Will Blockchain Upend Training?

Blockchain, the technology that gave rise to cryptocurrencies such as Bitcoin, may be turning more than the financial world on its ear. This revolutionary technology will likely reshape the employee training landscape, and these changes are closer than you might think. First, it’s important to understand what blockchain is and what it does. In its most simplistic terms, it’s a digital ledger that allows an unfathomable amount of transactions to occur without the interference of a middleman. By creating a public record of transactions that are available to everyone but not controlled by anyone, the technology is helping spur the creation of smart contracts, which foster greater competition for higher-paying jobs, and generally helps information flow more freely between employers and the talent pool. Companies are also looking at blockchain as a way to ensure employees are learning outside the workplace by reshaping incentive programs. Using micro-transactions and cryptocurrencies to reward success can help employees reach their potential in new ways. This immediacy of reward can affect engagement, retention, production, efficiency, and profitability.