Is Blockchain the new buzz word? Why do we need blockchain? Is blockchain going to change our lives for good? Is it even Safe? So many questions within us! Let's first list a few pain points in each industry to understand better.
1. Job Opportunities
Pain Point
The need for finding a job to make a living has become a necessity. With too many job seekers and too little 'skilled' labor, finding jobs is challenging. Similarly, recruiting the right talent is one of the biggest problems the companies have. But every day, with so many applications it becomes tiring for the Jobseeker as well as the Employers. This is time-consuming. Sometimes giving the same interviews over and over is redundant. Especially the ones like Psychometric Test, Personality Traits which assess the applicant's behavior pattern. A person's personality is not something that changes every week. Passing these assessments are crucial in the Hiring Process. Emotional Quotient (EQ) is equally important like Intelligence Quotient (IQ). However, there is no database that stores the applicant's Personality test scores.
What can be eliminated?
By having all the applicants' data including - their education, work experiences, performance ratings and even background details in the Blockchain, it becomes easy for the employer to see which applicant would best fit their company culture and for a particular job role. On the other hand, the applicant can also approach the companies with the psychometric scores that they already have.
This creates a common platform for both the job seekers and organizations, who can find each other faster, directly without having the involvement of any third party like Recruitment Agency, for example. It would be completely transparent and can still do business with people that are not trusted.
Smart contracts between employees and employers will help in the onboarding process as well. Many companies spend a lot of time or money (by hiring vendors) to do background verification of the new employees. This can be completely eliminated as we have a permanent digital ledger that is transparent and accurate. Another use case is that when employees travel to other sites abroad, visa processing is usually on the company. All details like passport, visa, address, social security number can be acquired from blockchain. Similarly, the status of the visa can also be notified via the same network.
Apart from this, a major problem with candidates is lying on the CVs. According to a report by HireRight in 2017, about 85% of employers caught candidates manipulating some or the other detail in their CVs. Fraudulent education claims are very dangerous especially in Multinational companies operating in various locations. Even if the employees come from different countries with different educational backgrounds, they can be easily verified using blockchain technology. The candidates can also update their CV as and when something new is accomplished.
A live and updated profile along with all the personal details is a win-win for the recruiters and the applicants. For a country like Germany filled with a lot of paper works, this blockchain is the best solution.
OTHER PAIN POINTS
2. Electric Vehicle Charging
Pain Point
The usage of Electric Vehicles is only increasing day by day and many of us are convinced that it is the future. Currently, Electric cars cannot be used for traveling long distances and require periodic charging. The Electric vehicle owners can sign up for one provider and even if they find a point of another Electricity service provider, they cannot use it or at the least, they will have to incur more charges for using a different provider.
How can it be reduced?
This third-party Electricity service provider can be eliminated fully using Blockchain technology where we can set up the poles or charging points in the property of people who are willing to make money by supplying Electricity. The Electric Vehicle owner and the property owners can trust each other by a smart contract. This would give both parties the freedom to choose and at the same time eliminating the middlemen.
3. Passport Control
Pain Point
With technologies expanding day by day, traveling from one place to the other has become easier for us. However, we spend a lot of time in being scrutinized. Whether airways or roadways, we need authentication and approval to be able to enter. Some of the top busiest Airports take hours for Passport Control.
How could this be reduced?
By adding the passenger information, one need not wait in a long queue for passport control. On the other hand, passengers might not even need a boarding pass when there is a decentralized database including the information of whether they had showed up at the airport, or if check-in has been done already. For additional luggage, extra fees can be collected using the wallet linked to the designated Blockchain.
This way even the concept of Passport can be eliminated soon.
Happy Hustle free traveling!
These are some of the pain points observed and identified in day-to-day life, with the limited knowledge of Blockchain. The concept of Blockchain is revolutionary. We are not far from the day when disruptive and innovative ideas like cryptocurrencies and DLT would take over the world.