Wednesday, May 29, 2024

How decentralized blockchain networks are disrupting talent markets

There have been studies in recent years, which indicate that many companies are moving towards digital talent platforms for fulfilling their talent needs, thereby creating an on-demand workforce model. Many digital talent platforms like Upwork, Fiverr, Toptal are using technology-led solutions for supplying working opportunities to experienced, highly-skilled people in areas like finance, sales/marketing, logistics, innovation, and research & development. In this way, blockchain and Artificial Intelligence are enhancing talent acquisition for the on-demand workforce.

For jobseekers around the world, the decentralized blockchain networks can help in building verified records for their academic and vocational credentials, references, work experiences, and professional certificates and awards. The blockchain networks significantly ease the laborious and error-prone process of recruitment and increase the transparency during the recruitment process.

For HR services, plug-in suites can be used to ease the processes like recruitment, onboarding, training, compliance and accounting. In this way, blockchain tech can streamline the process for both hiring companies as well as freelance workers. This can also reduce HR management costs substantially. Many decentralized applications, called ‘dapps’, like DeFis, NFTs, payment rails and the likes can act as supporting services for the decentralized talent networks. While payment rails will allow users to make peer-to-peer cross border payments, DeFi capabilities like trading, staking, borrowing and lending can potentially enable users to get economic benefits.

With the help of global person-to-person interactions, blockchain technologies and cryptocurrencies have the potential to disrupt the talent markets. This would also help in addressing the needs of the gig economy, which has assumed importance in the post-pandemic world.


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