Integrating blockchain in HR and finance: A conceptual review and future directions
1 Independent Researcher, Lagos State, Nigeria.
2 Department of Corporate Services, Gelose Marine Services Nig. Ltd, Port Harcourt, River State, Nigeria.
3 NHS Lothian, United Kingdom.
Review
Open Access Research Journal of Multidisciplinary Studies, 2024, 07(02), 131–139.
Article DOI: 10.53022/oarjms.2024.7.2.0034
Publication history:
Received on 16 April 2024; revised on 21 May 2024; accepted on 24 May 2024
Abstract:
This review paper explores the integration of blockchain technology in human resources (HR) and finance sectors, examining its potential applications, benefits, challenges, and future directions. Beginning with an overview of blockchain technology, it delves into the challenges faced by traditional HR and finance systems, including data security concerns and inefficiencies. The paper discusses the transformative impact of blockchain on recruitment, employee records management, payroll, smart contracts, payments, and auditing processes. Key benefits of blockchain integration, such as enhanced security, transparency, efficiency, and potential barriers to adoption, are highlighted. The paper discusses emerging trends and innovations in blockchain technology. It offers recommendations for organizations to leverage their full potential in HR and finance. It emphasizes embracing blockchain technology to drive innovation, efficiency, and value creation in the HR and finance sectors.
Keywords:
Blockchain; Human resources; Finance; Integration; Challenges; Opportunities
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0