Distributed ledger technology (DLT), more commonly called “blockchain”, has captured the imaginations of many industries and leading organizations. Blockchain is a cryptographically secure, shared advanced technology that enterprises can use in order to
digitally track the ownership of transactions across trust boundaries, opening up new opportunities for cross-organizational collaboration and imaginative new business models.
TeleWork is transforming many industries and jobs. The single largest demographic in the US labor force is millennials, who have very different expectations regarding the flexibility an employer should offer to their employees. With most of the American workforce now spending much, or all, of their time working from home, organizations are beginning to recognize the benefits of a home-based workforce.
"Permissioned" Blockchain (DLT) solutions address many of the previous workplace security, transparency and productivity issues.
Each solution is customized irrespective of size, industry, and type (public, private) of organization.
Employers are predominantly offering health insurance and benefits through many different and disparate business provider ecosystems. These employee benefits include medical (TeleHealth), dental, vision, insurance, "digital" employee assistance programs (EAP), health savings accounts (HSA), and various types of retirement plans such as 401(k). In addition, there are third party aggregators, administrators and brokers providing a variety of optional benefits and employee assistance programs designed to provide employees with other services such as financial wellness, college planning, legal services, and others.
"Permissioned" Blockchain (DLT) solutions save transactional processing time (from days to instantaneous), reduce employee risk (cyber fraud) and increase trust (associated with multiple external provider processes and recordkeeping platforms).
Blockchain (DLT) technology is poised to completely upend the retirement market and the way plan sponsors (employers), plan participants (employees) and providers (third-party administrators) do business. Blockchain technology, while emerging among many defined-contribution plans, promises to boost cyber & data security, increase efficiency (thus decreasing retirement plan costs) and improving data sharing between retirement ecosystems participants.
AI allows for employee retirement plan or financial wellness transactions to be shaped based on each individual preferences with respect to investments, mutual fund options and allocation percentages as well as selected financial professional.
A new Digital Workplace is being constructed. The opportunities are limitless.
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