Walkout commentary: As people deepen understanding of the blockchain, more and more people realize that the role of the technology is far more than limited to the financial sector. For example, hiring is also a department where it can play a role to improve. The technology's powerful verification capabilities help employers verify candidate identities and information, potentially saving them time and money on hiring, benefiting both employers and candidates.
Another transformative new application of blockchain technology may have a wide range of implications on the way employers evaluate candidates and recruit staff.
Blockchain is essentially a way to record information on distributed, encrypted books - eliminating the trust or middleman's role for third parties in many applications. Today, it is known as the breakthrough technology behind virtual currency bitcoin. But it actually affects any industry that records, stores, and trades deals.
This week, APPII introduced the "World's First Blockchain Proofing Platform" - using a blockchain feature to build a "de-trust" system that enables employers to understand whether the information given by the candidates in front of them is real.
Gary McKay, general manager of APPII, encountered the blockchain for the first time in the financial services industry and soon came to a conclusion that the impact of this technology went far beyond his area.
McKay said:
I think this can be used in any brokerage industry that needs to trust to exchange the value of both, so real estate or the hiring industry is possible, for example, as a candidate exchange between the candidate's finder and the employer.
The APPII platform allows candidates to create "smart files" - to record the details of a professional achievement or educational certification on a distributed ledger, which can be verified and saved permanently.
The platform then allows organizations such as businesses or educational institutions to verify the "statements" in the candidate's application. When the statement is confirmed, records can be made on the candidate's file and there is no need to check again.
It also uses face recognition technology to validate the identity of candidates, asking them to take pictures using mobile applications and compare them with photos on official IDs such as passports.
McKay said:
In high-risk industries employers have to do due diligence and if you're going to invest your money in the financial services industry to invest, you certainly do not want that person to get the job through resume fraud. The same is true for nurses.
In the public sector and in the financial services industry, it typically takes four to six weeks to review identity and resume information, so simplifying this process clearly has significant benefits.The system also has a clear purpose in the increasingly global job market. Candidates now have the opportunity to search for jobs elsewhere online with information from others. This will also save costs for IT and other fields as some professionals sign new contracts three to four times a year.
Technojobs users now have access to this system to meet the search for candidates for IT and technology jobs.
McKay emphasizes that this platform not only benefits employers but also benefits candidates - ensuring that employers evaluate them based on their merits rather than their resume style or template. Of course, this also provides a fair competitive environment for one-third of the honest people and exposes the other two-thirds who exaggerate or fictitiously.
McKay said:
This makes candidates more likely to be hired because they can use the blockchain to validate their careers and gain people's trust, which benefits employers by reducing the time and cost of finding talent.
Technojobs director Anthony Sherick said:
From an employer's point of view, they often have to spend a lot of time hiring someone and may fail - which is a waste of time because they typically check the certificate at the end of the hiring process. With this new approach, Save a lot of time and cost, they are also assured of the authenticity and quality of the information.
The company plans to perfect its service next year, including rewarding employers and candidates. They send the token to the organization that validates the statement, as well as the candidate submitting their resume for verification. According to the plan, these tokens will be used to redeem classes and education.
It is naturally exciting to see the blockchain getting applied in this innovative way and realizing what we could not do before. The concept of distributed cryptography has a significant impact in the financial arena - many believe it can replace many of the bank's traditional functions. But beyond that, I believe it can be used effectively and innovatively in any function that involves recording, verifying and tracking data.
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