Blockchain technology is disrupting how businesses operate and complete transactions nowadays, especially when it comes to processing cryptocurrencies. There is no doubt about that. But did you know that blockchain technology is also disrupting how organizations approach their training and human resource (HR) models too?
According to a recent CCN article, the South Korean government is even actively promoting blockchain technology training as part of what it’s understanding to be the “Fourth Industrial Revolution.” And it full-heartedly believes that blockchain is a growth industry.
So, what exactly do you, as an L&D professional, need to know about blockchain in the workplace and how it will disrupt training in the years to come? Keep reading to learn more.
What Exactly Is Blockchain?
According to Investopedia:
“A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.”
And now we’re seeing blockchain technology appear in a variety of other types of noncurrency-related commercial applications today.
Blockchain Will Incentivize Employee Performance
Because employee performance records can be updated by multiple entities and professionals but aren’t controlled by one single person via blockchain, workplace performance will most likely become more incentivized in general.
For instance, companies are thinking about using blockchain to ensure employees keep learning outside of the workplace and might end up using crypto tokens to offer financial incentives for employees who push themselves and are constantly learning new things and doing new things.
And employees who become experts in a new, emerging field could earn themselves tokens that can be spent on digital transactions while they’re still in training.
Blockchain for HR
Recruiters will be able to use blockchain to verify a job applicant’s degree qualifications and references, as well as proof of employment with previous employers listed on their résumés and in their applications.
Employees can also use blockchain to share sensitive healthcare and income-related data to their employers without the risk of them being lost or used and handled inappropriately. Some employees can even receive payments and certain benefits and related information via blockchain.
Who Needs to Learn Blockchain at Your Organization?
While blockchain technology is still having its kinks worked out, especially regarding how organizations will, can, and should use it for employee records, its potential business applications are endless.
So eventually, you’ll want to train employees across your organization in blockchain, at least so they know how it works and how it can be applied. Eventually, your organization can use blockchain to do things like:
- Negotiate and distribute “smart contracts”
- Secure your organization’s cloud storage
- Conduct supply-chain communications and keep proof-of-provenance records
- Pay and hire employees
- Vote on issues that involve shareholders and stakeholders
Read “5 Applications for Blockchain in Your Business,” published by The Economist, for even more details.
As you develop and maintain your L&D programs in the coming years, whatever you do, don’t forget about blockchain and how it’s revolutionizing the workplace.