How is blockchain technology making workplaces more productive?
26 Jul 2023
Even today, most businesses track employee productivity with simple tools like an app log or a simple time tracker. These solutions are not just outdated but hamper employee and management productivity altogether. The recent pandemic situation globally has further affected employee productivity across various sectors. Fortunately, newer blockchain technology innovations can address these productivity issues.
Here are some benefits that blockchain-based SaaS solutions provide in modern workplaces:
Organizations are utilising blockchain technology to develop smart contracts that eliminate the need for third-party administrators and consultants.
Banks and financial institutions use blockchain to manage client identity (knowing and verifying their customers) and detect fraud.
Today's supply chains are global in nature, thus, there is a need for transparency, accountability, and real-time tracking to ensure that processes stay on track and within budget. On these fronts, blockchain technology is assisting supply chain management.
HR professionals can also use blockchain-based analytics to determine whether a candidate is suitable for the company or not. HR professionals do not have to rely entirely on the resume and references - they can use the vast database to complete the verification process and disqualify candidates who have lied on their resumes.
In various industries today, blockchain technology solutions are implemented to not only improve employee productivity but to encourage better time management, data security, and increased efficiency in many ways.