As I’m sure you already know, blockchain is one of the fastest rising stars of the technology sector right now. Although many will be familiar with its relationship to cryptocurrency, this is just a tiny piece of the truth behind blockchain. Right now, smart investors are starting to find out about a game-changing tech that is disrupting one of the oldest industries in history that could end up causing a major shift in the near future.
JP Morgan’s Jamie Dimon has even stated that, “The Blockchain which is a good technology, we actually use it, would be useful for a lot of things….JP Morgan moves $6 trillion around the world every day. We don’t do it in cash, it’s done digitally. It’s done digitally.”
He’s been a staunch naysayer of cryptocurrencies but has openly supported the use and implementation of blockchain technology. Blockchain technology eliminates the need for a third-party intermediary by creating a permanent, open record of all transactions on a network. One of the biggest industries has begun to see the impact that blockchain technology has, recruitment & employment.
Where you would think that companies like Microsoft (MSFT) via LinkedIn, Oracle (ORCL) or even private companies like Indeed, Monster, or CareerBuilder would be ahead of this curve, their methods for recruitment are still very archaic. In fact, there are only a handful of companies that are deploying blockchain technology in a live (non-beta) format and nearly all of them are privately owned.
So, we have an industry where the leaders are missing the mark on evolving technology trends and of the few other industry participants involved, nearly all of them are privatized. This has caused a stir among investors as there is huge opportunity for a market disruptor.
Across every industry, companies like IBM (IBM), Toyota, JP Morgan (JPM) and Accenture (ACN) are tripping over themselves trying to build products and services that take advantage of this innovation. But now take a company that is public and is already building a solid infrastructure based on blockchain technology that investors can participate in its growth. StartMonday, Inc (STMDF)(CSE:JOB) for instance has been created a system the stands to revolutionize how employment and recruitment companies conduct business.
While blockchain technologies offer true potential, it’s still early. But don't mistake "early" for "short term." Remember that the pessimists rejected the internet for nearly a decade before it became the exact thing that truly connects our lives. Companies like StartMonday, Inc (STMDF )(CSE:JOB) are changing the game by embedding early blockchain tech into an industry like HR/recruitment that hasn’t really changed much since the first website put a job listing out.
The company’s “Career Chain” is anticipating launch during the first quarter of 2018, which puts early onlookers at a possible tipping point that can be witnessed in real-time. Today’s recruiters receive career histories that can be filled with unverified info and many falsehoods. The costs involved in hiring unsuitable candidates can cost billions and because roughly 46% of people know about someone lying on their resume, there is more than a good chance that recruiters will fall victim to this risk.
Career histories that are stored on an open, decentralized public blockchain offer job seekers efficient control over their data and lead to massive global adoption. With the massive growth that blockchain technology has seen in such a short period of time, CareerChain introduces benefits for recruiters, job seekers, miners, file system peers and 3rd party services.
It’s bleeding edge technology like this, which attracts an opportunity for potential acquisitions after being proven. Take, for instance, a case study on the tech take-over of LinkedIn by Microsoft. The once-public social media and recruitment company built an infrastructure and managed to prove its business model during the years it was trading in the public market.
Microsoft came to the table and eventually purchased the professional networking company for over $20 billion. Though it was a big windfall for LinkedIn shareholders, LinkedIn and other similar companies tend to mainly be focused on higher income earners whom are essentially those making more than $50k per year. Much of the higher volumes for recruiters are found in lower salary jobs, as noted by recent surges in hospitality and service jobs.
Even further to this point, traditional job boards like Indeed, Monster, and even Careerbuilder have been bought up for hundreds of millions and even billion-dollar price tags. But the fact is that they also lack in the mobile access department and many of the most successful employers in today’s market push their teams to be more collaborative through the hiring process to share openings across social media instead of job board sites. In total, the acquisitions for just these three job boards alone is over $1.5 billion with two thirds of that total coming from Recruit’s acquisition of Indeed, alone!
As you're reading this, blockchain technologies are disrupting the entire internet as you know it. We’re still in the infant stages of seeing blockchain technology from seeing mass adoption in the consumer space, and HR, recruitment and talent acquisition might right around the corner.
Right now, it looks like all the tech aficionados, all of the venture capitalist’s fat wallets, and all the industry leaders with deep pockets are feverishly working on blockchain solutions. So, with all this momentum behind the movement, it’s very valuable to see what's coming next. It could make for a big opportunity to take full advantage of what could become the biggest tech disruptor of our time and one that may create the next key focus for large mergers and record setting acquisitions for the tech space.
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