We’re almost to the point where we can stop pigeonholing blockchain as only adding value to cryptocurrencies.
In the last several months, there have been plenty of stories and developments that indicate that people are ready to use blockchain technology for business applications beyond payments.
Yes, payments are a big part of the appeal of the blockchain. Cheaper, instantaneous payments are a huge draw for businesses who operate on a global scale. But there are other cool things offered by blockchain technology.
Business Applications for Blockchain Technology
There are plenty of applications for blockchain technology in the business world. Already, some entrepreneurs are looking into smart contracts and other applications, like smart signatures.
Other applications that can help your business include digital identity protection and distributed cloud storage. Another way blockchain can help with your business is through supply chain management. It’s even possible to upgrade your networking with blockchain.
Even companies that offer coupons and loyalty programs can benefit from using the blockchain to promote their businesses. There are plenty of interesting and new ways to use technology to for more security and efficiency in your business.
But there are even more applications for this technology. One of them might even be to help you find better employees for your business.
How’s Your Team?
As an entrepreneur, you know that you need a great team to help build out a great business. After all, your team handles business when you’re not there — or when you’re focusing on other teams.
As your business grows, it’s vital that you find people you can delegate to, and people who you know will get the job done. Successful businesses scale according to their team talent.
Of course, a lot of the time you have to rely on people to tell you the truth about their certifications. You hope they have the skills and certifications necessary to do the job right.
We try our best to verify by conducting interviews, checking credentials, and devising evaluations. But that’s not always enough. There are people who slip through the cracks. High profile cases of CEOs who have lied on their resumes about their degrees and other qualifications have been in the news in recent years.
So if companies like Yahoo! can make a mistake, where does that leave you?
Blockchain technology might actually be able to help with that in coming years.
Blockchain Technology for Credentials
The University of Melbourne, in Australia, is one of the first universities in the world to use blockchain technology as part of their credential process, according to the Australian Financial Review. There are between five and 10 other universities in the world who are using this technology as well.
On top of that, some professional organizations are looking into using blockchain to provide information about credentials.
The Australian Financial Review reports that the University of Melbourne is using a system called Blockcerts. This system is one developed by a company in the United States, Learning Machine. The company is partnering with MIT to make it happen.
The idea is to create a system that tracks someone’s certifications and credentials on the distributed ledger that is blockchain. In this case, the blockchain system used is Bitcoin. It’s not about money changing hands, though. It’s about using the blockchain infrastructure to store and share data.
With this type of system, it’s possible for employers and others to see someone’s credentials quickly and easily — in a system that is pretty much tamper-proof.
Find the Right People for Your Business
With the help of blockchain technology, it’s possible for you to find the right people for your business by verifying their credentials. If you want to make sure someone really does have the right stuff for your company, the blockchain can help. If you have access to Blockcerts or a similar system, you can check to see that the individual you are looking at is verified with the qualifications they claim.
Blockchain technology can help you verify identities as well. With digital identity, combined with certification records, it would be fairly simple for you to quickly see how your applicants stack up.
With the university application of blockchain, it’s also possible to keep track of transcripts and classes, on top of certifications. It’s a way to see if there is some other experience or knowledge that someone has gained that might be of use in your business — even if the credentials might not be a perfect match.
It’s possible for applicants to choose to share their credentials, and employers can use an app to verify and check those listings.
Are Credentials the Only Thing?
Of course, credentials aren’t the only things that matter. When looking for the right members of your team, it’s vital that you consider all the angles.
While you want to verify that someone has the credentials they say have, you don’t always need to just look for a degree or a certain certification. Sometimes looking for the degree or the certification won’t be the best direction for your business.
What you might really be looking for is someone with drive and passion, and who is reliable. That’s not always easy to quantify those things.
It might interesting, though, to see what else might be set up on the blockchain to help you evaluate candidates — not just credentials. It might be possible for applicants to keep their resumes and past job performance reviews using blockchain technology.
If they shared with you, you could get an idea of results from past workplaces, and see how former employers viewed them. It wouldn’t be just about references. You could check job history using blockchain technology, and even verify an identity.
Not only that, but public information might be more readily and easily available using blockchain technology. A background check about a criminal record or other public information can be securely carried out using blockchain technology.
If these systems are adopted, it would be faster and easier than going through the channels currently available.
Know Who You’re Getting
In the end, it might be less about what specific degrees and credentials someone has and more about whether or not you can trust them. Are they really who they say they are? Can they bring the skills and expertise they claim?
With a job history and a log of degrees and certifications available right there, you could know almost instantly. That would help you weed through the applications faster and identify the most promising employees.
Not only that, but you could also verify identity. Using the blockchain for digital identity and smart signatures could speed up the process of background checks and make them less expensive.
Moving Business Forward with Blockchain Technology
The latest technology offers some interesting applications and ideas for what’s next. Businesses that embrace blockchain technology are more likely to see good results for their companies. They can save time, energy, and money.
From managing your supply chain to verifying the identities of your employees, blockchain technology has much to offer. With the help of blockchain systems, it can be easier, faster, and cheaper to manage the aspects of your business from payment transactions to creating contracts and agreements to hiring the right people.
What do you think are some of the biggest advantages of using blockchain technology in business?
