05 Feb The Many Applications of Blockchain Tech in Global Mobility
The advocates of blockchain technology claim that it will revolutionize the world the same way that the internet did. It will make global transactions more transparent and yet secure, speed up communications and the transfer of data, and do away with the dozens of inefficient tasks that slow business processes down.
Investors who had taken a risk earlier on some of its products, e.g. bitcoin, are now reaping their rewards, making a hundred times more than the initial funds they put in. Some of its newer milestones include boosting the capacity of airlines to do online trade, and empowering artists to track down customers who owe them royalty payments afforded by intellectual property rights.
Human resource departments are also awakening to the practical application of blockchain tech. It is a matter of time before global mobility managers follow suit. Companies may find it useful in a pandemic world.
But first let’s define and demystify blockchain tech. The tech triggered the development and production of cryptocurrency, but they are not identical. As GMS Mobility explains it, blockchain tech is more of a global digital ledger or form of record-keeping. It records a wide range of information including but not limited to payments, payors, recipients of payment, dates and time of transactions, and the amount of monies paid.
All the documentation and facilitation of payment are transparent and visible. No middleman is needed for any kind of transaction, which happens through a peer-to-peer network. While the data can be seen or viewed, it cannot be replicated, duplicated, or changed.
Blockchain tech companies also claim that the risk of hacking or cybertheft is extremely low or non-existent; the entire ecosystem of the technology is decentralized and spread across an untold number of computer users, instead of locking all the data in one central database.
The International Adviser shows us one way by which global mobility professionals are beginning to use blockchain tech: data storage. All that seemingly stream of data that has to do with taxes, immigration, and relocation can now be stored effortlessly on the data. They come from vendors, suppliers, partners, employees, consultants, and assignees. If the global mobility manager needs to extract data about a particular project or assignee, they can easily find it — along with its updated information, and the source of that update. The entire process of sourcing, hiring, and relocation has been “written down” on digital data and can be mined.
So can the employment history of each assignee. Pwc says that each phase of each assignee’s professional journey can be meticulously recorded, such as their education, skills, certification, and employment history. Anyone viewing the digital ledger can confirm, challenge, or even refute the data. The assignee themselves will be able to view comprehensively their career trajectory; aside from using it like a journal that can show them successes and points for improvement, they can pull out the data any time for the next career stint.
Next on the pipeline for global mobility are cross-border payments, overseas expenses, and taxes incurred and paid across a range of regions and nations.
Blockchain tech might not be a common buzz phrase in global mobility circles yet. But given its rapid expansion into the mainstream, it might soon be as commonplace as the home computer. As the tech gurus in Silicon Valley keep saying, it’s best to be prepared for the next digital revolution.