When I first began writing this article, I was going to focus on how blockchain is set to revolutionize Learning & Dev. But the more I researched where this disruptive new protocol was headed, the more I realized that Blockchain was set to revolutionize nearly every aspect of HR as we know it today.
Note: This article assumes that the reader has a basic understanding of the Blockchain protocol. If your knowledge is limited to considering it a speculative investment or bubble, then you're nowhere near understanding the difference between cryptocurrencies, blockchain & speculative investments. More reading is recommended (a commendable habit in general).
In the interest of keeping this article short and easy to digest, I wanted to comment on areas which stand out as ripe for Blockchain-based innovation.
Recruitment & Talent Acquisition is an easy one - the emergence of a protocol which allows for a secure and immutable record of educational qualifications, professional certifications and previous work experience is the biggest win in this author's opinion. There are undoubtedly several startups currently working on achieving this goal but it will take a giant (such as LinkedIn) to really bring about industry-scale adoption of a new system that will eventually become the norm.
Payroll has long been touted as an early segment within HR which could experience radical changes owing to the emergence of blockchain solutions. An especially interesting application would be the ability to manage payroll across multiple borders and in local currencies in close to near real-time. Blockchain could effectively reduce both - the time and effort required to implement and manage payroll policies and systems on a global scale.
Very little has been said in relation to blockchain's impact on Learning & Development. This author foresees an eventual shift from organizational-developed & driven L&D programs to generic, competency-driven measurement of learning programs which allow learners to learn from multiple online sources and accrue credits at a pace matching their comfort level and style of learning. This would be similar to the idea of the LRS solution proposed today; but, finally available in a format which allows for easy universal application. In all likelihood, educational institutions will lead the charge in this direction.
Performance Management & Accomplishments could also emerge as a possible blockchain-driven innovation wherein individuals and teams compete for performance-based awards and recognition which gets permanently embedded to their online profiles. Achieving such accomplishments serve as excellent motivators and predictors of overall career success. I hope to see consulting firms lead the charge in this regard owing to the heavily diverse client/project-based nature of their business model.
What do readers think will be the first big innovation in HR tech? I encourage you to drop links or add comments for discussion.
About the Author: The author leverages his experience in HR Consulting, L&D and Organizational Development to address emerging trends and innovations. He believes in the healing power of humour and is an advocate of enabling Human Resources teams to be more Human. Connect with me to exchange ideas and opinions on all things HR, blockchain, capital markets & investment strategies.