Blockchain technology has the potential to completely change our day to day lives. And while many people view the blockchain only as a platform for cryptocurrencies, there is so much more to it than that
In fact, many entrepreneurs are using blockchain technology to completely reshape certain industries. Smart contracts facilitated via the blockchain, for example, have the potential to cut out the need for any mediator or middleman when it comes to enforcing signed contracts. Until now, third parties were always needed to facilitate the terms of a binding agreement. This usually meant having to deal with mediators and lawyers to make sure that both independent parties lived up to the terms of the arrangement.
But now, innovators are moving this outdated model to the blockchain. In the digital space, an algorithm is responsible for enforcing the terms of an agreement, rather than a human being. And while this has the potential to change how we have previously thought of formal contracts, this is just one example of how blockchain can positively disrupt certain sectors. And with this disruption comes the opportunity for entrepreneurs to cash in on new opportunities for innovative concepts. One example of this comes from the company, The 4th Pillar.
Disrupting the HR Sphere
The 4th Pillar believes it can reduce the human component of human resources by moving many HR duties to the blockchain. Currently, the primary task of HR departments is to ensure that professional profiles of various employees are maintained as well as making sure that each employee receives their compensation in a timely manner. But with the blockchain, all this can be can be stored and managed digitally.
We already know though that blockchain is making it easier for individuals to send and receive money at much lower rates than traditional financial institutions. Not only is this more convenient for its users, it also has a certain amount of anonymity around it as well, something banking institutions cannot promise.
The 4th Pillar would act similarly, as far as sending payroll checks to workers is concerned, but it can actually do much more than that. Bringing HR functions to the blockchain would also allow the company to streamline the recruitment process, making it easier for both the employer and the employee.
As explained by the Bitcoinist:
“The 4th Pillar plans on replacing CVs, old-school references, and clunky databases with its next-generation all-in-one platform. Work-related documentation can be securely sent and organized, as well as controlled directly by the user.”
Since the user controls his or her own information, they will be able to manage the data that is stored on the blockchain, as well as build their savings and their professional identity, making networking easier when the time comes to find a new job. On the employer’s end, they will be able to manage payroll payments, manage confidential data, and reward employees for their achievements, all via the blockchain.
But what is perhaps most exciting about this new frontier of human resources is that it will make job recruitment far easier than ever before. As the Bitcoinist explains:
“Lastly, recruiters will now have the ability to comb databases, check verified work history against an immutable ledger of activity, and throw out their traditional, clunky documentation processes.”
How Does it Work?
The 4th Pillar will be fueled by the organization’s own token called, the FOUR Token and powered by Bokky’s token teleportation service, a site that facilitates smart contracts. Once the FOUR token is used to gain access to the platform, funds can be sent out in any value that is most convenient to the user. While the FOUR token holds its value mostly within the realm of the 4th Pillar, it is hoped that internally it can be used to incentivize early adopters to sign on to the concept.
The company plans to have its development process complete over the next three years. It ultimately hopes that it can add more user-friendly features, like a digital wallet, the ability to distribute documents, and other management features. But what makes this entire concept intriguing is that it was designed by those who have spent their careers in the HR world.
While the product itself has not fully launched yet, it is well out of the conceptual stage. In fact, the 4th Pillar already has early adopters who have signed on to use the product. And while it may not be helpful to those who are already confused by the intricacies of Blockchain technology, the 4th Pillar has put together the following graphic to help explain how it all works.
Why Does This Matter?
When the internet went mainstream, entrepreneurs were given even more opportunities for innovation. Not only did this connectivity create demand for entirely new sectors, it also allowed for new ways to advertise to a wider audience.
As the blockchain begins to be embraced by more people, it is opening up a new frontier for entrepreneurs. The 4th Pillar is just one of many organizations that have identified a way in which the blockchain can be used to make our lives easier and more efficient.