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Our latest Trends Report focuses on the usefulness of blockchain technology, as it helps organizations decentralize their processes and embrace a more flexible form of business.Check out the latest #TrendsReport from @TalentTechLabs, where they discuss the impact of #BlockchainTechnology on the future of work: Click To Tweet
The Future of Work: Blockchain Technology
The role of blockchain in the future of work is finally starting to take shape. While much hype has surrounded the emergence of blockchain technology-driven in part by the spectacle of Bitcoin, we are now seeing the seeding use cases for this distributed ledger technology sprouting in the fields of talent and work.
The Economist in 2015 published a piece that first termed blockchain “The Trust Machine.” Blockchain technology is a record of transactions and information organized in blocks in a peer-to-peer network. The blocks are linked together in a single list, called a chain, by means of a cryptographic hash making the records impossible to modify by creating a secure data structure.
Blockchain Best Use Cases
The same way the Internet shaped the world by allowing democratic access to information, blockchain paves the road for how people and organizations set new business rules and exchange assets, replacing trust with a tamper-proof and self-enforcing technology protocol. The blockchain lets people who have no particular confidence in each other collaborate without going through a central authority. Simply put, it is a machine for creating trust.
The early beneficial use cases for blockchain were involved in global payment settlements and then Distributed Finance (DeFi) applications built on “smart contracts ‘, taking advantage of zero-knowledge proofs. This mechanism removes the need for a central authority to verify a transaction. This democratization of verification has opened the way for some truly disruptive new use cases to be addressed. While the hype and promise around blockchain’s impact have been running high for several years now, it’s only recently that they have been emerging in the future of work. It has begun to manifest now in how hiring can be streamlined, how distributed work can be organized, and can even empower those who do the work. It also raises the specter of disrupting the hierarchical structures of corporations and organizational accountability.Thanks to help from #BlockchainTechnology, companies can better manage their operations and feel confident collaborating with others. Read more on @TalentTechLabs latest trends report: Click To Tweet
We open this Trends Report with a piece from Dror Gurevich, CEO of Velocity Networks, on the universal database of career records they are building on the blockchain. This section touches on the role of self-sovereign identity (SSI) in hiring and employment.
Following this, we introduce a staffing executive’s perspective and share a contribution from Mark Roberts, CEO of Techserve Alliance, on his industry-leading experimentation with decentralized background checks.
Next, we interview Bryan Peters, co-founder of Sobol.io, and discuss the progressive decentralization of companies, team accountability, and the rise of decentralized autonomous organizations (DAOs).
Then, we chat with John Paller, founder of Opolis, and deep dive into what gig work looks like in web 3.0. We also discuss Opolis’ role in providing shared services such as benefits and payroll to independent workers via a member-owned digital employment cooperative.
We hope you enjoy this Trends Report as much as we enjoyed preparing it for you. To download the “The Role of Blockchain in the Future of Work Trends Report,” please click here.