Blockchain Technology Disrupting a Rapidly Growing Listing of Industries and Human Capital Services - iCrowdNewswire
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Mar 8, 2018 7:50 AM ET

Blockchain Technology Disrupting a Rapidly Growing Listing of Industries and Human Capital Services

iCrowdNewswire - Mar 8, 2018

MarketNewsUpdates.com News Commentary 

 

Blockchain technology has emerged well beyond the cryptocurrency sector where it first gained widespread notice. Its core function, enabling the transparent and secure transfer of data, is being infused into a multitude of industries, services and applications, providing a wide range of growth opportunities for companies willing to infuse this innovative technology. Not only does Blockchain hold the ability to disrupt the way the financial sector often works but is now having ramifications on many other industries including medical records and data, consumer goods, media & telecom and even the emerging sector of the Gig Economy. The Gig Economy is one of the fastest growing market segments in the global economy as the value of human capital rises with more and more people choosing to control their own destiny when it comes to employment. Because of the recent growth and popularity, the Gig Economy industry is also being exposed to a variety of new risks for the first time, including security and digital threats. To combat this, tech firms are aiming to infuse Blockchain to bolster their digital prowess. Blockchain technologies will allow companies to create platforms that allow job seekers and companies to connect, making the industry more efficient and secure. Companies in focus today include: ShiftPixy, Inc. (NASDAQ: PIXY), Amazon.com, Inc. (NASDAQ: AMZN), GrubHub Inc. (NASDAQ: GRUB), Starbucks Corporation (NASDAQ: SBUX), Intuit Inc. (NASDAQ: INTU).

ShiftPixy, Inc. (NASDAQ: PIXYBREAKING NEWS: Shiftpixy, a disruptive workforce engagement platform provider, is leveraging blockchain as a digital ledger for all human capital transactions. Blockchain is being met with skepticism due to the lack of use cases.

ShiftPixy is a prime use case for implementing a private, centralized blockchain due to the security and privacy of the data that a blockchain affords. In business, human capital transactions contain some of the most crucial and sensitive personal information-namely, everything contained in the personnel records for an individual (including social security number, date of birth, driver’s license or passport details, bank account information, tax form elections, and more). Any data considered to be a human capital validation point or part of the hiring and onboarding process is being utilized and recorded in ShiftPixy’s blockchain ledger. The employee I-9 verification process, for example-one of the most stringent, rigorous, and penalty-laden compliance procedures-is positively impacted by blockchain utilization of biometric authentication and automatic verification of I-9 data, removing human error in the process of screening for fraudulent information. Scott Absher, President and CEO of ShiftPixy, stated, “We use blockchain technology in our ecosystem, because it is one of the most efficient tools available to help us protect our data from cyber interference. Any data considered to be a human capital validation point or part of the hiring and onboarding process is being utilized and recorded in ShiftPixy’s blockchain ledger.” Read this and more news for ShiftPixy athttp://www.marketnewsupdates.com/news/pixy.html

The security and ability for auditing transparency afforded by the integrated blockchain technology is paramount to protecting both the employee and the ShiftPixy job providers in the ShiftPixy ecosystem. Verification of that data on the blockchain allows both employers and auditing agencies to confidently validate additional criteria such as employment dates, and a candidate’s background (i.e. education, references, certifications, etc.), and share the verification status directly on multiple distributed sources within the blockchain, further underscoring the trust and accuracy of a candidate’s information and corporate compliance. Added benefits for data integrity include allowing employees and shift workers to rate experiences at a workplace-also recorded in the blockchain’s transparent ledger, which gives the peace of mind that the review or rating cannot be tampered with (i.e. neither shifters nor companies can pay to change or remove unfavorable ratings). Future implementation of blockchain technology within ShiftPixy’s technological ecosystem include the extended applications for payroll and real-time payments, and utilizing smart contracts for employment contracts, which facilitate the performance of credible, trackable, and irreversible transactions without third parties.

Additional industry related developments from around the markets 

Amazon.com, Inc. (NASDAQ: AMZN) recently announced its new partnership with technology consulting firm Luxoft Holding (NYSE: LXFT). Luxoft will join five others as one of six technology consulting firms to offer blockchain solutions certified to run on Amazon Web Services (AWS). Vasiliy Suvorov, vice president of technology strategy at Luxoft, said: “Blockchain is about removing data silos, improving trust and operational efficiencies. By using AWS to deploy and integrate DLTs [Distributed Ledger Technologies] into day-to-day processes, businesses can revolutionize how they operate.”  Luxoft highlighted one particular use case they were implementing in the healthcare field. One of Luxoft’s clients is a large health insurance provider, which had a problem with its claims processes.

GrubHub Inc. (NYSE: GRUB) – In a significant court decision on the status of so-called gig-economy workers, a federal judge ruled drivers for GrubHub Inc. are independent contractors and not employees. The ruling may have far-reaching implications for other sharing economy companies, including Uber Technologies Inc., whose business models are built on pairing customers with products and services through apps and typically avoid the costs of traditional employment. U.S. Magistrate Judge Jacqueline Scott Corley in San Francisco concluded Thursday, in a first-of-its-kind ruling, that a gig-economy driver doesn’t qualify for the the protections of employees under California law. “Under California law whether an individual performing services for another is an employee or an independent contractor is an all-or-nothing proposition,” she wrote. “With the advent of the gig economy, and the creation of a low wage workforce performing low skill but highly flexible episodic jobs, the legislature may want to address this stark dichotomy.”

Starbucks Corporation (NASDAQ: SBUX) is likely to utilize blockchain technology as part of a new payments app. Executive chairman Howard Shultz said, “I think blockchain technology is probably the rails in which an integrated app at Starbucks will be sitting on top of,”. His comments come roughly a month after the former chief executive spoke broadly during an earnings call about the chain’s plans to utilize the tech, especially on the payments front (although he dismissed the idea that the company would use bitcoin in some way). At the time, Schultz suggested that the tech may play a role in how Starbucks works to “expand digital customer relationships,” though it remains to be seen how blockchain is ultimately used in practice by the company. “I believe that we are heading into a new age, in which blockchain technology is going to provide a significant level of a digital currency that is going to have a consumer application,” he remarked during the earnings call.

Intuits (NASDAQ: INTU) QuickBooks Self-Employed product enables on-demand workers to manage business and personal finances, handle taxes throughout the year and meet compliance requirements. Intuit offers the product directly to on-demand entrepreneurs through partnerships with many of the leading on-demand economy marketplaces including Uber, Lyft and TaskRabbit. Intuit is alo incorporating blockchain platform into accounting services thinking it so revolutionary that some believe it could end the 700-year reign of double-entry accounting. Accountants and auditors can adapt to stay competitive alongside blockchain. Thanks to the security and trust built into blockchain ledgers, accounting firms may end up streamlining their services to compete in a world of increasing data volume. Source: Intuit Quickbooks

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