What is Blockchain?

Blockchain is an encryption protocol technology to securely store data on a distributed network, but that is only one aspect of how this innovative technology will change how we conduct business. Blockchain technology is protocols that innately builds trust and reliability in decentralized peer-to-peer networks, used in cryptocurrency, economics, exchanges, value creation, and exchanges. The next-generation internet and business software will be built on the blockchain; beepNow is one of the first companies to develop HR core and performance management software built entirely on the blockchain that uses a powerful AI. In this article, we will discuss how blockchain works as well as how it will revolutionize HR.  

Blockchain Technology Explored

Blockchain is a cryptography (encryption) technology combined with distributed networking through distributed ledgers and shared databases.  The technology was created by Satoshi Nakamoto where a network collaborated to maintain a shared and secure database.  Simply put, blockchain technology is a distributed secure database.  The database consists of a string of “blocks”, each block is a record of encrypted data with a unique identifier code called a hash.  Computers on a network validate data/transactions and add them the “block” they are building and then broadcast the completed blocks to other nodes in the network so that all nodes have a copy of the database.  

Decentralization 

There are no centralized components for verification.  Any alterations to the database depend on a distributed consensus algorithm.  This means any change or entry on the blockchain requires all the computers to agree so that no single computer can make any changes or alterations without consensus. Once consensus is achieved and the block is built, the block goes onto the blockchain as a permanent record.  After each block is completed a new block is created, making a long chain of countless blocks on a blockchain with each block connected to each other. This blockchain is built with blocks on a chain of blocks linked in chronological order.  Each block contains a hash value that is dependent on the previous block. This makes transactions trustworthy and immutable, due to the fact they cannot be deleted.  

Distributed Ledgers

Distributed ledgers are basically a registry of data, from assets to transactions, any valuable information can be distributed via the ledger.  It helps replace a single database, into a shared and accessible database among the network, allowing other companies and institutions to share information.  This allows for greater collaboration among individuals and organizations that are built on trust, without using third party centralized institutions.  This increases overall transparency and makes collaboration more efficient while reducing costs.  

Smart Contracts

Smart Contracts are software code stored inside a blockchain that encode contractual agreements. Smart contracts are self-executing contracts based on the terms and agreements of the code stored via the blockchain.  These agreements hold algorithms that take the activate certain operations based on the inputted data, this allows for automating multiple operations based on input values. This further reduces the need for third-party interactions.  Smart contracts are tamper-proof and are executed automatically, improving efficiency and reliability.  

Token Market Systems

A token is a quantified unit of the value recorded on a blockchain.  The value can be of any kind from social media likes, reviews, currency, to any type of quantifiable unit of measurement. Token market systems are emergent systems of coordination and management.  Token market systems are incentivized systems of independent nodes that work autonomously via a token network.  Blockchain technology is more than just information technology, it is also an institutional technology that can transform how companies and governments operate.  For example, say we develop a token for PTO (Paid Time Off).  Tokens are created by actual hours worked; each hour work would create a token.  To take time off, you would pay a certain number of tokens based on the time an employee would want to take off.  Essentially, PTO would be automatically calculated based on a smart contract that generated a token for each hour coded into the blockchain. 

 

The token system could also allow for converting tokens into other items of values as well, tokens do not have to be just for PTO, but it could be one of many items a token could be used for as an incentive system.  This allows for an overall incentive platform that rewards employees for work. This could serve as an incentive token economy within a company or via a shared network of companies to revolutionize the distribution of benefits and bonuses.  PTO calculation is just one aspect in which blockchain will revolutionize HR.  

Transforming Work:  beepNow, beepShift, beepHR, beepDelivery

beepNow wants to transform work via innovative use of blockchain technology and AI. With increased security of the blockchain, HR data will become more secure.  Blockchain will also revolutionize hiring, human resource managers will begin to have more work-related data on candidates, with instantaneous verification on employment histories, work performance, employment verification, education, and more.  This will reduce the time to hire due to lengthy verification processes. 

Blockchain also allows automating multiple tasks that require manual data entry and record keeping. Countless hours are spent, entering data, then verifying records, etc., due to the nature of blockchain technology, information can nether be lost or changed without consensus, eliminating fraud and other data-related issues. Blockchain will help foster fair and accountable systems of management and record keeping.  It will also improve efficiencies by eliminating time-consuming tasks, by automating many processes.  It will help save money by reducing labor hours while increasing accuracy and data security.  

beepNow has developed multiple systems built on blockchain technology that will revolutionize work.  For Human, Resources beepNow has developed beepHR with an integrated OKR management system and performance management system, that also has an internal token market system.  beepShift is an AI and Data-driven system built on blockchain technology for automated shift scheduling.  beepDelivery is a platform built on the blockchain to help integrate multiple delivery systems for better management of food delivery and management of delivery drivers. 

beepHR, a New HR Evaluation Tool for Everyday Use
"Since HR evaluations are only checked when setting and reviewing goals, employees tend to lose their sight of goals during their day-to-day operations. Often employees are working at cross purposes because they are not aware of their tasks linked to their goals."
beepHR allows employees to see how well they accomplished their goals, encourage their colleagues by sending “likes” and “thank you(s)” freely, while enabling them to keep track of their tasks. Getting in the habit of using a daily HR evaluation tool will help to make more accurate evaluations.
  • Manage targets such as qualitative, qualitative and OKR
  • Manage employees’ daily tasks
  • Visualize how employees are helping each other
  • Talent management decisions using Data
  • More about beepHR
    BeepDelivery: Track and Manage delivery staff
    “The third party delivery services take comissions for using their online market places, and the more services you use the higher the fees you pay. Even if you want to use your own delivery staff, it's often difficult to manage them especially if you can't easily locate them, which adds to the hassle of having to call to check on them when customers contact you.”
    With beepDelivery, you can take orders via UberEats, phone, etc., and automatically send delivery requests to your own delivery staff, who can then use the dedicated app to instantly see which route to take. Managers can track the location and delivery status of drivers in real time, to streamline and optimize management.
  • Orders received via Uber Eats, phone, etc. can be automatically assigned to your own delivery staff.
  • Multiple orders can be delivered in a single delivery.
  • Delivery drivers can be shared with different stores
  • Centralize management for both headquarters and branch stores by knowing the location and status of delivery drivers
  • More about beepDelivery