The Internet and Mobile Association of India (IAMAI) has formed a Blockchain committee as part of its efforts to energize the Blockchain technology so that it can fulfill its potential of facilitating job creation for the new economy in the country. The mandate of the committee is to identify opportunities and challenges and work with government, industry and Startups to help the overall ecosystem.
The committee is chaired by Tina Singh, Chief Digital Officer, Mahindra Finance and co-chaired by Prasanna Lohar, Head –Innovation and Architecture, DCB Bank Limited. Some other prominent members of the committee are Manish Gupta, Director- Digital Transformation, Mastercard, Samiran Ghosh, Chief Digital Advisor, Microsoft, Jitan S Chandanani, Blockchain Offerings and Engagement Leader - ISA, IBM, Ravi Chamria, Founder, Sofocle Technologies, Sandeep Goenka, Founder, Zebpay, S Venkat Kumar, Vice President, Kotak, Nitin Chug, Country Head- Digital Banking, HDFC Bank amongst others.
Tina Singh, Chairperson, Blockchain Committee, IAMAI & Chief Digital officer Mahindra Finance stated, “Blockchain is undeniably the technology of the future, slated to bring decentralization, trust, and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities, and corporates."
She added that the IAMAI Blockchain Committee will focus on creating a dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of blockchain.
The agenda of this committee will be nurturing the ecosystem and skill development, engaging with business, industry and government to evangelize acceptance of blockchain technology and help drive training workshops, to familiarize potential users with technology.
Recently, PM Modi also allayed fears of job loss due to technological development stating that Artificial intelligence, machine learning, Internet of Things, blockchain and big data hold the potential to take India to new heights.
Blockchain and HR
Blockchain in HR is still a nascent concept. While Blockchain will continue to draw attention and application in managing finances and supply chains, in HR it could be widely applied to validate the authenticity of employee information. The Blockchain-based model could solve the issues concerning the authenticity of human resource information, thus providing effective decision support information to the human resource management of an organization. Potentially it could overhaul processes that involve much human effort and costs owing to the need for significant data collection and third-party validation such as recruitment and selection. Similarly, it could be used in compensation management and performance management as well.
Earlier this year, Blockchain based professional network SpringRole has raised $1.3 Mn in funding from AlphaBlock Investments, DNA (Brock Pierce and Scott Walker’s blockchain investment and consulting firm), Isaac Lee’s BlockWater and Wavemaker Genesis.
Founded and led by Kartik Mandaville, Bengaluru-based SpringRole is building the first professional reputation network powered by artificial intelligence and blockchain technology to eliminate fraud from user profiles. The funding is a validation of the potential of blockchain in the field of employee validation.
However, a recent study by Belong reveals that only 0.25% of the two million country’s software developers are equipped to work on blockchain platforms. This clearly points out to the need for skill development in this emerging technology which has the potential to revolutionize HR and the world of work.
The upcoming TechHR Singapore in February will further address the scope and potential of Blockchain Technology and why Blockchain matters for HR Tech and talent leaders.
Click here to register.