Almost two thirds of CVs contain some kind of white lie, half-truth or outright falsehood. One of the first blockchain applications to make it into commercial operation offers to greatly reduce the time and cost to employers of verifying the credentials of job applicants.
A new and potentially revolutionary application of blockchain technology could have wide-ranging implications for the way employers assess candidates and fill vacancies.
Blockchain is basically a method of recording information on a distributed and encrypted ledger – eliminating the need for trust, or middle-men in many applications. Today it is best known as the breakthrough technology behind virtual currency Bitcoin. But it has implications for any industry which relies on recording, storing and tracking transactions.
This week, APPII launched what it calls the “world’s first blockchain career verification platform” – leveraging blockchain’s function as a “trustless” system to give employers confidence that the candidate sitting in front of him is who he or she say they are.
APPII MD Gary McKay first came across blockchain while working in financial services, and quickly concluded that it had huge implications which reached far beyond his sector.
“I thought – hold on a second – this can be applied to any broker industry where trust is required to exchange value between two parties – so that could be real estate, or recruitment.
“In the case of recruitment, it’s the exchange of a candidate between one party that sources the candidate, and an employer,” McKay tells me.
Source/More: Blockchain-Based CVs Could Change Employment Forever