What is Blockchain-the basics

WHAT IS BLOCKCHAIN-THE BASICS?

Are you interested in what is blockchain? Do you want to learn more about it? The interest around the blockchain technology keeps on rising and we may one day have to decide whether we should use it in our daily activities.Blockchain is a distributed ledger, which simply means that a ledger is spread across the network among all peers in the network, and each peer holds a copy of the complete ledger.A blockchain carries no transaction cost.Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.Think of a railway company. We buy tickets on an app or the web. The credit card company takes a cut for processing the transaction. With blockchain, not only can the railway operator save on credit card processing fees, it can move the entire ticketing process to the blockchain.

HOW DOES BLOCKCHAIN WORK?

1.Consensus ensures that the shared ledgers are exact copies, and lowers the risk of fraudulent transactions, because tampering would have to occur across many places at exactly the same time.

2.Cryptographic hashes, such as SHA256 computational algorithm, ensure that any alteration to transaction input — even the most minuscule change — results in a different hash value being computed, which indicates potentially compromised transaction input.

3.Digital signatures ensure that transactions originated from senders (signed with private keys) and not imposters.

The reason why it has gained so much admiration is that:

-It is not owned by a single entity, hence it is decentralized
-The data is cryptographically stored inside
-The blockchain is immutable, so no one can tamper with the data that is inside the blockchain
-It is transparent so one can track the data if they want to

Three Pillars of Blockchain

1.Decentralisation
In a decentralized network, if you wanted to interact with your friend then you can do so directly without going through a third party. That was the main ideology behind Bitcoins.

2.Transparency
Well, a person’s identity is hidden via complex cryptography and represented only by their public address. So, if you were to look up a person’s transaction history, you will not see “Bob sent 1 BTC” instead you will see “1MF1bhsFLkBzzz9vpFYEmvwT2TbyCt7NZJ sent 1 BTC”.This level of transparency has never existed before within a financial system. It adds that extra, and much needed, level of accountability which is required by some of these biggest institutions.

3.Immutability
In the context of the blockchain, means that once something has been entered into it, it cannot be tampered with. Immutability has the potential to transform the auditing process into a quick, efficient, and cost-effective procedure, and bring more trust and integrity to the data businesses use and share every day.

CONCLUSION

Blockchain technologies represent a fundamentally new way to transact business. They usher in a robust and smart next generation of applications for the registry and exchange of physical, virtual, tangible, and intangible assets. Thanks to the key concepts of cryptographic security, decentralized consensus, and a shared public ledger (with its properly controlled and permissioned visibility), blockchain technologies can profoundly change the way we organize our economic, social, political, and scientific activities.

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Blockchain In HR

Blockchain in HR: What you need to know

 The 21st century has never failed to surprise us with some of the mind-blowing technologies that have a huge impact on our lifestyle.

Some are still exploring the world but already gain popularity, and Blockchain is one of them.

From Banks to Education, Blockchain is everywhere, and the HR industry is already started experimenting, but the problem is everyone in this sector is thinking it is limited to background verification only.

The fact is Blockchain not only verifies the background of employees’ but also has impacts on other areas, and most importantly, it comes with privacy concerns.

Here are some facts about Blockchain you need to know

Candidates will have control over their resume

Gone are those days when candidates were coming with one resume with their all achievements, and there is a debatable topic whether they should use a single resume or customize one for each job.

But for Blockchain in hr, it is not the same as before because candidates will have control over it even after submitting their resumes.

Firstly, candidates no longer require a customized resume because they can update their information with real-time data via a blockchain-based cryptographic profile.

Whenever they join a company or learn a new skill or work in a project, their profile is updated, and there’s no need to worry about what to include and what not as everything will be there.

In short, candidates will have control, but can’t tamper with their data.

Blockchain makes it easy for all HR processes

HR professionals are occupied with many responsibilities which are increasing day by day and is becoming daunting.

From dealing with job seekers to vendors, payrolls, client relationships; everything they need to manage smoothly, but things become difficult because of the laws and processes that need to be followed.

Verifying every record and data is difficult for HR professionals, and here blockchain will act as a rescuer due to its accuracy and simplicity and no need for cross-verification.

