Blockchain is Coming to an HR Department Near You

Over the past year or so I have become increasingly interested in blockchain, the technology underlying Bitcoin, Ethereum and other cryptocurrencies.

For those who have been closely following the evolution of blockchain it seems like the technology is developing at an even faster pace than that of the commercial internet through the 1990s.

But many people are still fuzzy on what, exactly, blockchain is. Many have heard of Bitcoin but think that its main use is for purchasing contraband on the dark web or paying off hackers in ransomware attacks.

Blockchain is much more than Bitcoin and it is already disrupting industries and job functions. HR professionals should be learning about blockchain now because it may be coming to your world faster than you think.

In a June blog post, two Deloitte consultants write: “as a cross-industry disruptor, blockchain has the potential to reshape the HR technology landscape.” Marketing expert Jeremy Epstein writes in a new e-book that blockchain has the potential to disrupt traditional ways of recruiting, hiring and evaluating employees. But there’s potential for even greater disruption:

"Blockchains that enable decentralized systems could accelerate the end of the full-time employment world and make the ‘gig’ economy the new reality for most people."

Of course, it’s not at all certain that blockchain will ultimately have such a dramatic impact on HR. But there’s no question that the technology will bring about significant changes.

The best advice for HR professionals at this stage is to make sure you are at least familiar with the technology. In addition to the links earlier in this post, here are a few more:

Blockchain might not be relevant to your job today or even tomorrow, but it could have an impact sooner than you think.