Decentralized economy refers to a channel or layout where resources are evenly delegated and distributed across every chain. In a nutshell, it can be referred to as a system where funds (money in & out) are evenly distributed, widely available to everyone and open source.
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OptriSpace Team
Since the birth of the Internet, it has been widely recognized that we are increasingly moving into a global digital world.
The adoption of technology has increased rapidly, from simple communication to the concept of social media, money storage, hiring, recruiting and task completion. A prominent example of this is that many people are now working from home or even hybrid (in the office and at home).
Decentralized finance projects are popping up every day, with many developers collaborating with their developer friends to co-create something they value. Public companies that see the potential to increase exposure to these ecosystems build their ecosystems on trusted, immutable ledgers. They keep records of sales data, payment vouchers, basic items, inventory, employee data and sensitive internal information to the distributed ledger network.
This has now brought simplicity and even chances to hiring and recruiting as application for tasks is no longer limited to location, paperwork, middlemen, managers, third parties as all transactions are open and powered by smart contracts (a case study of OptriSpace).
Did you know that employers and employees can bond without knowing each other?
Employers start posting jobs through smart contracts that deduct money until the job is completed. This modern technology allows employers to have their cake and eat their cake without middlemen. This idea becomes even more interesting as it is safe, accessible to all and easy to use. The utility of smart contracts is beginning to exceed many people’s wildest imaginations. Employers can post jobs through smart contracts and deduct payments until both the employee and the employer agree that the job was satisfactorily completed.
Wouldn’t it be great if you could complete a task and get paid instantly?
In the current job market, employers often have to wait until they receive payments from clients before paying employees. There are some downsides to this approach, but we can do so much more now with instant cash flow. Paying out immediately upon mutual fulfillment of an order cannot be underestimated as it helps address the fraud problem that employers and employees alike are grappling with today.
But why does this matter in the context of a decentralized economy?
One of the biggest problems in recent and modern history has been attacks by outside actors on critical parts of noble companies like Google, Amazon, eBay, personal identities, freelancing website, government utilities, and many other digital infrastructures.
These organizations store their information in centralized databases with single points of failure. Security solutions try to stay one step ahead of hackers, but it is impossible to anticipate the creativity of how to exploit vulnerabilities. However, distributed storage solutions, where pieces of data are stored on the network, storing of data, payment vouchers, contact details on smart contract or a decentralized autonomous system are impossible to assemble without seed phrase or a private key which makes decentralization more secure and safe.
How can we have a channel of hiring and recruiting with no restriction/barrier?
Then, decentralized economy and blockchain might be just what we’re looking for! Imagine a case of location barrier or movement restriction such as during the COVID-19 pandemic lockdown of recent years, decentralized economy have brought hiring and recruiting into freedom from location barrier or movement restriction. We all feel more bound than ever by society’s standards and demands. Decentralized economy offers people an unprecedented level of freedom that was unimaginable before its invention; freedom from tyranny, greed, economic slavery, middlemen, identity exposure (no need to worry about your personal information being hacked) etc.
Challenges associated with hiring in a decentralized economy
These decentralized hiring trends seem to be part of the bright future of the internet we’ve all been waiting for. Of course, there is no rose without thorns. There are a number of documented report that suggest to us that decentralized hiring might not be the prettier version that internet claim. In fact, many user commentators say some of the claims about the decentralized space are speculative at best and downright unrealistic at worst.
Candidates can hold multiple full-time positions, which can reduce their commitment to the growth of one company. It can also cause serious problems for early-stage startups that need highly engaged employees to grow. Also, a recruiter whose compensation model relies on cryptocurrency as the only method of payment may discriminate against job candidates who do not want to deal with crypto. It also affects job seekers in countries where cryptocurrencies are banned.
In a decentralized economy, retaining employees will become more difficult, as employees are actively looking out for greater incentive so as to jump ship to companies with more attractive offers. Candidates and companies with differing views on privacy may be reluctant to post their entire careers on the blockchain.
However, the future of hiring and recruiting in a decentralized economy is still under development, as the infrastructure and tools that facilitate remote shift work become more accessible and affordable for all, we will see greater economic impact and sustainability, a more even income distribution, and a better quality of life.
Conclusion
The major uniqueness is that hiring and recruitment is now soft, many people are now working from home more, if not permanently. It has a lot to do with the advancement of technology and how it makes our lives easier and saves time when commuting or traveling.
Remote work is becoming more popular every day as technology becomes faster and better than ever. As the reach of digital technology continues to grow exponentially, it’s safe to say that decentralized work will soon become a necessity, not a one-off, for entrepreneurs who want their employees to be busy but still live nearby or spend time with their families. There are great benefits to working from home, but many people are also concerned about the repercussions.
Will robots take over our jobs? Do we need to worry about virtual worlds completely replacing reality?
Changes in technology and recruiting automation will have a significant impact on how we recruit. We must be prepared to witness and embrace the future of recruitment. If you don’t grow, adapt and evolve as an organization, you lose the game. It is said that there is no great vision without great people. Focusing on the future of recruitment is the door to great talent. You must master it to win in the market.
Author: Moses Morakinyo
- Discord: Morakinyo#2089
- Twitter: @Morakinyo2089
- Telegram: @oprom
- E-mail: [email protected]
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