An online resume-validating network has garnered support from than a dozen board members from companies whose ranks include Aon, Oracle, SAP, UKG, and ZipRecruiter with the aim of reducing the time and cost of vetting job candidates.
The network is part of a trend by governments, schools, and businesses to create verifiable digital IDs — self-sovereign digital identities — that can be used to verify everything from credit worthiness and college diplomas to licenses and business-to-business credentials.
The Velocity Network mainnet, now being piloted internally by corporate members, would enable employers to verify a job candidate’s diplomas, certifications, and work experience almost instantaneously. Employers using HR software can also issue verified credentials to employees, who can then access and share that information through a blockchain-based, online ledger.
A job candidate using the network would essentially be given a digital wallet secured through cryptography via the ledger. They could then choose to offer prospective employers whatever verified information they choose via a public key.
The network was created and is run by the Velocity Network Foundation, a Delaware-based nonprofit whose mission is to allow workers to store and share verifiable educational, licensing, and experience credentials online with job prospects.
“Verifying applicant career records can take days, weeks, if not months, to complete," said Dror Gurevich, founder and CEO of the Velocity Network Foundation. "Hiring methods are severely outdated to the point that one in three Americans have admitted to lying on their resumes, which slows the hiring process immensely.
“There’s literally no easy way of verifying records today other than making phone calls and procuring information from various sources," he said. "And that drives a $17 billion screening services market made up by professional third-party providers. Organizations spend millions of dollars on this. But it’s not the cost that’s the issue. It’s the time it takes; it’s a ball of friction that is the blocker for most of the innovation we need in the job market.”
Continue reading: https://www.computerworld.com/article/3675547/coming-soon-a-resume-validating-blockchain-network-for-job-seekers.html
The network is part of a trend by governments, schools, and businesses to create verifiable digital IDs — self-sovereign digital identities — that can be used to verify everything from credit worthiness and college diplomas to licenses and business-to-business credentials.
The Velocity Network mainnet, now being piloted internally by corporate members, would enable employers to verify a job candidate’s diplomas, certifications, and work experience almost instantaneously. Employers using HR software can also issue verified credentials to employees, who can then access and share that information through a blockchain-based, online ledger.
A job candidate using the network would essentially be given a digital wallet secured through cryptography via the ledger. They could then choose to offer prospective employers whatever verified information they choose via a public key.
The network was created and is run by the Velocity Network Foundation, a Delaware-based nonprofit whose mission is to allow workers to store and share verifiable educational, licensing, and experience credentials online with job prospects.
“Verifying applicant career records can take days, weeks, if not months, to complete," said Dror Gurevich, founder and CEO of the Velocity Network Foundation. "Hiring methods are severely outdated to the point that one in three Americans have admitted to lying on their resumes, which slows the hiring process immensely.
“There’s literally no easy way of verifying records today other than making phone calls and procuring information from various sources," he said. "And that drives a $17 billion screening services market made up by professional third-party providers. Organizations spend millions of dollars on this. But it’s not the cost that’s the issue. It’s the time it takes; it’s a ball of friction that is the blocker for most of the innovation we need in the job market.”
Continue reading: https://www.computerworld.com/article/3675547/coming-soon-a-resume-validating-blockchain-network-for-job-seekers.html