Tracking attendance and expenses with blockchain

Managing employees, office expenses, attendance often cause disputes between payroll and HR department due to the lack of accuracy to some extent.

Biometric information can solve some problems, but again it’s not secure and manipulation is possible. We saw Apple’s face recognition is not secure and Blck Hat hackers proved it in their Los Vegas convention. Biometric data are secure in the system, but once stolen, anyone can tamper the data as per his/her wishes.

ID2020, a non-profit project is using Blockchain to store biometric data and is creating a digital identity for record-keeping purposes, and due to decentralized nature, manipulation is not possible.

HR professionals can use this technology to safely store the data and can track everything accurately that could remove the miscommunication between payroll and HR department.

Data Privacy Concern of blockchain

The entire recruitment system is now moving towards technologies to make it efficient, however, it comes with some disadvantages too. Even though Blockchain is secure but at the same time, recruiters will have access to the entire data of an employee that raises questions regarding data privacy.

Whether it’s the Cambridge Analytica scandal or Yahoo Data Breach, many countries are imposing strict regulations to protect users’ privacy which is against Blockchain’s basic principle.

Such privacy laws make it difficult for recruiters to store and use data even though it assures security. The problem is Blockchain breaks all data and distributes it across a network of computers where each one will have a copy to protect in case of hacking or data loss.

This will enhance security and makes it impossible for hackers to hack as every change require multiple confirmations from the entire network.

And here, users need to make their data public in a decentralized network to prevent them from manipulation that ultimately comes against the basic principle of data privacy.

Here, companies need to be careful about such laws before using these technologies.

It still raises many questions

Even though it offers great benefits in recruitment, there are many questions arise regarding privacy and managing lower-level employees.

For fresher, Blockchain will play a major role, but there is no proper solution for already working professionals and those who are in lower-level jobs as they are less likely to have accurate job history.

How this will ensure that all employees are treated fairly and how can it act as a bias-free technology in the recruitment sector?

Well, everything has some pros and cons, but that doesn’t mean we should not use technologies, and we are talking about Blockchain that creates a challenge for hackers due to the unbreakable security features.

Of course, it’s new, and all these questions can be answered as we continue the experiment, but for now, we should appreciate what it is.

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How can MBA graduates get jobs in India?

India is producing many MBA graduates per year just like it is producing many engineers. This is mainly due to the proliferation of Bschools in the country. Sadly, placements in the lower rung institutes leaves a lot to be desired. The placements in the top 50 institute is decent but the institutes not in the top 50 do not produce good graduates and are not able to give a job to its graduates.  This guide is intended for students who did not get a dream job through their colleges.

Here are two ways you can get a job off campus:

Use job sites

Job sites like Naukri.com, Monster.com, indeed.com, mintly.in provide lots of candidates with a marketing profile. Depending on your requirement, you can list the profiles and shortlist the resumes. The huge database of candidates gives you a choice to select from freshers who are ready to join for a basic salary to highly experienced candidates who will charge a premium for their services. Startups such as mintly.in provide 24X7 customer support to both job seekers and candidates and can help you find the right marketing executive for your company.

Visit Mintly website to find good jobs for MBA graduates: https://www.mintly.in/jobs/ .

Use job apps

The world has gone mobile. Millennials use their mobile phones for shopping, texting, playing games, traveling and even for searching for jobs. This is where the action is. All big job sites have a mobile app which can help them engage these millennials. You can use the apps of these popular job listing sites to get the candidate of your choice. Mintly offers job search from app also.

You can download the Mintly app from google playstore here : Mintly App.

The different profiles a MBA graduate can be offered are

Marketing management

An MBA in marketing is one of the most sought after specialisation. There are various profiles available on offer like Marketing manager, brand manager, Corporate sales, marketing research analyst, sales manager, media planner, product marketing etc. skills for these jobs include excellent communication, strategic thinking and planning, problem solving and analytical thinking etc. A career in marketing yields good pay. The average packing varies from 3.00 lacs p.a to 20 lacs lpa.

