Blockchain in HR
Humans.net has officially launched its peer-to-peer, blockchain-based freelancer marketplace, following a US$10 million seed funding round and a successful trial run in the US that attracted 200,000 users. Humans.net aims to streamline and improve the process of searching for and hiring freelancers by eliminating middlemen and instead, leveraging blockchain technology and artificial intelligence (AI) to offer a freelancer platform featuring an immutable reputation-based scoring system.
In the wake of digital transformation, HR function has adopted several new technologies—cloud, virtual reality, mobile applications and AI led tools to attract and retain quality talent, foster a learning environment, embed advanced analytics and derive benefits from social media.Blockchain technology is also being explored for suitable applications in the HR domain.
Blockchain technology is built around blocks of records containing an encrypted record of the most recent network-validated operations, as well as of all the operations contained in all previous blocks. This eliminates the need for creating multiple individual ledgers and having a central authority for approval as the participants in the network would have identical copies of the records that are encrypted.
A company says it has created the first decentralized machine learning platform on the blockchain – giving organizations of all sizes the ability to discover new patterns in their data, predict when sales are going to be made, and increase clickthrough rates from customers.
According to GNY, its main motivation when it was established in 2015 was finding a way for “vast amounts of digital data left behind by people to be organized and analyzed to provide business, marketing and social impact solutions.”
GNY’s founder and chief R&D officer Richard Jarritt explained: “It was one of our aims to push forward with blockchain thinking – away from thinking as a rigid structure of linear events. What could you do if you brought programing software ability on chain?” As a result, the team has produced a technology that could analyze secure data in real time and adapt to an individual’s behavior as it progresses and changes.