Blockchain is a landmark innovation in technology that can boost our business by reducing the costs and risks associated with general business processes. It is very reliable and secured, and organizations can surely benefit to a great extent by use of this technology.

Oracle believed in this reliable extended business process and initiated to accelerate their B2B transaction. It provides a “pre-assembled platform for building and running smart contracts and maintaining a tamper-proof distributed ledger”. Oracle Blockchain Platform allows speedy business transactions and avoids third parties interference in business transaction.  Oracle manages the industry’s most comprehensive Blockchain cloud platform.

Salient features of Oracle Blockchain:
– Open source technology- Oracle Blockchain is built on Hyper ledger fabric software and is accessible from on premises.

– It rapidly integrates Oracle SaaS, on premise application and third party application using Oracle Integrated Cloud.

– It is having an enhanced Security services, certificate revocation management and also role based identity management.

– From Administration and Operation, Security monitoring and management, Availability and maintenance everything is Automated.

– Oracle expertise in Blockchain and having a deep domain industry experience for implementing a new Blockchain solution or integrating in existing application.

Key benefits for organizations adopting Blockchain:

– Drive new innovation

– Accelerate business

– Reduce costs and risks

“There are problems with our recruitment of different types of workers. These include prejudice and bias, lack of visibility of available workers, low levels of trust in centralized social networks, spam and high fees to intermediaries. We now have the opportunity to build the next generation work platforms enabled by technology such as artificial intelligence, mobile and blockchain.”-  Andrew Spence, HR Transformation Director Glass Bead Consulting.

The impact of Blockchain in HR management is increasing and is leading to growth of various human resource functionalities. Some of the examples are provided below:

Recruitment is a time consuming and costly affair in most of the organizations.. With adoption of Blockchain, information of most candidates sourced during the recruitment time period can be viewed on the Blockchain, where the processes are streamlined, resulting in easy verification and visibility.

Verification of every individual’s identity, background, and work experience became easy and time saving for the user of Blockchain because the data comes from trusted sources. Further, the HR instead gets lot of time to focus on the productivity and strategies of the organization.

Smart Contract among the employers and workforce will make the workers paid instantly without and risk of delay or fraud.

Secured Transaction is possible with Blockchain as it enables lesser risk from exchange of personal details, work history, financial records and it is very difficult to tamper it and leads to lesser claims of security or data breaches.

Kovaion, an HR transformation company, is looking forward to this splendid technology of Blockchain, especially on its HR management benefits and its impact in current market. Kovaion is planning to adopt and provide such services to the customers at the soonest.

You can share your experience and ideas about Blockchain and its impact in your organization by writing to us at sales@kovaion.com

Authored by,

Shradhya Sirker

Business Development Executive
Kovaion Consulting