Blockchain technology has had a large and broad effect on businesses. We first noticed the impact of the bitcoin revolution on finance. Then, we saw the incorporation of blockchain into other markets such as supply chain, banking and even health care. Blockchain is projected to generate a market valuation of $3.1 trillion by 2030, and has the potential to change nearly any industry — and HR is no different.
At Oracle we see immense opportunity for blockchain adoption in HR and are eager to be part of this next phase of progress.
We recently revealed that we are a founding partner of the Velocity Network Foundation, a non-profit group of business leaders working together to build a national, blockchain-powered “Internet of Careers.” We’ll help push an enterprise-wide network to share trustworthy job information with 16 other founding members. Together, our organization maintains over 800 million person documents, along with trillions of related qualifications including reports on jobs and graduates, abilities, abilities, certifications, licenses and more.
To be fully efficient this form of network needs a community-based solution. So this is what I find in this program is absolutely special so extraordinary. This community leaders were able to operate effectively on specific blockchain-powered projects in silos. Alternatively, we will want to collaborate together for a compromise around the sector that we agree would have a positive and meaningful effect on HR and the future of jobs.
Finding a common point of reality for the evaluation of job qualifications and expertise would help propel HR and the future of employment to a new frontier. To our team and our clients, this is an amazing new product but it’s only the beginning. Oracle is dedicated to engaging in creativity and new technology and some very promising opportunities lie ahead with the introduction of blockchain.
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