Blockchain Technology- The Future of Recruiting Great Talent
Nov 14, 2017 Posted / 1621 Views
Originally, the Blockchain technology came to life as a perfect bookkeeping for the Bitcoin currency; this transparent, distributed ledger was utilized to track and manage every transaction. For Bitcoin, once a transaction is accepted and verified, it is then stored in the Blockchain ledger as an encrypted code of hash function- an exclusive digital fingerprint of every transaction. Thereby, the data recorded on the Blockchain ledger is utterly safe and secure, and the Blockchain data cannot be manipulated or tampered by even the most experienced and talented hacker on the block.
The transparency, simplicity, and flexibility of this digital ledger technology have backed the Blockchain to reach every home by becoming the backbone of the Internet. Eddy Travia, an eminent Blockchain investor believe that the Blockchain technology has a bright prospect, owing to its immense potential to be embedded into different kind of technologies.
It was only two or three years back, we were discussing the potential Blockchain applications, but, now we see this technology is implemented in different spheres. To name one of its unique application, a US based company has recently developed a Blockchain system for the better record keeping in the Mortgage industry. Like, when you file a loan application to the bank, they may be using this technology to track and store all your critical personal data, but, you might never know about it. In fact, almost every major bank is working on this technology to enhance safety and security of their data. The Blockchain technology is smooth and fast, plus, minuses the possible human errors, thus, saving banks from billions of dollars. Other financial institutions are also considering Blockchain technology for the trading application, thanks to its smart contracts feature.
Finding great talent is a thankless job of HRs across the globe, working endlessly to power the corporate world with people, who have in them to take the industry to the next level. But, the blockchain technology has come to the rescue of the HR departments giving them the power of technology to recruit right flocks for the appropriate jobs. Though, we are at least five years away from seeing the mass embracing of the Blockchain technology in the HR recruitment system, the experts globally are already highlighting its perks.
Will the Blockchain technology put an end to traditional CVs? This is what a recent news has to say-, Technojobs, a popular job site has declared the implementation of world’s first ever Blockchain based career verification platform, APPI. It will help both HRs and candidates to find the right match in line with requirements and qualifications.
A Blockchain is public, distributed ledger, which, in this particular application will be utilized to verify the candidature of every candidate, without viewing his or her CV. This system will validate every inch of detail, right from academic qualification, training top professional experience, to ensure its credibility. The above announcement is significant to take the recruitment industry forward in the direction of trust and authenticity while making sure the ever minute information presented to the employers is correct.
Biometric ID verification to ensure the right candidate reach the interview venue.Standard professional profiles will lower the worth of CVs.The QR codes exclusive for every candidate will keep a tab on his or her continued professional development, workplace experience, training, and education.
This technology promise correct information presented by every candidate.
Speed up the process of referencing recruitment for better management of data. The information of the blockchain cannot be deleted or even modified. Lastly, enhance the security aspect.
It is not baffling to know how the Blockchain technology will ensure correctness of a candidate’s data- his or her education, experience, and training. All these immutable to draw companies towards adapting Blockchain technology.
The cost associated with the traditional verification of every candidate’s data is quite high, that’s where Blockchain come into play. So, now the HR officers don't have to blindly trust the words of the candidates.
Some years ago, a candidate may have done his or her graduation from different universities and worked with a number of organisations. At that time, many cloud-based firms were offering CV details verification system. Even then, verifying an employee's background was time-consuming and pricey.
From the above, it's a no-brainer to say that Blockchain technology is the way forward for the recruitment industry for its transparency and betterment.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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