Surveillance capitalism and data mining have become tacitly consented to, and inevitable drawbacks of the web2 experience. While it has become routine to accept these exploitative practices, web3 is stepping in to offer a scalable and secure alternative. On-chain identity is a secure and verifiable form of digital identity that lives on blockchain networks. These digital identities are composable, trustless, limitless and user-owned.

In the context of workforce management, on-chain IDs possess a multitude of advantages that range from efficient hiring to secure and instant payouts. In the context of onboarding new members to a team, through the use of on-chain identity, credentials can be verified in a more streamlined and efficient manner. Because of the immutability inherent to data stored on blockchains, the information being shared- work history, educational achievements, participation in projects and events, etc- is much more difficult to falsify. For the ID holder, security is greatly enhanced. They can choose which information is shared, minimizing the risk of exposing private or personal data. Across employees in web3, 80% reported feeling more secure about their data privacy.

When it comes to payroll, on-chain identities enable payments to be executed in a more efficient and secure manner. Companies can automate pay schedules to ensure that compensation is sent directly to an employee’s on-chain ID, which is connected to a wallet address. All payments are thus traceable via the public ledger, can be quickly verified, and arrive close-to instantly.