] very quickly,” said Jeff Mike, vice president and HR research leader at Bersin, Deloitte LLP. “They need to start planning ahead as to how blockchain is going to change work, the business implications of it, and how that will affect the role of HR as stewards of data.”
As when artificial intelligence emerged as a so-called dark and imminent threat to take over civilization, blockchain too has come with its share of hype and hoopla. While AI and blockchain are both bound to displace jobs, their presence has not created a doomsday scenario.
“The jobs are changing; they’re not going away,” Mike said. “People need to separate the hype from practicality.”
The promise of blockchain is to enable automation and verification of transactions between two parties by providing a more secure, portable digital identity. The promise of AI-powered BOTs and HR chatbots is to employ tech to perform repetitive administrative tasks in a fast, secure and efficient manner. This is no longer hypothetical hearsay; it’s here and it’s happening.
Think about it: Why should companies pay people to process and manage streams of highly sensitive, personal information on cumbersome, segregated databases when smart integrated tech — powered by blockchain, for example — could do it for you?
Mike likened the shift in mindset for HR professionals to that of bank tellers who were compelled to adjust to the ubiquitous arrival of automated teller machines (ATMs). Some tellers upped their game and elevated their stature by identifying and servicing customer needs instead of simply recording account deposits and withdrawals.
HR, with its clear and well-defined processes, appears ripe for a similar type of automation.
“Blockchain offers a more secure way of keeping records,” Mike said. “Once the systems are set and managed appropriately, it’s a shift for HR operations from a risk management and compliance perspective to the human side of the equation.”

The Origins of Blockchain

Blockchain’s beginnings almost sound like a yarn of folklore. An anonymous mathematical genius or group of programmers collectively known as Satoshi Nakamoto introduced bitcoin in a digitally distributed ledger called blockchain in early 2009 as a direct response to the global financial crisis of 2007-2008.
At its foundation, blockchain is a database of encrypted, transparent records that are shared, peer-to-peer digital accounting ledgers. Each powers several hundred unique cryptocurrencies, including bitcoin, the best-known unit of virtual cash, and ether, the crypto-fuel of the ethereum network.
Blockchains allow for seamless international monetary exchanges to be conducted without going through a financial institution. Moreover, they create a true, verifiable and immutable record of user transactions that are time-stamped and linked to a specific participant.
The key difference between blockchains and traditional banks and accounting systems is that the blockchain is completely decentralized and impartial. Some naysayers have compared the now multibillion-dollar industry that drives bitcoin and its ilk to Netherlands’ 17th-century tulip mania and a Ponzi scheme.
While skeptics scoff at a digital currency and worldwide payment system whose encryption techniques operate independently of a central bank, most businesspeople agree that blockchain — the mechanism that underlies and structures the system of cybercurrencies — is here to stay.
“The cat is out of the bag,” said Gordon Koo, CCP, a WorldatWork member and senior compensation analyst in the media industry. “This technology and the code to build a blockchain is publicly distributed. Big or technically adept organizations should be considering ways to lead the conversation on how best to implement a blockchain solution.”

Why Blockchain Matters to You

Blockchain, first and foremost, is expected to boost productivity by reducing the burden of HR administrative tasks. It also can enhance recruiting efforts by verifying a job candidate’s identity, background, education, references and immutable employment history.
“Fundamentally, in an HR context, blockchain offers the ability to bring trust and transparency to information about the workforce,” said Gareth Brown, a management consultant with Deloitte Consulting in Amsterdam.
While organizations invest in bleeding-edge tech to bring workforce insight into business decisions, “the next evolution is for business leaders to want trust in the data,” Brown said. “Blockchain offers a mechanism to gather information from trusted sources that otherwise may not be easily or independently verified.”

Quote:While skeptics scoff at a worldwide payment system whose encryption techniques operate independently of a central bank, most businesspeople agree that blockchain is here to stay.


