April 2, 2018
Not surprisingly, cryptocurrency and blockchain technology is taking the center stage in our hyperconnected and digitalized world. Just in the last few months, there have been a great amount of stories and developments indicating that people are ready to use blockchain technology for business applications beyond payments. And one of these incredible utilization is finding better employees for our business.
As we all know, high – quality talents are backbone of every companies and organizations, which can significantly contribute to its success. As the job market is becoming more competitive and the available skills grow more diverse, every business must speed up in the technology race to survive in this fast-changing world. Let’s look at some typical achievements that blockchain has contributed to this industry.
With the help of Blockchain, recruiters, headhunters and prospective companies are now able to verify the candidate’s CV and confirm whether the applicant does indeed have a degree, professional qualification, and position at a relevant sector company. Therefore, time involved with checking and verifying candidate’s professional and academic history of candidates’ CVs is significantly eliminated.
The increased transparency of blockchain verified credentials is critical in helping reduce inefficiencies on both sides of the application process.
However, blockchain isn’t just the wonderful tool for recruiters and hiring businesses though. To some expect, applicants also reap the benefits thanks to this technology, as it enables them to apply to roles knowing they are indeed qualified for the vacancy, and more importantly without worrying that their competitors might be applying with counterfeit resumes and qualifications.
The transparency within this system ensures a level playing field for all candidates. So it’s in many ways a win-win for both the recruiter, who is getting the most ideal and qualified candidates, but also the candidate, who is confident that they have the right credentials and skills to excel in the role.
Blockchain Technology for Credentials
The University of Melbourne, in Australia, is one of the first universities in the world to use blockchain technology as part of their credential process, according to the Australian Financial Review. There are between five and 10 other universities in the world who are using this technology as well. (3)
On top of that, some professional organizations are looking into using blockchain to provide information about credentials.
The Australian Financial Review reports that the University of Melbourne is using a system called Blockcerts. This system is one developed by a company in the United States, Learning Machine. The company is partnering with MIT to make it happen.
The idea is to create a system that tracks someone’s certifications and credentials on the distributed ledger that is blockchain. In this case, the blockchain system used is Bitcoin. It’s not about money changing hands, though. It’s about using the blockchain infrastructure to store and share data.
With this type of system, it’s possible for employers and others to see someone’s credentials quickly and easily — in a system that is pretty much tamper-proof.
After all, with blockchain technology, finding the missing pieces for your company is no longer a challenging mission. Blockchain technology will allow us to check and verify identities in the shortest time, therefore, excellent candidates can be easily filtered and the fake ones will be automatically eliminated. It means that, thanks to blockchain technology, both recruiters and candidates now can be absolutely confident in their decisions as well as qualifications. And in the end, companies and organizations will get their perfectly-matched pieces, which later would contributed to their success.
Infinity Blockchain Labs is a visionary R&D company engaged in intermediary and RegTech services employing blockchain technology. We focus on forming alliances with established businesses and regulatory institutions across various industries, as well as providing collaborative incubation for early stage blockchain projects.
IBL aspires to empower Vietnam to become a global leader in blockchain development and therefore are committed to sharing information to nurture a passionate, educated blockchain community. One of the ways we maintain our role as ecosystem pioneer is by helping create educated blockchain enthusiasts. We are committed to sharing information and resources to help Vietnam become a blockchain hub through conferences, courses, contests, alliances, workshops, speaking engagements and incubations. Information regarding topics like blockchain in recruitment helps people become more familiar with key blockchain concepts and thus able to adopt the technology.
LinkedIn: Infinity Blockchain Labs