The usage of blockchain technologies within the Workforce Solutions Ecosystem has grown exponentially in recent times. More and more businesses are adopting blockchain systems to provide credentialing, identity verification, payroll, talent platforms and job boards. This has resulted in an immense surge of interest in services that utilize blockchain, particularly services that focus on the US healthcare labor market.
What has been particularly inspiring is the collaboration between startups and intermediaries to create a unified blockchain standard. The Velocity Network Foundation is a great example of this. Another perfect example of this is the concept of a DAO (decentralized autonomous organization), which might be a common feature in the staffing landscape by the end of the decade.
Although blockchain business models are becoming increasingly popular, there are still some challenges that need to be addressed. These include regulatory guidance, lack of knowledge and awareness, poor interoperability and technical complexity. Nonetheless, blockchain technology is a revolutionary new way to manage workforce solutions and the possibilities are endless.