How Blockchain Can Improve Workforce Solutions

You’ve heard about blockchain—but what is it, really? A buzzword in the business world, blockchain is making the move from its cryptocurrency beginnings to the world of talent acquisition. Fortunately, Broadleaf is here to help make sense of it all.

For a complete and total rundown of what blockchain is, definitive facts and figures about its place in our industry, and ways you can use it to your advantage, check out our latest white paper: Breaking Down Blockchain.

Until then, here are five quick facts about blockchain in talent acquisition.

1. Blockchain is a decentralized digital record of transactions.

This means you can use blockchain to transfer money, goods, or secure data without worrying about it being corrupted along the way. Blockchain is designed to make it impossible to add, remove, or manipulate data without notifying its stakeholders.

2. Blockchain can simplify HR and recruitment tasks.

Blockchain could eliminate the tedious tasks of screening candidates, verifying employment histories, and checking resumes. It also cuts away the red tape that comes with timecard approvals, saving valuable time. And because blockchain reduces requisition cycle times from weeks to days (or even hours), it could emerge as a game-changer in talent acquisition innovation.

3. Blockchain can enhance contingent workforce management.

Staffing agencies and their customers can use blockchain to keep their own ledgers, such as databases, financial records, HR documentation, and talent pools. Additionally, blockchain technology has the potential to complete more thorough profiles for requisitions by creating:

• More robust profile information
• Adjusted data at the discretion of staffing agencies
• Learn more in the white paper!

4. Blockchain can reduce time and boost savings.

Traditional MSPs can optimize processes, but blockchain can slash transaction times between stakeholders from days to minutes; with blockchain, you don’t need a hiring manager or gatekeeper to verify every transaction. The inherent security of the blockchain eliminates the need for additional oversight, saving time, money, and resources.

5. Blockchain can heighten security for procurement and HR.

Blockchain security features protect against tampering, fraud, and cybercrime. What makes it secure for HR?

• Blockchain is decentralized
• Blockchain offers encryption and validation
• Learn more in the white paper!

For more facts and figures about how to manage your workforce, check out our Resource Center. And don’t forget to follow us on Twitter, LinkedIn, and Facebook. To get your copy of Breaking Down Blockchain, fill out the form below.