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Can Blockchain Streamline HR? – Benzinga – Benzinga

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This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.
Human resources (HR) is a critical part of any organization. The department is responsible for a diverse range of tasks from recruitment and placement of workers to managing employees’ compensation and benefits. An organization is only as strong as its people, and HR managers are at the heart of selecting the right people and keeping them happy.
This means that good HR managers are not cheap. Companies recognize the need to have high-quality people in the position and the national median salary, according to salary.com, is just under $108,000. Their time is costly, and therefore spending it efficiently is of great importance to a company. In fact, a KPMG report lists “personnel efficiency improvement” as the priority for companies surveyed.
Administrative tasks make up an outsized portion of HR managers’ daily work. A study by the consulting firm Keinbaum found that close to 40% of their day is devoted to them.
And among these, one of the most time-consuming and potentially frustrating is verifying employees’ information — things like background checks for new employees or dealing with potential lenders, governments and other companies performing background checks of their own.
TransCrypts Solutions Inc. believes it can help streamline this process.
The company is leveraging blockchain technology to help companies offload tedious and time-consuming labor in verifying employee information.
TransCrypts estimates HR departments spend 150 million hours annually verifying — email, calling, searching and categorizing — this information, or $4.5 billion of potentially wasted money.
To save on this cost, many companies choose to outsource the process to companies like HireRight and Equifax Inc. (NYSE:EFX), but this comes with a host of its own issues, not the least of which is the security risk. Equifax was part of a massive data breach that saw millions of customers’ data leaked.
This is a risk inherent in centralized systems, like that of Equifax and HireRight. TransCrypts has built a system using blockchain technology that divides individual documents into many small pieces and distributes them across nodes in the network. If any one gets hacked, the information obtained would be unintelligible, just random fragments of a larger whole.
This, as well as the speed and efficiency of the network, is what the company believes sets it apart from the competition and has led to it partnering with Automatic Data Processing Inc (NASDAQ:ADP).
TransCrypts is currently undergoing a funding round on StartEngine.com. If you’re interested in learning more, check out https://www.startengine.com/transcrypts.
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