Bitcoin has been grabbing headlines, and the technology behind it, known as blockchain, remains very new. But that technology could have an effect on staffing — even allowing for autonomous, decentralized staffing firms. Some also say blockchain could make résumé exaggerations a thing of the past as well.

To help find out what it means, Staffing Industry Analysts takes a look at blockchain in a new report, “The Impact of Blockchain in Talent Acquisition.”

And while blockchain may still be too complex for mainstream adoption — and there are concerns over integration as well — the right business model may bring in a new wave of disruption, even to businesses currently considered disrupters themselves. For example, Arcade City offers a blockchain-based platform that would compete with Uber.

“Blockchain is best known as the technology underpinning cryptocurrencies, but it provides a way of securely and efficiently transferring any asset via the internet, not just money,” said John Nurthen, executive director of global research for Staffing Industry Analysts and co-author of the report. “This is why it has far more profound implications than most people realize, especially in the way it can disrupt supply chains. All staffing executives should take the opportunity to inform themselves about this important development.”

Just what is blockchain? The report describes it as “a distributed, decentralized ledger technology that allows users to authenticate information, determine ownership, transfer assets, and create contracts without the aid of a governing intermediary.”

Blockchain creates “blocks” of transactions that are chained to every other block making it impossible to change a record without changing every subsequent record as well. Blockchains are stored on numerous computers, making it even more difficult to change records.

The technology was invented by an anonymous figure called “Satoshi Nakamoto” in 2009.

Uses for staffing might be the creation of work histories that cannot be changed. A blockchain system might also be set up to allow job seekers to upload their work information in one place and have it accessed by numerous staffing agencies rather than applying individually at each agency.

However, the technology remains in its infancy, and skepticism remains.

SIA’s report looks at several new firms that have used blockchain to develop talent acquisition solutions, although only one is currently in operation: Ethlance, a job market platform that uses only cryptocurrencies for payment. Others are still in development, such as GigEcoin, which is putting together an autonomous gig economy booking platform.

The full report is available to corporate members of Staffing Industry Analysts.