Impact of Facebook’s New Cryptocurrency Libra on the HR Industry [+Infographic]
After a long wait Facebook has finally disclosed the details of its cryptocurrency, Libra, an easy and faster way to transact money from anywhere to any part of the world with nearly zero transaction charges.
So How Libra will impact HR function?
Recruitment in the HR industry consumes most of the time, sometimes the organizations take help from third party agencies or recruiters to get back the time.
The candidate’s information is sourced at the time of recruitment and it can be viewed on Blockchain. Grades, certificates, work history and experience of a candidate can be viewed directly on Blockchain.
It helps in identifying individuals, background and work experience along with the information related to the pay and claims, this allows HR to concentrate on more strategic goals of the business.
It assists you in hiring a perfect candidate with an accurate employment record, it becomes impossible to provide false information as everything is stored in Blockchain.
Smart contracts between an employer and his workplace make it easier for the workers to be paid automatically. wages are distributed instantly with zero risks of fraud or delays.
‘Transactions’ in a blockchain setting can be any kind of information from an exchange of work history, personal information, cryptocurrencies, and records to financial details.
Libra Coin — A New Digital Currency Developed by FACEBOOK
Have you ever felt why money transfer is so complicated? Why it is so sluggish? Or worried about the extra charges you have to pay to transfer money.
Everything around us is in the phase of the revolution, then why can’t money be revolutionized and renovated. This sparked the idea to design a new currency which is for everyone.
There was speculation in air stating that Facebook will be launching a new currency but nothing seemed to be real until this happened.
After a long wait Facebook has finally disclosed the details of its cryptocurrency, Libra, an easy and faster way to transact money from anywhere to any part of the world with nearly zero transaction charges. You can maintain your anonymity while buying or cashing out your Libra.
What is Libra?
Libra is a cryptocurrency developed on blockchain technology, it is designed to empower billions by offering them a platform to be a part of digital currency. All it wants is a mobile and data connection. It is stable, fast and secure.
How Libra functions?
Libra is backed by some of the most reputed business institutions in the world. To get hold of this new-age currency, you have to cash in your regular local currency and you will get amount equivalent to your cash in the form of Libra and like several other currencies which we use in our day-to-day lives, we can exchange our Libra at grocery stores, movies, to pay our Bills, etc.
Although the developer of the Libra is a well-known social media giant, it does not have the right to look after Libra. Libra is managed by its association called The Libra Association. Libra Association looks after minting coins using Byzantine Fault Tolerance consensus algorithm
What is the Libra association?
The Libra association is a compilation of companies that are founding members of Libra. 28 companies are participatiqng actively in the association and the plan is to gather a total of 100 members who will be the validators of the Libra currency.
Every institution present in this organization will get a vote for making any kind of decisions regarding Libra and no member will get more than 1% of the total vote share.
Unlike all other cryptocurrencies understanding, Libra is not a complicated thing, Libra is developed in a way that even common people will understand what it is and it prevents them from falling into speculation theories
Reserve maintains and controls the value of Libra, each and every Libra is backed by a set of stable liquid assets and working together with currency exchange platforms and other liquidity providers.
MOVE — the new programming language of Libra
The Move is a programming language for developing and executing decentralized finance, smart contracts, and transaction logic.
Libra will definitely be a game-changer in the world of digital currency, with its easy to use mode and its scale is so enormous that anyone from anywhere in the world can be able to transact money within a blink of an eye. All these reasons direct us to a world of Libra.
Our friends at MrBTC.org comes with an interesting infographic on Libra:
Check out the following infographic and share your thoughts on it!
CakeHR is an award-winning HR software company that provides attendance, performance and recruitment management for customers worldwide. More information at www.cake.hr