By Nic Paton 2 November 2017.

When it comes to understanding blockchain technology and the potential effect it could have on the delivery and management of employee benefits, the industry is some way off of getting to grips with this emerging technology.

The consensus appears to be that people are aware of blockchain, are aware it could ‘somehow’ be transformational but, as yet, have not quite got their heads around how or where. George Zarkadakis, digital leader at Willis Towers Watson, says: “The technology is already available today, and people are using it. But benefits professionals have not really embraced it yet.”

So, what is blockchain technology? And how might it change employee benefits? Blockchain is best known as the technology that helps to power the Bitcoin digital currency, but its potential application goes much further than that. PWC defined it in its report, How blockchain technology could impact HR and the world of work, published in July 2017, as ‘a distributed ledger that allows value to be exchanged securely, transparently and without risk of tampering’.

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