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Blockchain technology consists of "chains" of unchangeable ledgers and is mostly used to manage cryptocurrencies, most notably Bitcoin. So said, a blockchain is a continually increasing list of records called blocks that are connected and secured using cryptography.
It is managed using a peer-to-peer network that follows established communication and block validation standards. It is compelling because it is unchangeable: blocks cannot be changed retroactively without affecting all following blocks, which requires network majority cooperation. However, many blockchains have a wider range of applications than those used only for Bitcoin. Blockchain technology is also a fresh addition to HR's toolbox. While the technology is not new, HR professionals are only now finding its potential uses.
If you call it an exaggeration or spread the truth, many individuals lie on their resume. Unfortunately, for recruiters and hiring managers, the issue is so widespread that it has resulted in poor recruiting in some instances. In the case of resumes, blockchain technology has the potential to eliminate the use of exaggeration. For example, schools may share degrees and educational information, employers can provide dates and titles, and certifying bodies can share information.
Candidates could then allow employers to access their information immediately. While Blockchain cannot ensure that all exaggerations or faults will be identified, it does significantly minimize fraudulent points and assists employers in obtaining the most accurate image of their candidate's credentials before hiring.
Various applications of blockchain data include the following:
Employers can use Blockchain to verify applicants' claims directly from educational institutions. MIT was one of the first colleges to provide a blockchain application last year that directly enabled human resources personnel to validate degree information.
Employers and third-party verification service providers may soon be able to conduct background checks using blockchain technology. In the future, human resources departments may be able to utilize techniques to find great candidates who aren't applying for vacant positions. Blockchain technology's primary objective is to establish trust. It is nothing more than a powerful truth machine that is not owned by any single entity but is freely accessible to its users.
Employers and human resource managers perform pre-employment background checks primarily to confirm that the information supplied by candidates on their job application forms is accurate. This objective can be achieved by using blockchain technology while performing secured background verification on potential candidates.
Although we are yet a year or two away from the widespread implementation of blockchain technology in industries such as recruiting, its potential cannot be denied. The following are some of how Blockchain has changed the landscape of employee background checks.
Individuals may potentially benefit from the blockchain concept. Something along the lines of a digital identity recorded using the blockchain concept allows you to view a history of candidates' history throughout their experience in the workplace.
As you may be aware, the standard background check is far too inefficient and costly. Additionally, it places a burden on candidates who dislike wasting time filling out paperwork. As a result of blockchain technology, substantially less time will be spent calling companies to verify employment histories and less money spent on background check services. Additionally, you will spend more time performing your actual work, matching qualified candidates with suitable positions.
As recruiters pay job boards for access to CVs held in their databases for years, these CVs may be old and do not accurately represent the candidate. They may even be entirely false, as falsifying what is going on in CVs has now become very easy.
Using the blockchain concept, recruiters may create a true database of resumes owned by candidates but validated and accepted by the firms they previously worked for and the colleges they attended. As a result, Hirers will keep track of a candidate's history, and much of the effort formerly spent verifying CVs will be eliminated. As a consequence, no cases of forgery or fraud have occurred. Instead, it is a verified record of the candidate's accomplishments, education, and qualifications.
Candidates will also benefit from blockchain technology since it allows them to apply to positions they know they are genuinely qualified to take part in, especially without worrying that others may apply fake resumes and qualifications.
The transparency in this approach ensures that all applicants have equal opportunities. Thus, it is a win-win situation for both the recruiter and the candidate, who are certain that they have the necessary qualifications and abilities to excel in the role.
While the promise of Blockchain cannot be ignored, like with any technical advance, there is no way to predict how it will impact the companies. What we do know is that we must remain updated with developing technology to ensure the recruitment industry's continued development.
By incorporating blockchain technology into the Background verification process, we effectively establish a decentralized job market with developed capabilities, lowering the average cost and lead time associated with the recruiting process.
As an added benefit, companies may utilize blockchains to securely manage data such as personnel information, salary information, and other critical information about their profile. In addition, the chain eliminates the possibility of human mistakes and produces a reliable and permanent record.
Blockchain technology is currently in the early recruiting phase, but its potential and scope are enormous. Human resource departments might utilize this technology in the future to find great candidates who have not yet applied for their available positions.
Blockchain technology is developing as a viable option, and applications relevant to hiring companies are being developed slowly. In the long term, these applications establish an ecosystem and make blockchain technology a crucial part of the Background verification process.
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