Blockchain Technology Disrupting a Rapidly Growing Listing of Industries and Human Capital Services
(3 months ago)
PALM BEACH, Florida : Blockchain technology has emerged well beyond the cryptocurrency sector where it first gained widespread notice. Its core function, enabling the transparent and secure transfer of data, is being infused into a multitude of industries, services and applications, providing a wide range of growth opportunities for companies willing to infuse this innovative technology.
Not only does Blockchain hold the ability to disrupt the way the financial sector often works but is now having ramifications on many other industries including medical records and data, consumer goods, media & telecom and even the emerging sector of the Gig Economy. The Gig Economy is one of the fastest growing market segments in the global economy as the value of human capital rises with more and more people choosing to control their own destiny when it comes to employment. Because of the recent growth and popularity, the Gig Economy industry is also being exposed to a variety of new risks for the first time, including security and digital threats. To combat this, tech firms are aiming to infuse Blockchain to bolster their digital prowess. Blockchain technologies will allow companies to create platforms that allow job seekers and companies to connect, making the industry more efficient and secure. Companies in focus today include: ShiftPixy, Inc. (NASDAQ: PIXY), Amazon.com, Inc. (NASDAQ: AMZN), GrubHub Inc. (NASDAQ: GRUB), Starbucks Corporation (NASDAQ: SBUX), Intuit Inc. (NASDAQ: INTU).
ShiftPixy, Inc. (NASDAQ: PIXY) BREAKING NEWS: Shiftpixy, a disruptive workforce engagement platform provider, is leveraging blockchain as a digital ledger for all human capital transactions. Blockchain is being met with skepticism due to the lack of use cases.
ShiftPixy is a prime use case for implementing a private, centralized blockchain due to the security and privacy of the data that a blockchain affords. In business, human capital transactions contain some of the most crucial and sensitive personal information-namely, everything contained in the personnel records for an individual (including social security number, date of birth, driver's license or passport details, bank account information, tax form elections, and more). Any data considered to be a human capital validation point or part of the hiring and onboarding process is being utilized and recorded in ShiftPixy's blockchain ledger. The employee I-9 verification process, for example-one of the most stringent, rigorous, and penalty-laden compliance procedures-is positively impacted by blockchain utilization of biometric authentication and automatic verification of I-9 data, removing human error in the process of screening for fraudulent information. Scott Absher, President and CEO of ShiftPixy, stated, "We use blockchain technology in our ecosystem, because it is one of the most efficient tools available to help us protect our data from cyber interference. Any data considered to be a human capital validation point or part of the hiring and onboarding process is being utilized and recorded in ShiftPixy's blockchain ledger." Read this and more news for ShiftPixy athttp://www.marketnewsupdates.com/news/pixy.html
The security and ability for auditing transparency afforded by the integrated blockchain technology is paramount to protecting both the employee and the ShiftPixy job providers in the ShiftPixy ecosystem. Verification of that data on the blockchain allows both employers and auditing agencies to confidently validate additional criteria such as employment dates, and a candidate's background (i.e. education, references, certifications, etc.), and share the verification status directly on multiple distributed sources within the blockchain, further underscoring the trust and accuracy of a candidate's information and corporate compliance. Added benefits for data integrity include allowing employees and shift workers to rate experiences at a workplace-also recorded in the blockchain's transparent ledger, which gives the peace of mind that the review or rating cannot be tampered with (i.e. neither shifters nor companies can pay to change or remove unfavorable ratings). Future implementation of blockchain technology within ShiftPixy's technological ecosystem include the extended applications for payroll and real-time payments, and utilizing smart contracts for employment contracts, which facilitate the performance of credible, trackable, and irreversible transactions without third parties.