Blockchain technology is a decentralized digital ledger that records transactions across a network of computers. In the context of recruitment, blockchain is revolutionizing the way that employers and job seekers interact by providing a more secure, transparent, and tamper-proof way of storing and sharing information.
One use of blockchain in recruitment is through the creation of decentralized resumes. With Workwolf, job seekers can create a Digital Work Passport on the blockchain, which will then be visible to potential employers. Because the resume is stored on the blockchain, it will be impossible to alter or fake, giving employers more confidence in the information they are seeing, and streamlining the hiring process.
In addition to this, Workwolf has been leveraging blockchain technology to ensure the authenticity of certifications and degrees, such as academic and employment records, work references, criminal checks, and driver’s licenses.
How blockchain speeds up Recruitment
Workwolf technology uses a network of APIs and certified background checkers to pull authenticated data records directly from over 100,000+ credential issuers. These are the same credential issuers and background checkers that organizations use today to verify applicant backgrounds. The difference is that Workwolf uses Distributed Ledger Technology (blockchain) to democratize the data records and changes the access and control of the information, shifting it from third parties directly to the data owner or professional user.
One of the many benefits of blockchain in recruitment is that it renders the credentials tamper-proof, ensuring that every Digital Work Passport and the data records it contains remains as authentic and trustworthy as the day the credentials were authenticated.
The Workwolf ecosystem is constantly expanding its sources of truth by adding new direct data feeds, which are protected by end-to-end encryption. This allows new users to control data transfer by granting, denying, or revoking access to their Digital Work Passport. The process is managed through the use of IBM’s HyperLedger Fabric technology and a proprietary, patent-pending Permission Ledger. This ensures that the owner of the Digital Work Passport and employers/recruiters can securely and compliantly exchange verified information in real-time in line with international privacy standards.
For those records that need to be verified more than once, such as criminal checks or records of employment, the network tethers users to source verifiers where verified data be retrieved directly by the user and/or activated by employers/recruiters with ‘one-click’ refresh functionality. These features empower Workwolf’s enterprise customers with candidate information that is easier to access, is more accurate, and can be repurposed and improved upon for a professional’s entire career.
The benefits of blockchain to the employment market
Resume inaccuracy or “resume fraud” costs employers more than half a trillion dollars per year. This sizable Total Addressable Market (TAM) is ripe for disruption as many of the solutions being used today date back several decades. To date, there has been no direct authentication technology that can validate employment-centric credentials in real time. The real-world, commercially viable use case of blockchain technology to improve recruitment with improved data accuracy and direct data transfer between candidate and employer is what makes the Digital Work Passport unique within the HR-Tech sector. Additionally, Workwolf’s innovation behind the securitization and data access control via permission ledger can bridge the gap for existing background verification wait times.
The background verifications performed on candidates who have been given a job offer vary depending on the industry, job function, and level of responsibility. However, 80% of employers use the exact same background check criteria for their hires, meaning that once authenticated, little else would be required of a Digital Work Passport user.
With all other technology and service provider options, these verification steps and process latency must be repeated every time a professional moves from one company to the next. The inefficiency and cost of having to duplicate the process is further multiplied when checks must be repeatedly done for contractors who have shorter durations of employment and for the growing Gig-Economy where long-term employment is no longer a function of a traditional career path.
Workwolf users do not have to repeat the process and can maintain their “static” credentials such as academic accomplishments in their Digital Work Passports for easy redeployment. Users can also build upon and improve their reputation score by adding more than 2 references to their Digital Work Passport. “Dynamic” credentials such as Records of Employment, now only need to be authenticated for new job data (1 verification VS. 2) and criminal checks on the Workwolf network, depending on the depth of investigation, can be refreshed within seconds.
Simplify your recruitment process with Workwolf
Workwolf is a company that specializes in blockchain-based human resources technology. In fact, the company won the 2020 Enterprise Blockchain Award for having the most transformative platform and entrepreneurship.
With our advanced system, you can easily verify candidate information and create a pool of trustworthy candidates, making the hiring process more efficient for all parties involved.
Give it a try and start building a pre-verified pool of talent today.