California-based scheduling and employee recruitment platform ShiftPixy Inc. ( PIXY ) announced on Tuesday that its business is a prime use case for blockchain technology – an announcement that preceded a 66-percent increase on the company’s share value.
ShiftPixy explained that it is using a private, centralized blockchain ledger for transactions that require verifying sensitive information, including a person’s social security number, date of birth, driver’s license or passport details, bank account information and tax form elections.
It introduced blockchain-based systems believing that employee verification processes are positively impacted by the use of biometric authentication and automatic verification of employment data. This removes human error from the process of screening for fraudulent information, the company states.
Additionally, verification of data on the blockchain allows both employers and auditing agencies to confidently validate additional criteria such as employment dates and a candidate’s background – including his or her education, references, certifications, and other credentials – and share the verification status directly on multiple distributed sources within the blockchain. This further underscores the trust and accuracy of a candidate’s information and corporate compliance, ShiftPixy explained.
“We use blockchain technology in our ecosystem because it is one of the most efficient tools available to help us protect our data from cyber interference. Any data considered to be a human capital validation point or part of the hiring and onboarding process is being utilized and recorded in ShiftPixy’s blockchain ledger,” stated the company’s CEO Scott Absher.
This is a perfect example for the real-world usage of blockchain, which is met by skepticism by some, the company stated.
ShiftPixy also said that future implementation of blockchain technology within its technological ecosystem include extended applications for payroll and real-time payments, and utilizing smart contracts for employment contracts, which facilitate the performance of credible, trackable, and irreversible transactions without the need for third parties.
“To be clear, ShiftPixy has never, does not now and will never use its blockchain technology in any form of cryptocurrency or cryptocurrency related application,” the company added.
For more information, visit www.shiftpixy.com.
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