ShiftPixy Inc (NASDAQ:PIXY) announced today that the Company is advancing blockchain technology in its ecosystem. ShiftPixy CEO Scott Absher believes it is one of the most efficient tools available to help the company protect its data from cyber interference. Any data considered to be a human capital validation point or part of the hiring and onboarding process is being utilized and recorded in ShiftPixy’s blockchain ledger.
ShiftPixy shares reacted to the news, skyrocketing nearly 60% to $4.12 as of this writing.
ShiftPixy is a prime use case for implementing a private, centralized blockchain due to the security and privacy of the data that a blockchain affords. In business, human capital transactions contain some of the most crucial and sensitive personal information-namely, everything contained in the personnel records for an individual (including social security number, date of birth, driver’s license or passport details, bank account information, tax form elections, and more). Any data considered to be a human capital validation point or part of the hiring and onboarding process is being utilized and recorded in ShiftPixy’s blockchain ledger. The employee I-9 verification process, for example-one of the most stringent, rigorous, and penalty-laden compliance procedures-is positively impacted by blockchain utilization of biometric authentication and automatic verification of I-9 data, removing human error in the process of screening for fraudulent information.
The security and ability for auditing transparency afforded by the integrated blockchain technology is paramount to protecting both the employee and the ShiftPixy job providers in the ShiftPixy ecosystem. Verification of that data on the blockchain allows both employers and auditing agencies to confidently validate additional criteria such as employment dates, and a candidate’s background (i.e. education, references, certifications, etc.), and share the verification status directly on multiple distributed sources within the blockchain, further underscoring the trust and accuracy of a candidate’s information and corporate compliance. Added benefits for data integrity include allowing employees and shift workers to rate experiences at a workplace-also recorded in the blockchain’s transparent ledger, which gives the peace of mind that the review or rating cannot be tampered with (i.e. neither shifters nor companies can pay to change or remove unfavorable ratings). Future implementation of blockchain technology within ShiftPixy’s technological ecosystem include the extended applications for payroll and real-time payments, and utilizing smart contracts for employment contracts, which facilitate the performance of credible, trackable, and irreversible transactions without third parties.