From the technology experts of Silicon Valley to a local cryptocurrency user, many have been caught by the bitcoin wave through the years. Although it’s easy to think that bitcoin and blockchain are the same things, there’s actually a lot of difference between both. While bitcoin is a word that’s more common mainstream, it’s actually a digital currency that is built on the blockchain. The blockchain in turn is a digital ledger that makes storing data without the need for a middleman.
Blockchain technology has been around since 1991 and for as long as we’ve known, it has been the hot topic for staffing conferences alike. While we all know that blockchain technology has revolutionized the staffing industry, what’s exactly happening with the blockchain revolution right now?
The Current State of the Blockchain Revolution
Over the last few years, the staffing industry has continued to embrace digital transformation and a huge part of that is blockchain technology. However, a global pandemic and a sudden shift to an automated workforce have accelerated blockchain technology adoption for many. As businesses quickly realized, the outdated and frail nature of traditional processes may not work for large-scale uncertainties that the future presents.
Adopting modern technology that utilizes the blockchain provides a scalable and decentralized ledger that will grow with the supply-demand in staffing. It ensures that the entire supply chain is transparent, precise, and compliant. Not only that, but blockchain technology also supercharges automation and artificial intelligence, two modern technologies that are utilized by many staffing technology suppliers today.
Bridging the Talent Gap
How do we find the right talent with the right skillsets to fuel our business growth?This is one of the main questions we always hear. As the economy continues to open and clients send more job orders, the demand for great talent will grow. As much as AI and Machine Learning promises to bring a clean and rich candidate pipeline, blockchain technology is the rocket fuel that strengthens these technologies.
Here at WurkNow, we’ve incorporated blockchain technology two-fold. Workers – specifically non-resume individuals – are able to accumulate significant data such as work experience, client feedback, and skills that help them create a digital resume which in turn allows them to portray their unique value to any employer.
“Trust is essential to any meaningful relationship, and the same goes for workers and employers. To establish trust, accurate, unaltered, and transparent data should always be present.”, shared TJ Sehmi, WurkNow’s Chief Technology Officer"
Staffing agencies and clients alike are able to have real-time, clear, and accurate data in their hands that make sure they have the best people for their business.
In the past year, organizations in Japan have adopted blockchain technology to completely transform their recruitment processes. As an influx of gig workers and off-shore workers, adapting to modern technology allowed them to have a borderless job market.
With the power of blockchain technology, they were able to streamline the recruitment process. By ensuring that candidate information is stored securely and always updated, recruiters are able to match jobs to candidates with the verified skill sets.
Rocket Fueled Recruitment
As powerful as blockchain is, its doesn’t have to be intimidating. Simply put,it cuts clerical work. It allows storing employee information, background checking, skills assessments, and verification to be done transparently and securely. As more and more businesses unlock the power of blockchain technology, they will be able to achieve numerous growth opportunities and build a competitive workforce.