Use of Blockchain in Human Resource Management

Blockchain is already evolved from the financial transaction into the various parts of the Digital World. When blockchain was introduced along with BITCOIN to support the financial transactions. The main objective of blockchain in the financial sector is to maintain the anonymity of the user and provide a secure path for the transaction. It is done by using blockchain where blockchain is defined as block and chains where block means set of information which is chained together. Each node in the blockchain network is connected to each other and the information about the previous node is stored in the node which makes the network more secure.

The application of blockchain is being implemented in many areas. Human Resource Management is one among the are where blockchain Technology is applied and will entirely change the working pattern of many organizations. We all know that for every organization there will be Human Resource Department for controlling the workflow. From managing and scheduling the employees to work, A normal Human Resource Management team need to maintain and monitor the payroll of their employees by analyzing the number of hours an employee worked for the company. All these jobs need to done manually with the help of biometric devices and third-party software. When Blockchain Technology is implemented in the area of Human Resource the process from hiring an employee to the payment can be controlled and monitored without any hassle. Blockchain network can store the information in their private network where only the authorized person can view the information stored in the network. Blockchain Technology can also be useful for cross border payment which means a secure transaction can be made possible when we use Blockchain Technology. The information stored in a blockchain is encrypted with the cryptographic method which makes it extremely difficult to tamper with. Hence the information about the employee will remain secured. Blockchain in Human Resource brings wide opportunities including certificate verification, verifying academic credentials and so on.