Blockchain technology will bring a data custody shift to payroll, placing employees’ data in their own hands instead of those of the employer, two payroll industry veterans predicted during Friday’s Closing General Session of Congress Xstream.
In “A Thought-Provoking Journey Into the Future of Payroll,” Linda Obertin, CPP, and Dimitris Papageorgiou revealed how this paradigm shift is approaching quickly.
“Technologies to some that feel like science fiction are already coming to payroll, and faster than you think,” said Obertin, Director of Shared Services for DXC Technology.
Papageorgiou, Managing Director at Accenture, explained that today, employers are the stewards of employee data.
With blockchain in HR and payroll, “we believe that we can shift that paradigm of data ownership from the employer to the employee,” he said. “You, and only you, will be the key to that data. You will authorize an employer to have access to that, and that employer will have use of that data for the duration of your employment.”
Euromoney.com defines blockchain as a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
The presenters said blockchain technology in payroll will ease the burden on payroll departments because they will no longer be responsible for protecting employee data because employees will own their own data.
“Blockchain is so powerful that we’re yet to even understand the impacts of the ability it will bring to us in the payroll organization,” Obertin said, adding, “This is our future. We as payroll professionals need to understand what is coming and be prepared. It will be here before we know it, and creating awareness is always the first step.”
Marcela McCarthy, CPP, appreciated the peek into the future, writing, "This is all amazing, makes us really think of our new world will look like."
And Past President Lois Fried, CPP, added, "WOW…Great session Linda and Dimitris! Thank you for making this topic much easier to understand about Blockchain technology and how it will be a part of our future in payroll!"