Blockchain Smart Contracts in Human Resource Management

Abstract

Blockchain technology is an emerging and disruptive technical innovation that has revolutionized various industries by introducing decentralized and transparent ledger systems. Smart Contracts are one of the most significant blockchain use cases, and they are a significant component of many platforms and apps made with blockchain or distributed ledger technology. This chapter will discuss the current state of blockchain-enabled Smart Contracts in Human Resource Management (HRM), their applications, and implementation challenges. Researchers and HR professionals can make well-informed decisions about implementing this innovative technology by studying both applications and challenges. The study is based on secondary sources of data. The researchers have referred to research papers and magazines such as Forbes and Harvard Business Review . Furthermore, reports from renowned organizations such as McKinsey, KPMG, Deloitte, PwC, etc. have been referred. Findings: Findings reveal that blockchain helps in recruitment and selection, diversity, equity and inclusion, employee engagement and retention, industrial relations, and labour laws, streamlining remote work. The study bridges the research gap by being a pioneer in studying the role of blockchain technology in industrial relations and labour laws.