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HR Revolution: Is Blockchain Involved?

The talent acquisition and retention process have always been tedious, expensive, inconveniencing and opaque to job-seekers, employees and employers. However, blockchain’s Distributed Ledger Technology (DLT) features of transparency, urgency, decentralization, immutability and security seems to present a better experience for the industry.

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Sep 07, 2020 at 09:29 // News

Blockchain can revolutionize recruiting industry

The talent acquisition and retention process have always been tedious, expensive, inconveniencing and opaque to job-seekers, employees and employers. However, blockchain’s Distributed Ledger Technology (DLT) features of transparency, urgency, decentralization, immutability and security seems to present a better experience for the industry.

Being an HR manager comes with a nightmare 

Few people always recognize the fact that hiring managers go through extremely challenging situations. Sometimes the applicants are way fewer than the expected numbers and other times the work pool is simply smaller. At times, hiring managers have tight deadlines to meet in emergency recruitment situations and in the unlikely event that a chosen candidate drops-off, they are stressed out more. 

Besides, the hiring process has been slowed down by the high prevalence of middlemen who, of course, charge unrealistic fees and end up taking the incapable candidates. The cost of a bad hire could cause a company or organization to fall. Most research put that one bad hire could cost a company almost $15,000 while the loss of one good hire could cost as much as $30,000. 

In the countries where corruption rates are high, citizens have lost trust in hiring processes and the entire HR industry due to dishonesty, sluggishness, imperviousness, and discrimination.

It’s not over yet. After acquiring the perfect personnel, the cost of managing employment contracts and payrolls for hundreds or thousands of employees can be problematic with the traditional paper-based methods. 

Because of the above, the HR industry urgently needs digital solutions that offer conveniences to hiring managers, job-seekers and employees. Employers have been trying to find ways of avoiding the billions of dollar losses as a result of bad hires and flimsy HR systems. Some have become keen enough to follow social media pages of their potential talents, while others do all they can to keep good talents. All these do not yield better results and the search for a perfect recruitment system is on. 

Hope in blockchain technology 

Blockchain technology is gaining momentum in an unprecedented way and its acceptance and application have gone beyond the known use in finance and real estate sectors. Many analysts think blockchain adoption would continue to grow for the next couple of years.

Also, the acceptance and appreciation of blockchain technology even increased during COVID-19, with countries seeking faster, safer and transparent avenues for conducting elections, moving medical supplies, or delivering relief to their citizens. 

Blockchain shows even greater potential in the hiring process. For instance, the rampant practice of job-seekers faking their resumes and work history would be no more with blockchain’s features such as digital ID which would give hiring managers the opportunity to easily carry out background checks on applicants. Furthermore, employers will avoid the unfair services of middlemen in the hiring process and access authentic information of applicants directly over the blockchain. According to CoinIdol, a world blockchain news outlet, in 2018, there was already progress in this field. Work Chain introduced its immutable CV product that is powered by blockchain, while the company’s WorkPay product offers instant payment to employees upon completion of their shifts. 

Blockchain technology and its major features of transparency, decentralization, enhanced security and speed do not only apply to the financial and real estate sectors as earlier thought but could revolutionize the job market, too. Although the current HR frameworks might present a few hurdles for blockchain especially that blockchain is a relatively recent technology, its potential seems immense. The global economy needs to keep up with emerging technologies.

Source: https://coinidol.com/hr-revolution-blockchain/

Blockchain

Bitcoin price hits $50K after bullish outlook from Citigroup and Goldman Sachs

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On March 1 cryptocurrency investors woke up to the sight of Bitcoin (BTC) rising from it weekend correction to $44,000 as the market found its bullish momentum and altcoins rebounded from their swing lows.

Data from Cointelegraph Markets and TradingView shows that the price of Bitcoin increased 16.6% from its low of $43,504 on Feb. 28 to the $50,000 level which bulls are attempting to flip back to support.

BTC/USDT 4-hour chart. Source: TradingView

Earlier in the day, MicroStrategy CEO Michael Saylor tweeted that the firm had purchased another $15 million worth of Bitcoin, bringing its total holdings to 90,859 BTC and further demonstrating that institutional demand for the top cryptocurrency continues to grow as firms buy each dip’

Analysis of key BTC price indicators also shows that bulls were eager to buy the $43,000 retest which occurred over the weekend.

Not every analyst is bullish

Bitcoin’s surge above $49,000 has some calling for new all-time highs in the near future, but according to veteran analyst Peter Brandt, nothing is certain when it comes to the cryptocurrency market.

Today Goldman Sachs announced that it would restart its crypto trading desk and Brandt was quick to tweet the following chart and point out that its launch didn’t work out so well for the cryptocurrency market in December 2017. 

BTC/USD 1-week chart. Source: Twitter

According to David Lifchitz, Chief Investment Officer of ExoAlpha, it’s still “too early to tell” if the pullback in Bitcoin is over but $44,500 appears to have provided strong support.

In terms of whether the top cryptocurrency could breakout to new highs in March, Lifchitz said he’s uncertain on exactly what might happen as March is historically a bearish trading month for BTC.

According to Lifchitz, tax season in the U.S. could put bearish pressures on the market as investors may need to “sell some of their holdings to pay for earlier realized capital gains.”

From a bullish perspective, the 20% correction during the second half of February may have signaled an “early start” to the usual March weakness, with the worst of the downturn already transpiring.

Lifchitz said:

“Despite the 20% pullback, we’re still in an upward sloping trend since the October $10K breakout. The big unknown is what the miners will do as they are net sellers. They are the real short-term risk.”

