{"id":319060,"date":"2022-02-11T10:21:21","date_gmt":"2022-02-11T15:21:21","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=319060"},"modified":"2024-05-30T12:23:10","modified_gmt":"2024-05-30T12:23:10","slug":"2022-trends-blockchain-for-hr","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/2022-trends-blockchain-for-hr","title":{"rendered":"2022 Trends: Blockchain For HR"},"content":{"rendered":"<p><span style=\"font-weight: 400\">As blockchain and the crypto sector have evolved, it has become ever clearer that these will be among the foundational technologies of Web3.0. New decentralised services are now being launched that leverage blockchain\u2019s advantages for mainstream use cases.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The HR sector has been one of the earliest beneficiaries of this movement, offering one of the first examples of how blockchain and crypto can offer a more efficient and effective basis for building online applications.<\/span><\/p>\n<h1><span style=\"font-weight: 400\">What Can Blockchain Offer HR?<\/span><\/h1>\n<p><span style=\"font-weight: 400\">Blockchain technologies share a number of features that offer intrinsic benefits to the HR industry. As decentralised, shared ledgers, public blockchains like Ethereum, Binance Smart Chain and Tron are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Open<\/b><span style=\"font-weight: 400\">. Anyone can use these platforms and interact with decentralised applications (dApps) built on them. By contrast, the centralised applications of Web2 are permissioned by default, and controlled by administrators.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Transparent<\/b><span style=\"font-weight: 400\">. Anyone can view the contents of the ledger, check any and all transactions, and audit the code that powers dApps, enabling greater confidence in the fairness and integrity of a platform.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Immutable<\/b><span style=\"font-weight: 400\">. Once a transaction has been confirmed on the blockchain, it cannot be reversed.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Trustless<\/b><span style=\"font-weight: 400\">. Because there are no middlemen and no single points of failure, blockchain-based applications do not require trust in any third parties, whether companies or individuals. All transactions are enforced on the blockchain by the entire network of validators or miners.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Borderless<\/b><span style=\"font-weight: 400\">. Blockchain networks are distributed all over the world, and all members of the network share the same rules and benefits.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">This combination of features enables the creation of software with functionality ideally suited to HR applications:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Recruiting software that is accessible by anyone, no matter where they are in the world, with no gatekeepers.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Applications that organise work via smart contracts \u2013 code that runs trustlessly on the blockchain \u2013 and that pay freelancers or employees automatically upon completion of a task.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Fast, secure, global payments in a wide range of currencies.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Use of cryptocurrencies and tokens that are not issued by any government or central bank, but that may be linked to specific industries or use cases.<\/span><\/li>\n<\/ul>\n<h1><span style=\"font-weight: 400\">The Growth Of Crypto And Blockchain In HR<\/span><\/h1>\n<p><span style=\"font-weight: 400\">Over the last two years, blockchain and cryptocurrency have rapidly gained traction as means of organising work and accepting payment. This adoption has largely been driven by the coronavirus pandemic, which saw not only a change in working patterns due to lockdown and furlough measures, but an interest in alternative assets prompted by skepticism about conventional economic policy, as central banks embarked on large-scale money printing.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As more people sought freelance opportunities, and realised they did not have to work for businesses in the same country as they live, cryptocurrencies met a demand for efficient, global payment systems. The traditional banking and money transfer industry is poorly-suited to moving cash around the world. Long delays and high costs are the norm, making smaller payments uneconomical. Many people are excluded from using these services due to a lack of banking facilities, or policies that prevent access by people in certain countries, through no fault of their own. Crypto payments neatly circumvent these problems, enabling fast, low-cost payments to anybody, no matter where they live.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As crypto gained popularity and the threat of inflation grew, an increasing number of high-profile figures opted to receive payment in crypto, further boosting the legitimacy of this new asset class:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">In a landmark deal in December 2020, Russell Okung, the offensive lineman for the Carolina Panthers, agreed to have around $6 million of his salary converted to bitcoin via mobile payment company Strike.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">In April 2021, Trevor Lawrence, quarterback for the Jacksonville Jaguars, partnered with Blockfolio and converted his $24 million signing bonus into bitcoin.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Citing concerns about inflation, in July 2021 New York Giants running back Saquon Barkley said he would be holding over $10 million per year in bitcoin from endorsements, marketing and sponsorship deals.