Impact of Blockchain Technology on HR Management

Running head: WEEK 4 DISCUSSION 1 Week 4 Discussion Vinay Kodela Dr. Lenore Pollard University of the Cumberlands HR Management & Blockchain (BLCN-634-M50) September 16, 2020

WEEK 4 DISCUSSION 2 Introduction This is a revolutionary technology in the world and most of the companies are adopting these technologies to increase their business operation and minimize their risk factors. Every blockchain contains multiple blocks and data is stored in the block and once data is entered into the block it will be difficult to alter and process the data. Question1 Impact on HRM with Blockchain Technology The block will attain another block with a link of the chain, so it is called a blockchain. Blockchain technologies can integrate with smart contract structure so that it will automate the repetitive tasks in the organization (Arun et al., 2019). Human resource management is one of the major components and domains in an organization so it will create culture, vision, future goals for company growth. Employee experience, employee satisfaction, compensation structure, encouragement, and employee training will be handled and the process by the HRM team. HRM team handles very secure information such as payroll enrollment, compensation structure, employee bonus, biometric access, system access, and other interactions that can be processed with technologies and network systems. The recruiting process will be easier with new technologies so it will control and moderate the employee background process ( Bussgang et al., 2019). Question 2 Automate compensation structure

WEEK 4 DISCUSSION 3 This process will focus on employee details such as the number of days he attended for the office and additional bonus for the exemplary work so it will automatically calculate the amount for the employee and payable to the respective employees on monthly basis. Smart contracts will be one of the major considerations and standard for the organization, it will be processed by blockchain technologies. Companies can pay the salaries Bitcoins monthly and it can be processed and valuation by the monthly. Protect company employee’s data Most of the companies are doing their business operations with digitalization and the latest technologies so that it will perform better output and execute effective standards. The organization must secure its data from network threats and security risk factors else data will goes to competitors or hackers. Bitcoin solutions or DLT technologies bring more secure and promising confidentiality in the organization so that it will be difficult to attack network securities (Denka, 2019). Automate Taxes Payroll taxes and tax complications are mandatory tasks for every organization and HRM will process and control the procedures so it can be processed with better technologies and it will automate and process with better strategies (Julie et al., 2021). Blockchain technologies are having effective standards and potential value to support and stand with the organizations. New technologies always reduce the risk factors, increase the efficiencies in HRM. Blockchain technologies will reduce the risk factors, avoid identity theft, and avoid the cyber threats ( Morkunas et al., 2019). Conclusion

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

WEEK 4 DISCUSSION 4 Blockchain Technology is the decentralized application with DLT technology so it will be easy to store the records or transactions in the process of the digital asset. DLT Distributed Ledger Technology will make a transaction to freeze and no one can alter the record or transaction and it required multiple approvals to make changes. This technology having more integrity, values, and transparency with data so that it will be more reliable and secure information for the organization.

WEEK 4 DISCUSSION 5 References Arun, J. S., Cuomo, G., Gaur, N., & Tapscott, D. (2019). Blockchain for business . Boston: Addison-Wesley. Bussgang, J. J., Berk, E. B., & Schwalb, N. (2019, January 15). AirFox (A): Embracing the Blockchain and an ICO. Harvard Business School. Denka, A. (2019). Blockchain technology . Denver, CO: Colorado Legislative Council. Julie, G., Nayahi, J. J., & Zaman, N. (2021). Blockchain technology: Fundamentals, applications, and case studies . Boca Raton, FL: CRC Press. Morkunas, V. J., Paschen, J., & Boon, E. (2019). How Blockchain technologies impact your business model. Business Horizons, 62, 295-306.

BLOCK CHAIN WEEK 4

Related Documents