In today’s world, the information and biodata of an employee is mainly kept and managed by the employer, probably for future references. The financial institutions maintains records of its employees, the health records are also managed by hospitals and similarly, the human resources of any establishment or firm, keeps records of the performance and privileges of its employees. Each of these organizations strives to ensure that the information of employees are kept secured and inaccessible to third parties. However, these systems set up are still prone to cyber threats, fraud and gross mismanagement. Regardless of the level of computerization, these systems are still inefficient due to the repeated verifications, corrections and approvals required whenever the need to work on a particular record comes up. This results to time lag in the processing of claims or requests, amidst the insecurities.

These limitations and loopholes in managing of the information of employees can be resolved with the aid of blockchain based applications. Blockchain can be defined as the mainstay of cryptocurrencies. Unlike the leak of information from social media websites, blockchain has the capacity to protect data and ensure a secured gateway via which information – between an employee and employer – can be transferred. Blockchain applications development avails employers to gain secured access on information about an employee and also the verification and authentication of an employee by various stakeholders is duly time-stamped and any change can be monitored.

Besides securing the information of employees managed by employers, blockchain based application also helps to perform several other vital roles that are beneficial of employees.

Below are some of the remarkable benefits that are available for employees under blockchain and blockchain based applications;

    Blockchain in Recruitment:

Blockchain based applications, after accurately validating employees, possesses the ability to simplify the entire process of identifying prospective employees by making available a database of people with experience, ground knowledge, and skills. Blockchain has discarded the effect of a middleman in the recruitment process, with results in the swift flow of information and also reduction in cost implications. Blockchain has bolstered the entire recruitment process, interviews, and resume assessment. Blockchain based applications has eliminated the traditional method of being employed through an agency or middleman by enabling a direct engagement between the employee and employer.

    Background Verification:

Blockchain based application development has also improved the background verification of an employee, lessening the rigorous process experienced by employees during verification processes in an organization. The integration of blockchain based applications in the procedures of authentication during recruitment ensures that information such as salary records, employment history, identity, etc. are kept secured and uncompromised. Potential employees can easily share their profiles, resumes and other important document and/or information with any employer of their liking without the interference of a third party. Blockchain also keeps these information unaltered immediately it is verified.

    Easy On-boarding:

Another benefit of blockchain to employees is that it makes the recruitment process faster and easy. Unlike the conventional method of recruiting which takes a long while even after confirmation of the employee’s credentials, employees need not wait for a long time before being recruited as the time lag is effectively reduced by the use of blockchain based applications. Once verification is completed, employees are recruited without the typical time-consuming documentation processes.

    Payroll:

For international employees, the transfer of salaries and gratuities can be a very challenging process, especially with the involvement of a middleman. Besides, the time lag and delay of the payments, sometimes the employees do not receive the payments at all. Blockchain applications has made the payroll system convenient for international employees. It also has eliminated the participation of a middleman, thereby saving more money in the process by removing the backlogs in the payment of the third party. International employees, using blockchain technology, can also get paid in their local currencies.

    Access:

Most times, information within an organization is restricted to a few persons and there is often limitations in securely divulging information to everybody at a particular time, or sometimes employees are troubled with lack of access to vital information. Blockchain has the ability to decentralize the data; eliminating any solitary control over the information and making it accessible by everyone, even employees. With the use of blockchain technology, employees enjoy easy access to data that ordinarily they will not be able to get their hands on. For instance, employees can0 use the blockchain technology to access the payroll system in real time and based on their history or performance, observe any benefits peculiar to them.

    Security and compliance:

Blockchain also provides a high level of security with its single-track automated processing of large amounts of administrative and transactional data; thereby lessening the frequent occurrence of human error. The activities of employees are also less vulnerable to frauds with the use of multi-point verification system. Blockchain based application development has also created smart contracts which is extensively relevant to the interaction between employers and employees. Besides removing the interference of a middleman in executing a contract between an employee and employer which helps to reduce the price of tracing, observing, adjusting and implementing large number of contracts that are employee related, smart or self-executing contracts of the blockchain technology are programmed to execute contract conditions – advancing the contract to the next step immediately the previous is completed. It is beneficial to employees because it has been coded to terminate the contract once there is an altercation in the pre-set rules binding the contract.

Conclusion

Blockchain based applications are the next best thing to happen. The integration of blockchain has cut across several industries and institutions, it has helped make procedures faster, easier and more secured. People are incorporating blockchain to perform virtually all necessary processes. It is obvious that a well-programmed blockchain eliminates intermediaries, reducing expenses, safeguards the identity and information of employees and also gives employees some leverage in any establishment. The blockchain technology also provides employees with the access to track and update their resume as they acquire online certification and digital accreditations. Within the next few years, it is viewed that a large percent of human activities would be supported on the blockchain technology.