How will blockchain technology impact HR and the world of work?

 By Chris Murray, PwC partner and Leader of PwC's Global HR Technology network

Blockchain is a technology that’s widely discussed but perhaps less widely understood. Technically, it’s a distributed ledger that allows value to be exchanged securely, transparently and without risk of tampering. It’s also a technology that creates decentralised trust through consensus, by ensuring that all parties authorised to access the blockchain agree that any additions made to it are valid. As a result, it removes the need for a central trusted counterparty in transactions. These attributes mean blockchain is revolutionising the way we exchange value on the internet – in much the same way as the internet itself revolutionised the way we exchange information. But what implications does it bring for the future of the HR functions and the wider world of work? And how can organisations make the most of blockchain’s potential in areas like recruitment, talent management and skills development, while avoiding the risks that can arise with early adoption of any technology? 

To ask, discuss and answer questions these questions and more, PwC’s HR technology team convened an expert round table consisting of HR leaders from across various industries and blockchain technology specialists. The debate was intriguing and wide-ranging, and this paper pulls together the highlights and key themes.

The overarching message was clear: blockchain’s impact on HR and the workplace could be transformational. And not just for companies, but also for the individuals who work for them, whether as traditional employees or as part of the growing pool of “talent-on-demand”. While the full impacts of blockchain will take time to emerge, participants at our debate felt companies should begin their journey of blockchain discovery now – or face a scramble to catch up in years to come.

To find out more, click here to read our report