Blockchain’s easily verifiable system can confirm employee attendance, say, in a safety training course. For example, if a factory worker were to get injured on the job, HR could focus on the employee who is hurt or how the training could be improved rather than be occupied with covering all the legal bases and digging through records to make sure this person took part in the training.
Blockchain’s “smart contract” technology inherently secures work-for-hire agreements and via “digital reputation” can even add a level of confidence confirming a job prospect’s skill set. In addition, blockchain is well on its way to overhauling how some multinational corporations compensate their cross-border employees and contingent workers.
“The biggest changes that can be made today are with payroll and administration, especially where government currency is extremely volatile or where access to the financial banking system is unable to provide services effectively,” Koo said. “By using a cryptocurrency like bitcoin or ether, it’s possible to pay the employee wages much more quickly, at a lower cost and without a financial intermediary. It could be difficult to set compensation when a country is currently undergoing hyperinflation or if there are restrictions within the financial sector.”
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#2
(10-14-2019 11:11 AM)Annemarie Wrote: “Those responsible for employee data should get up to speed on [blockchain] very quickly,” said Jeff Mike, vice president and HR research leader at Bersin, Deloitte LLP. “They need to start planning ahead as to how blockchain is going to change work, the business implications of it, and how that will affect the role of HR as stewards of data.”
As when artificial intelligence emerged as a so-called dark and imminent threat to take over civilization, blockchain too has come with its share of hype and hoopla. While AI and blockchain are both bound to displace jobs, their presence has not created a doomsday scenario.
“The jobs are changing; they’re not going away,” Mike said. “People need to separate the hype from practicality.”
The promise of blockchain is to enable automation and verification of transactions between two parties by providing a more secure, portable digital identity. The promise of AI-powered BOTs and HR chatbots is to employ tech to perform repetitive administrative tasks in a fast, secure and efficient manner. This is no longer hypothetical hearsay; it’s here and it’s happening.
Think about it: Why should companies pay people to process and manage streams of highly sensitive, personal information on cumbersome, segregated databases when smart integrated tech — powered by blockchain, for example — could do it for you?
Mike likened the shift in mindset for HR professionals to that of bank tellers who were compelled to adjust to the ubiquitous arrival of automated teller machines (ATMs). Some tellers upped their game and elevated their stature by identifying and servicing customer needs instead of simply recording account deposits and withdrawals.
HR, with its clear and well-defined processes, appears ripe for a similar type of automation.
“Blockchain offers a more secure way of keeping records,” Mike said. “Once the systems are set and managed appropriately, it’s a shift for HR operations from a risk management and compliance perspective to the human side of the equation.”

The Origins of Blockchain

Blockchain’s beginnings almost sound like a yarn of folklore. An anonymous mathematical genius or group of programmers collectively known as Satoshi Nakamoto introduced bitcoin in a digitally distributed ledger called blockchain in early 2009 as a direct response to the global financial crisis of 2007-2008.
At its foundation, blockchain is a database of encrypted, transparent records that are shared, peer-to-peer digital accounting ledgers. Each powers several hundred unique cryptocurrencies, including bitcoin, the best-known unit of virtual cash, and ether, the crypto-fuel of the ethereum network.
Blockchains allow for seamless international monetary exchanges to be conducted without going through a financial institution. Moreover, they create a true, verifiable and immutable record of user transactions that are time-stamped and linked to a specific participant.
The key difference between blockchains and traditional banks and accounting systems is that the blockchain is completely decentralized and impartial. Some naysayers have compared the now multibillion-dollar industry that drives bitcoin and its ilk to Netherlands’ 17th-century tulip mania and a Ponzi scheme.
While skeptics scoff at a digital currency and worldwide payment system whose encryption techniques operate independently of a central bank, most businesspeople agree that blockchain — the mechanism that underlies and structures the system of cybercurrencies — is here to stay.
“The cat is out of the bag,” said Gordon Koo, CCP, a WorldatWork member and senior compensation analyst in the media industry. “This technology and the code to build a blockchain is publicly distributed. Big or technically adept organizations should be considering ways to lead the conversation on how best to implement a blockchain solution.”

Why Blockchain Matters to You

Blockchain, first and foremost, is expected to boost productivity by reducing the burden of HR administrative tasks. It also can enhance recruiting efforts by verifying a job candidate’s identity, background, education, references and immutable employment history.
“Fundamentally, in an HR context, blockchain offers the ability to bring trust and transparency to information about the workforce,” said Gareth Brown, a management consultant with Deloitte Consulting in Amsterdam.
While organizations invest in bleeding-edge tech to bring workforce insight into business decisions, “the next evolution is for business leaders to want trust in the data,” Brown said. “Blockchain offers a mechanism to gather information from trusted sources that otherwise may not be easily or independently verified.”

Quote:While skeptics scoff at a worldwide payment system whose encryption techniques operate independently of a central bank, most businesspeople agree that blockchain is here to stay.


Blockchain’s easily verifiable system can confirm employee attendance, say, in a safety training course. For example, if a factory worker were to get injured on the job, HR could focus on the employee who is hurt or how the training could be improved rather than be occupied with covering all the legal bases and digging through records to make sure this person took part in the training.
Blockchain’s “smart contract” technology inherently secures work-for-hire agreements and via “digital reputation” can even add a level of confidence confirming a job prospect’s skill set. In addition, blockchain is well on its way to overhauling how some multinational corporations compensate their cross-border employees and contingent workers.
“The biggest changes that can be made today are with payroll and administration, especially where government currency is extremely volatile or where access to the financial banking system is unable to provide services effectively,” Koo said. “By using a cryptocurrency like bitcoin or ether, it’s possible to pay the employee wages much more quickly, at a lower cost and without a financial intermediary. It could be difficult to set compensation when a country is currently undergoing hyperinflation or if there are restrictions within the financial sector.”
Reply