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">In November 2021, Odell Beckham Jr, a wide receiver for the Los Angeles Rams, announced a partnership with the Cash App that would see his base salary of $750,000 converted to bitcoin.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Many other NFL and NBA athletes have followed suit, but it\u2019s not just sports personalities who are taking an interest in crypto.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Francis Suarez, the mayor of Miami, wants to make South Florida a hub for blockchain and crypto companies. In November 2021 he put his money where his mouth was, saying he\u2019d take his first month\u2019s pay in bitcoin. Not to be outdone, Eric Adams, the new mayor of New York City, announced he\u2019d be taking his first three months\u2019 salary in BTC.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A number of Congressmen and women have come out as pro-crypto, and disclosed they have invested significant sums in bitcoin and other cryptocurrencies. Top of the list are Tennessee State Senator Mark Green, and Senator Cynthia Lummis of Wyoming. Lummis purchased around $75,000 in BTC in 2021.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Several politicians including Andrew Yang and Darren Soto have welcomed crypto donations for their election campaigns.<\/span><\/li>\n<\/ul>\n<h1><span style=\"font-weight: 400\">Blockchain HR Solutions<\/span><\/h1>\n<p><span style=\"font-weight: 400\">New software platforms are coming online to cater to this new demand for crypto salary payments and blockchain HR processes. Notable examples include:\u00a0<\/span><\/p>\n<p><b>Bitwage<\/b><span style=\"font-weight: 400\"> provides crypto HR and payroll services. The service enables individuals to receive part of their wages as crypto, and for companies to settle invoices in crypto \u2013 ideal for organisations working with freelancers around the world.<\/span><\/p>\n<p><b>Ispolink<\/b><span style=\"font-weight: 400\"> is an AI-powered platform that uses blockchain to connect prospective job candidates with employers, collecting and filtering information to match open positions with the most suitable applicants, with no third parties involved. The solution is primarily used to source talent across the Web3 and DeFi space.\u00a0<\/span><\/p>\n<p><b>Chrono.Tech<\/b><span style=\"font-weight: 400\"> is a Sydney-based company that uses blockchain to address the inefficiencies of the HR sector. Its freelancer platform, <\/span><span style=\"font-weight: 400\">LaborX<\/span><span style=\"font-weight: 400\">, uses smart contracts to enable employers to hire freelancers for an off-the-peg \u2018Gig\u2019 or custom job, paying the agreed amount automatically in cryptocurrency when tasks are completed. The company also developed <\/span><span style=\"font-weight: 400\">PaymentX<\/span><span style=\"font-weight: 400\">, a payroll solution that integrates with accounting processes, enabling businesses to settle invoices in crypto automatically, avoiding human error.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As the so-called gig economy grows, and crypto assets become more popular, it\u2019s reasonable to expect a significant proportion of HR activity to move onto these and other blockchain-based platforms.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">As blockchain and the crypto sector have evolved, it has become ever clearer that these will be among the foundational technologies of Web3.0. New decentralised <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/2022-trends-blockchain-for-hr\" title=\"2022 Trends: Blockchain For HR\">[&#8230;]<\/a><\/div>","protected":false},"author":1745,"featured_media":319062,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[],"class_list":["post-319060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2022 Trends: Blockchain For HR - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"As blockchain and the crypto sector evolve, it has become ever clearer that these will be among the foundational technologies of Web 3.0.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/319060\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2022 Trends: Blockchain For HR\" \/>\n<meta property=\"og:description\" content=\"As blockchain and the crypto sector evolve, it has become ever clearer that these will be among the foundational technologies of Web 3.0.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-11T15:21:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-30T12:23:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/02\/blockchain-trends-hr.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"933\" \/>\n\t<meta property=\"og:image:height\" content=\"619\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nica SJ\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nica SJ\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/319060#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/319060\"},\"author\":{\"name\":\"Nica SJ\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/cf66c925cf0c515e9fc90232c26006ba\"},\"headline\":\"2022 Trends: Blockchain For HR\",\"datePublished\":\"2022-02-11T15:21:21+00:00\",\"dateModified\":\"2024-05-30T12:23:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/319060\"},\"wordCount\":1030,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/319060#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/02\/blockchain-trends-hr.jpg\",\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/319060#respond\"]}],\"copyrightYear\":\"2022\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/319060\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/319060\",\"name\":\"2022 Trends: Blockchain For HR - 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