Blockchain and The Recruitment Industry
Besides finding the right candidate, another major challenge faced by recruitment personnel all around the globe is to check references of the current candidates and verify their past educational and employment records.
In fact, this job is so tedious, that there is an entire industry, known as background verification industry (a.k.a. background screening industry) which works entirely for resolving this purpose. Moreover, it’s a more than 2 billion dollar industry and that too in the USA alone!
Now, imagine if the entire history of a candidate, right from their high school to undergraduate, to postgraduate, to the first job, first reference, the second job etc. is captured in an immutable distributed shared ledger that can be queried instantly to ascertain the veracity of any claim that the candidate makes. This could solve all the hassle… right?
That is exactly what Blockchain Technology is able to achieve.
Each of the candidate’s “transition” from one degree to another (or from one job to another) can be captured as a transaction. The companies/colleges can then digitally sign these transactions and thus, confirm them forever. These transactions are then stored in an immutable ledger. And this ledger can then be read by all participating institutions.
Thus, the next time a candidate’s verification is to be done, all that is needed is to query the ledger and then trace the history of all the transactions related to that candidate’s key.
This also eliminates the need to have a resume altogether. Your entire resume can just be read (along with all the references and validation) at the click of a mouse.
Quite revolutionary, isn’t it?
This is exactly what Techracers has developed in order to offer unique security in the industries of education and training institutes. But that’s not the limit. This model can very easily scale up to encompass all the other industries out there too.
Still wondering how blockchain can help your business? Get in touch with our experts now!
Originally published at Techracers | Fintech | Fantasy Sports Application Development.