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Blockchain has the potential to disrupt the payroll industry in the next few years, but there is still a lot to learn about how it can and should be used. Paychex’s Frank Fiorille breaks down the basics of blockchain, its uses in the payroll industry, as well as benefits and risks.
What is blockchain, you ask? According to Forbes, “a blockchain can be described as an append-only transaction ledger … the ledger can be written onto with new information, but the previous information, stored in blocks, cannot be edited, adjusted or changed.” So how would one use blockchain when it comes to recruiting?
Experts at Hays say that blockchain technology will influence three areas of HR: verifying applicant credentials, candidate references, and supporting work contracts.