Blockchain Applications in Human Resource Management

Abstract

The chapter introduces the concept of blockchain, a decentralised and distributed technology (DLT) that records transactions and communication as an irreversible time-stamped digital block. Blockchain’s working and types, such as, public blockchain, private blockchain, hybrid blockchain, and consortium blockchain, explain its built-in mechanism that prohibit unauthorised transaction entries. The rise in global blockchain spending carries implications beyond the bitcoin industry. To demonstrate its potential use in human resources, the chapter discusses the features of blockchain such as transparency, cybersecurity, simpler cross-border financial transactions, etc. A discussion about the application of a few ideal platforms of blockchain, such as, Kaleido, IBM blockchain security, TechMagic, Paystand and Chainstack demonstrate its usefulness and benefits. The final section discusses blockchain adoption challenges and solutions for organisations.