There is no denying that blockchain technology has the potential to revolutionize all industries across the business spectrum completely. The most notable revolution of this technology is in the cryptocurrency trade. Crypto trade has made it easy and convenient for investors to verify financial transactions. The crypto-technology safeguards Bitcoin data against malicious tampering in the form of forgery, theft, alterations, deletion, or fabrication.
Blockchain technology has finally proven itself as a reliable data verification tool.
Blockchain has become not only plausible but preferable for the business world to start using to verify employee data before and during hiring processes. According to Kevin Wheeler, founder, and president of Global Learning Resources:
Blockchain is a way to store personal information about candidates or employees in a secure, confidential manner and make it available to anyone with permission from those individuals.
1. Resume verification.
Let’s face it: Many job candidates cheat their way to the job by including falsified information on their resume. There has not existed a reliable means of verifying the accurateness of the claims a candidate makes on the application. The chances of recruitment agencies detecting these falsehoods are devastatingly slim.
Blockchain technology could be a lasting solution to this problem. Think of every claim that you have heard from your own employees. What have your highly valued applicants put forward for your consideration in hiring? What has the applicant gained in education or employment history?
With blockchain technology, it is easy to use technology to verify any claim. The relevant parties, such as educational institutions and former employers, confirm the information. Candidate’s resumes are thus confirmed early in the hiring process, saving you much time. The technology prevents job applicants from ever tampering with the verified information.
Indeed, you don’t have to hire only a Harvard grad — and they may not be your most exceptional choice, anyway. However, someone who is false in their resume But with blockchain security the surety that everyone is who they say they are, employers will have an easy time choosing the right people for different roles.
2. The emergence of smart contracts.
The world currently operates through traditional pen-to-paper contracts. Emloyees sign contracts with employers and then each of the parties keeps hard copies of the agreement. This method isn’t foolproof; dishonest parties tamper with signed contracts all the time. Also, paper contracts are tedious because they require time-consuming filing and documentation processes.
Blockchain technology is now rewriting this script by introducing smart contracts and phasing out paper contracts as we know them. Smart contracts are easy to create and update in real-time as an employee rises through the ranks, changes occur in job descriptions, or as compensation processes change. These adaptations will be possible thanks to blockchain services. Above all, the smart contracts will be hard to tamper with.
According to experts from Globalization Pedia:
Recruitment agencies that haven’t given the idea of smart contracts a serious thought will struggle to cope with future trends.” As much as you could still use the traditional paper contracts today, you should start to familiarize with the revolutionary smart contracts as early as now.
3. Access to verified databases of skilled employees
Every hiring manager wants to hire the perfect candidates. A hiring manager may wish to get someone they would like to train in specific ways. Maybe this will be someone fresh out of university without experience. The hiring may require the most qualified, talented, and prolific employees. Many imperfections exist in the hiring platforms to produce a candidate with precisely the experience you require.
For starters, many employers try to avoid liability issues, so they withhold as much information about their former employees as possible. Most new hires will be quoted as referees by their current and ex-employees. When you call them wanting to discuss the merits and demerits of a candidate, the former employer may refuse to discuss the topic and instead only confirm if and when the applicant worked for them.
“Blockchain technology will attempt to make the hiring process realistic by making verified employees’ databases available for new hire employers. You will be able to find the perfect employee to fill existing gaps in your organization using smaller budgets and less time. You will not even need to call former employees for anything.” say experts of Tactica, a full digital marketing company in New Jersey.
As Stacey Harris, vice president of research and analytics at IT consulting firm Sierra-Cedar, correctly put it:
Blockchain has the potential of helping recruiters verify candidate credentials in a highly secure way and reducing chances of credentials being altered or faked.
Every modern recruitment manager must come up with optimal strategies to leverage the power of blockchain technology. One key strategy would be to create a team of blockchain experts who are dedicated and talented enough to help you integrate technology into your normal operations.