We have PWC predicting four use cases for blockchain in HR; talent sourcing, cross border payments, productivity gains, and fraud prevention.

Blockchain is the cornerstone that enables a slew of decentralization in Web 3.0, improving authenticity and transparency. Lets see how.

Firstly, candidate and employee verification and assessment in the blockchain can happen more authentically.

Blockchain technology enhances cybersecurity and prevents fraud in candidate assessment and identification. Moreover, since the candidate information in the blockchain cannot be duplicated, its widespread adoption will enable governmental and educational institutions to register credentials into a blockchain.

This will enable anyone with access to the blockchain to read the data with the most updated information. And since candidates cannot edit their information in the blockchain, the latest information is the true authentic information, which will be verified by the decentralized economy.

It is possible to use blockchain to make the employment relationship verifiably more efficient on both sides. An educational, skill, training, and performance record based on blockchain technology can be managed by both parties. It would enable individuals to gain genuine value in the employment market by providing employers with access to their skills and experience. Moreover, with developments in AI and analytics, this single ledger that stores all employment data will enable companies to connect with individuals for appropriate roles.

Secondly, cross-border payments, salaries, and expenses facilitated by crypto networks can eliminate the third party and establish a transactional relationship between the sender and the receiver. This also supersedes any international tax laws. Compared to today’s legacy bank transfers for PAYE, instant global transfers of cryptocurrency by way of payroll could provide a significant advantage.

As technology evolves and is widely adopted, the only central dependency will be an internet connection. The requirement for new and existing employees will be to obtain a digital wallet for receiving their wages. Transactions will be more reliable if encrypted as unchangeable data on the blockchain while enabling streamlined auditing and enhancements in compliance and reporting.

Moreover, any development in Web 3.0 will not escape the application of AI. This will greatly streamline and boost HR processes and automate data and time-intensive processes such as payroll and VAT.