How Blockchain will disrupt the world of employment law and how HR specialists can embrace the change…
Contracts, between and employers and an employee or two different corporate entities, are often filed away and become none compliant. Job scopes and services change all the time and contracts quickly become obsolete. Yotta will disrupt the nature of how contracts are produced, amended and stored forever, here’s how…
The old way of producing contracts was predicated on an agreement between to parties. The document, in the case of the employment contract, would be sent to the employee and, typically, filed by the employer. Employment contracts should be updated every six months to take into account any changes in terms. As most employers and employees know, this rarely happens.
21st Century services, 19th Century agreements
Many people around the globe work in high-tech service industries but the contract between employers and employees is often signed in wet ink and is more akin to the working practices of the 19th century.
Using a digital wallet, distributed via the Yotta Eco-System and built with Blockchain at its core, contracts could be amended by employers and ‘signed’ or otherwise, by the employee at their leisure.
How this would work in practice:
Blockchain provides an irrefutable digital truth. When agreements are executed using Blockchain the record of the transaction is undeniable. A ‘Smart Wallet’ enabled on a connected device, accessible by the employee and employer only can be the conduit for secure and undeniable updates to agreements. This will remove pain-points for both parties and deliver much higher levels of transparency.
The future for blockchain in employment law:
We have established a functional model, what we need to do now is work with an HR company to establish compliance. We see ‘Smart Contracts’ as the next, logical, step for the signing and updating of contracts in the world of employment law, and beyond. The services provided by HR law firms could become more akin to a SaaS business than a traditional law firm. Whilst we don’t envisage Blockchain seeing the end of legal disputes, we do see the world of the law changing for the benefit of all.