Operations management

Operation management is in high demand these days. Companies are ever finding it necessary to recruit good operation management graduates.  Responsibilities would include managing logistical processes and overall supply chain, overseeing production and product quality and managing relationships with vendors etc. The different job profiles include operations manager, logistics manage, operations assistant, operation analyst etc. starting salaries will vary from 2.50 lpa to 15 lpa for experienced professionals.

Human resource management

Human resource department have become important in mid-size to large organisations. They are responsible for looking after the welfare of the employees, arrange various events for morale boosting and take care of the day to day affairs. A career in human resource management can help you in working in profiles like recruitment manager, resource manager, assistant HR manager etc. Salary benefits will be lesser compared to other management disciplines, but Human resource graduates demand a different kind of respects from other employees in the organisation. After all, all employees have to come to HR to have their demands met.

Finance management

After marketing, a degree in finance management is one of the most sought after degree. Finance professionals get work in profiles like chief financial officer, equity advisor, finance manager, project finance manager, investment banker etc. The pay is very good and graduates from top colleges earn the most in finance jobs. The work is demanding and the pay is commensurate with that.

If you are residing one in South India you can look for Marketing jobs in Erode or Sales jobs in Salem.  There are also many job opportunities in Trichy.   There are vacancies in Coimbatore also for MBA graduates like sales manager jobs in Coimbatore.  You can also search for startup jobs in Chennai. There are many companies hiring MBAs from Tier2 cities and Tier 3 cities.

You can find opportunities in other parts of India also like jobs in Newtown Kolkata, Jobs in Guwahati, jobs in Amaravati , jobs in Hyderabad etc.  If you work hard and search with a purpose, your dream job will not be far away from you.

 

It’s time to know about Blockchain-based recruitment process

If you check the recruitment industry then a massive change can be observed from the last two decades; from printed advertisement to online and even remote work opportunities which was impossible to think even in dreams. Hiring people is no more considered as small activities though this was not but become tougher day by day where searching a candidate is like looking for water in the sea because of obvious reason as unemployment is high but lack of skilled people make the situation worse. During the early 2000s recruitment system-specific people are required for the specific post, but the current scenario is different where you are selected for one position doesn’t guarantee the work related to that position only. The dearth of jobs with intense competition between the jobseekers encourages the recruitment industry to become more specific for recruiting by splitting into multiple sectors. For example, some companies are recruiting only for IT companies whereas some are working for retails. The real problem comes when companies are verifying the authentication of employees, and there is no conventional way to believe all the data that has been provided by the candidates as chances of faking experiences are more, and most of the candidates are doing this. And the most depressing part is the verification process consumes a lot of time and money as some companies are doing this job and charging a hefty amount for this but still, unable to provide 100% accurate data. Thanks to the emerging technology like Blockchain, the verification process becomes easy and cheap, and the good news is the data can’t be tamper.

 

But first, you should know that what is Blockchain?

It is a growing list of records that are linked and secure using cryptography, and each block contains a cryptographic hash of the previous block, timestamp and transaction data. That means each block has a record of previous and if someone tries to change one then the other blocks will verify by checking the previous data available in their blocks and if it doesn’t match then the modification will not happen. So no matter how hard a hacker tries to manipulate the data; it won’t be possible as this is impossible to hack all the computers manually that is operated in different parts of the world. Pardon me if I make any mistake as I try my best to explain in a non-technical way.

 

How Blockchain will change the recruitment process

In Blockchain, candidates’ data will be public. That means his/her educational qualification, professional experience, companies’ reviews and professional courses can be viewed by anyone and will be secured through a digital key though strong control of ownership is not the best way to secure the identity but the combination of authorization from different parties can solve this which is the fundamental purpose of Blockchain. So there is no chance of tampering the data. The process helps the companies to verify each data of a candidate without depending on the third party which saves a lot of time and money. As the data are already available, so the verification process will be relatively cheap. Still, most of the companies are not using it except few. Recruitment portal Job.com announced that it will use Blockchain-based recruitment process with $50 million ICO and Indian recruitment startup Mintly is already doing it from the last three years without any external funding.

The process is new but has the potential to change the recruitment sector. Technology is changing and the only way to become productive is to improve ourselves with it unless you are living in a cage, there is no way to deny this.  

 

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