How Blockchain technology will Reshape the Future of Work

General

The latest pandemic has caused many people to lose their jobs. One thing everyone in the industry can vouch is — it is as incredibly difficult for job seekers as for employers to find the right candidate for the job.

Let’s, for instance, take the case of healthcare workers. How do hospitals verify that a worker hasn’t been infected with COVID-19 during her tenure at the last workplace or even verify that a worker holds the legal rights to work in a healthcare facility? The need for employers to verify credentials fast in the current situation requires a fast-paced process. The current processes are slow and unresponsive to the needs of the employers and workers.

Personal references, for instance, are often unresponsive to the verification calls made by employers, past roles can be unverifiable due to the companies now being non-operational or acquired, and credentials for candidates from other countries are hard to validate. It makes it incredibly challenging for employers to hire and for candidates to get a job.

Blockchain technology here can make a difference by acting as a trusted source of truth for employers and ensure data security for employees’ records.

Fixing the Data Problem

Employers have come a long way in accessing career-related data. However, the challenge is accessing this data. Employee-related data is scattered across a lot of places, which makes it incredibly difficult to access data or is prohibitively expensive due to proprietary restrictions. Blockchain technology has emerged as a solution to this problem.

A decentralized career-related database will make career-related data available to all concerned parties. A blockchain wallet app will allow individuals to connect with credential issuers (employers, schools, trade associations, etc.) to get their career-related data. These credentials are provided and signed by the issuing entity and then the individual can store their credentials on a local device.

Further, the issuer generates a cryptographic proof of validity for the credentials and is stored on the blockchain. Also, individuals can choose where to share credentials with a third party, how the credential can be used, and the time for which a credential can be used. Once an employer is granted access to the blockchain, they can verify the details.

The current process requires job applicants to share resumes with an employer. Then, a long process often expensive confirming past employers, degrees, and references listed on the resume ensues. The process of verifying facts and professional can stretch to weeks or even months. The presence of easily available, temper-proof, verified records, this process can be shortened and hiring can be done much faster.

Revamping the resume supply chain

Data on LinkedIn and other employment-related websites are self-reported. Thus, it lacks accuracy. The presence of a streamlined employment-related data network will make vetting the candidate more effective and identify potential candidates faster.

Career-related credentials data is key to sustaining efficiencies across all employment-related processes: hiring, job matching, internal mobility, learning and development, compensation, benefits, and compliance—all these processes are built around verified people’s career history and credentials data. Further, employers can deploy AI and analytics to match individuals more accurately to suitable roles, recommend learning and development paths, and design talent management activities.

In a nutshell, for both individuals and employers, access to verified career-related data will speed up the hiring process. The application of blockchain technology in the future of work may seem unusual at this time. However, it offers immense potential and prospects for the industry. Blockchain technology not only offers a way to streamline employment-related processes but offer an effective way to look for the right candidates and build efficient teams.

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