Analysis of Glassnode’s Net Unrealized Profit and Loss (NUPL) metric shows that while both 20% corrections experienced during this cycle have created the “signature sideways and choppy” price action typically seen during bull markets, buyers have been stepping in sooner than they had in previous bull cycles and fewer long-term holders are willing to sell their BTC. 

Bitcoin Entity-adjusted NUPL. Source: glassnode

Steadying yields help to stabilize traditional markets

The traditional financial markets also rallied on Monday as Treasury yields stabilized and optimism related to the COVID-19 vaccine rollout boosted investor sentiment about the future of the global economy.

The S&P 500, Dow and NASDAQ all closed the day in the black, finishing up 2.38%, 1.95% and 3.01% respectively. The strong performance from each index occurred as global central banks world continue to reaffirm commitments to accommodative policies that will support the global economic recovery.

Altcoins also recovered their recent losses as Bitcoin price broke out to $50,000.

Daily cryptocurrency market performance. Source: Coin360

Binance Coin (BNB) was the best performer in the top 10, increasing 21% to $248, while Ethereum (ETH) saw its price rise 9.46% to $1,525. PancakeSwap (CAKE) and Fantom (FTM) both rallied price 36% and currently trade for $12.30 and $0.558 respectively.

The overall cryptocurrency market cap now stands at $1.52 trillion and Bitcoin’s dominance rate is 61%.

Source: https://cointelegraph.com/news/bitcoin-price-hits-50k-after-bullish-outlook-from-citigroup-and-goldman-sachs

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Goldman Sachs Plans to Relaunch Its Cryptocurrency Trading Desk

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Reports on Reuters today revealed that American multinational investment bank, Goldman Sachs, will offer bitcoin futures and non-deliverable forwards on behalf of its clients starting next week.

According to sources familiar with the matter, the move is part of the bank’s effort to take advantage of the fast-growing crypto space, which is gradually becoming an investment of choice for institutional players. 

Notably, the bank is also considering developing a Bitcoin Exchange-Traded Fund (ETF) soon as part of its commitment to fully venture into the industry. 

Based on this regard, the unnamed source noted that Goldman Sachs had already “issued a request for information to explore digital asset custody.” 

Goldman’s First Shot At Crypto

In late 2017, Goldman Sachs became the first Wall Street biggest firm to ever consider offering crypto-related products, as the bank was planning to open a cryptocurrency desk.

At the time, the Wall Street financial institution was working on how to address security challenges associated with the business, as well as how it would custody the assets.

Plans were on the way for the launch slated for late 2018 when reports emerged in September that same year that the bank has chosen not to offer crypto-related investments. 

Sources said that the bank dropped its crypto plans due to the regulatory concerns associated with the industry, with regulators breathing down the neck of most projects. 

The issue of regulatory uncertainty has been the major stumbling block that hindered several institutional players from getting involved with cryptocurrencies. 

Interestingly, there have been clearer regulations in recent times luring institutional investors like Microstrategy and Tesla. 

The entrance of these large corporations has given other institutional investors the greenlight that crypto is safe compared to how it was viewed in 2018. 

Thus it could be the reason Goldman Sach is making plans to restart its cryptocurrency trading desk in earnest.

A Change Of Heart? 

However, Goldman Sachs’ second shot at launching a cryptocurrency trading desk comes less than a year after the bank told its clients during a conference call that bitcoin and cryptocurrencies are not an asset class.

Reports at the time suggested that part of the reason for the call was to discourage its customers from including bitcoin and cryptocurrencies in their portfolio.

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Source: https://cryptopotato.com/goldman-sachs-plans-to-relaunch-its-cryptocurrency-trading-desk/

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Bitcoin Still Has an Uncertain Future: Citibank Analysts

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In a 100-page deep-dive report dubbed “Bitcoin, at the Tipping Point,” Citibank’s global perspectives and solutions team noted that the cryptocurrency could potentially “become the currency of choice for international trade.”

The analysts acknowledged that the massive interest shown by several large institutional investors like Tesla, Microstrategy, and PayPal is one of the major propellants for the digital asset gaining mainstream adoption.

The team further noted that several other factors, including a wide range of digital payment options like stablecoins and Central Bank Digital Currency (CBDC), could also increase the chances of bitcoin adoption for cross-border settlements.

An Uncertain Future

The report also pointed out that a side-by-side comparison of the risks associated with bitcoin and the opportunities it presents makes it very easy to conclude that the digital asset is at a tipping point.

They wrote:

 “There are a host of risks and obstacles that stand in the way of Bitcoin progress… Weighing the potential hurdles against the opportunities leads to the conclusion that Bitcoin is at a tipping point… Bitcoin’s future is thus still uncertain, but developments in the near term are likely to prove decisive as the currency balances at the tipping point of mainstream acceptance or a speculative implosion.”

Bitcoin Going Mainstream Already 

The concluding part of the report quoted the famous philosopher, Schopenhauer, who said,

“All Truths pass through three stages, first it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”

The team states that the positive change in stance on issues about bitcoin by several financial institutions very well prove these words of Schopenhauer, which he said more than 150 years before the bitcoin idea was born.

Several banks had actively shunned bitcoin in the past, arguing that it has no intrinsic value as it is allegedly backed by mere speculations from its proponents.

However, bitcoin’s immense growth has forced its former critics to re-evaluate their stance and join the bitcoin adoption trend. Some of the biggest banks in the world have started offering bitcoin services to their clients.

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Source: https://cryptopotato.com/bitcoin-still-has-an-uncertain-future-citibank-analysts/

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