Blockchain in the Gig Economy: Interesting Ways Distributed Ledger Tech is Changing Staff Recruiting
Blockchain expansion continues, and the technology is well on its way of reaching nearly every industry. New use cases for it are being discovered all the time, and for a lot of business owners, encountering the blockchain for the first time has happened only recently. Even so, it opened up numerous new possibilities to them.
Not a lot of people know about the blockchain technology and its possibilities. Cryptocurrencies, which are only one of the blockchain's applications, are mostly taking all the attention for themselves, while the technology that has made them possible remains in the dark.
However, blockchain can do much more than just being an underlying tech for Bitcoin and its altcoins. In fact, it is said to be capable of revolutionizing entire industries. One interesting use case for this tech is how it can forever change the approach to staffing, or staff recruiting.
The Gig Economy
The first thing to notice is the rise of the gig economy. This is a form of economy that was launched due to a massive increase in freelance work and short-term contracts. Experts claim that one of the initial reasons why gig economy exploded is the blockchain technology. Blockchain was capable to redefine the way people think and perform recruiting for various jobs.
Blockchain-based solutions can also provide encryption, which can keep sensitive company data protected, which includes employees' personal information. Even job applicants' data is much safer now than ever before. Furthermore, companies can now easily check applicants' resumes.
As for freelancers and short-term hires, they allow companies to remain flexible, which is a welcome change for them. As a result, they have fully supported the rise of the gig economy, as well as blockchain which made it all possible.
Blockchain ledgers work like no other technology before, and they are in an ideal position to make contemporary economy possible. Nobody can monopolize them, as the very nature of blockchain is democratic. This means that it is available to anyone at any time, with no centralized authority that can change the rules in accordance with its own needs.
This realization is what makes blockchain true and fair, which is why both, huge corporations as well as small businesses are beginning to open up to this technology. It is cheap but also has countless advantages when compared to technologies that came before it. And, while many are skeptical to this day, even some of the skeptics are starting to change their mind.
One example of a massive firm that has decided to turn to blockchain and give it a chance is IBM, which is interested in helping one project — Stellar (XLM) — with advancing its technology and delivering its products and services to the public.
What Will Staffing Be Like In The Future?
While blockchain technology is indeed game-changing, experts say that the future of staffing will not entirely depend on this one single technology. Of course, blockchain does bring changes, and it can innovate entire industries that were believed to have reached the end of their development. It presents new opportunities for HR professionals that were looking for a way to change things.
The ecosystem is fast and transparent, and above all — secure. This alone would be enough for the blockchain to attract the attention of companies and business owners, especially these days, when hacking attacks and data theft are pretty much an everyday occurrence.
The economy of today is digital, and cybercriminals have been exploiting this fact for stealing money and data for years. With blockchain, companies will be able to better protect this information and improve their image and services alike.
The nature of the employer-employee relationship is changing due to this technology, and in a few years, it might even be completely different from what we know today. However, before this happens, blockchain first needs to be properly adopted, and go mainstream. Only then can those struggling in today's economy be able to make a decent living thanks to the new technology.