The concept of an online resume isn’t exactly new. Jobseekers have been posting their resumes, portfolios, and professional profiles online ever since the dawn of the internet. However, given the increasing reliance on remote workers, the amount of online resumes is steadily growing.
While this gives employers plenty of options to choose from, they often struggle with verifying the credentials of potential candidates. The process can take several weeks and, in some cases, months – often leaving jobseekers in the dark and resulting in lost productivity for the employer in the meantime. But the solution might be found in a surprising place.
Modern cryptocurrency relies on the blockchain as a digital ledger to track assets and record transactions. But what if this same technology could be used to verify the credentials of prospective new employees?
It’s a question that some companies have already begun to answer. The blockchain is already being used for this purpose to screen and validate candidates on a few online job boards, but their reach is relatively limited. However, a new campaign hopes to change all of that – and they already have the support of some pretty big names.
Enter The Velocity Network Foundation'
The Velocity Network Foundation is dedicated on creating and deploying the Internet of Careers – and they hope to achieve that, at least in part, through blockchain technology. Owned and operated by the Velocity Network Foundation, a non-profit membership organization, the Velocity Network wants to make it possible to verify and validate diplomas, certifications, and even on-the-job experience through the blockchain.
Dror Gurevich, CEO and founder of the Velocity Network Foundation, was recently quoted in an interview as saying: “There’s literally no easy way of verifying records today other than making phone calls and procuring information from various sources.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.”
How it Works
The process is simple. Jobseekers are issued a digital wallet that stores their credentials. Users will be required to contact individual issuers in order to claim their validated credentials, which are signed by the issuer and deposited directly into the user’s wallet. From there, the user can share these credentials – via public key – to any prospective employer.
Although the process is admittedly easier said than done, the current system already supports 25 different credential types – including identification, driver’s licenses, certifications, academic diplomas, and more. Many big names are already backing the Velocity Network, including Oracle, ZipRecruiter, and more. The platform is also being used for internal testing purposes with SAP.
The Future of Blockchain-Based Resumes
While it may be a novel concept, early tests are promising. It’s based on Web3, which is also in its earliest stages, so we’ll likely see a lot more developments in the coming months and years.
Storing Your Professional Credentials on the Blockchain
No comments yet. Sign in to add the first!