Home Latest News Data Analysis Why and How is Blockchain Transforming the Recruitment Industry?

Why and How is Blockchain Transforming the Recruitment Industry?

Blockchain is set to disrupt so many industries that its contribution could entirely revolutionize how we operate and see things. 

It is without a doubt one of the most revolutionary technologies in recent times. Because of its capacity to track transactions without a central authority, Bitcoin, Blockchain virtual currency, propelled the technology into the mainstream.

In an age when trust is highly valued, Blockchain is extremely enticing due to its capacity to validate, authenticate, and safeguard information.

“This is a significant advance over what was previously operating, particularly in the recruiting industry, where a simple verification process can take weeks and is repeated when applying for a new job, putting a strain on both the candidate and the organization attempting to employ.”

How might Blockchain be applied in the recruitment industry?

To appreciate how Blockchain may help in the recruitment sector, you must first grasp how it works. Let us explain how it works in simple terms.

Blockchain is a public digital database that leaves a trail of confirmed facts, ranging from documents to money. Each transaction, as well as the details associated with it, is validated.

Anyone with access to the ledger receives the information, and tampering with it is impossible because each block of information references the block before it.

“As a result, businesses such as finance, insurance, and manufacturing are eager to get their hands dirty with Blockchain since it offers previously unheard-of privacy and security standards.”

What impact is Blockchain having on the recruitment industry?

A significant portion of the hiring process entails approving the candidates’ documents, credentials, and other information to the potential employer.

This process is typically handled by the HR department or outsourced to a third party who verifies the information using various methods.

The fact that candidates these days will have worked with various companies and will have had a wide range of experiences, both personal and professional, makes it much more difficult to track and validate the information provided.

Because Human Resources is a data-intensive activity, Blockchain would discover new ways to serve this domain because data in this domain is tamper-proof.

Background verification

The current background verification method is human, time and research-intensive, and can be a demanding process for the candidate and the firm.

When Blockchain is used in this procedure, all of the candidate’s records, including academic certifications, ID proofs, employment history, salary slips, and other information, are saved in a secure platform.

“When the necessity arises, the candidate can provide this information to potential employers. This eliminates the need for third-party verification services, which will simply increase recruitment costs, and saves a ton of time by eliminating the need to repeat the entire procedure.”

This eliminates the need to go after prior employers, educational institutions, and so on and minimizes the need to go after previous employers, educational institutions, etc.

Onboarding should be as simple as possible

When a corporation uses blockchain to validate a candidate’s educational background, income proof, age proof, job details, and so on, it ensures a simple on-boarding of applicants into the company fold without requiring an extensive set of procedures.

Decentralized hiring

Recruiting usually works in this manner: they employ a freelancer or a recruiting business whose duty is to source prospects and gather information on candidates that match the skill sets required for the job.

“When Blockchain is added to the mix, it becomes much more efficient. Consider a Blockchain-based recruitment marketplace that rewards users with points for each action they perform. Points might be gained for introducing friends, adding information about a group of people with a certain skill set, discussing job openings, and so on.”

Because participants benefit from this, they are much more engaged, companies gain access to a large talent pool, and compensated recruiters. It is a win-win situation for all parties.

Saving time in the hiring process

The entire recruitment process, including candidate onboarding, becomes extraordinarily rapid with the drastic reduction in reference requirements, thanks to the public digital ledger that pre-validates information (read Blockchain).

“The availability of a higher-quality talent pool in the market is facilitated by blockchain, which provides authenticated material. Because Blockchain cannot be tampered with, using technology in the recruiting market ensures that businesses’ information throughout the application process or any other stage is always correct. This greatly expedites the process, making it simple to sift through a large number of applications in search of your ‘purple squirrel!'”

Recruiting is a time-consuming and challenging process that involves numerous parties and truckloads of data. 

The possibilities in the recruiting area are limitless with the help of Blockchain technology, which will eventually aid in the creation of a professional and efficient system that benefits both candidates and recruiters. 

Blockchain is more than just a data ledger; it has the potential to be a game-changer in the field of recruitment, and its use will only grow in the coming days.

Source: SpringWork

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About Skyhigh.Vip  

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Flexgigzz is the Asia leading marketplace for freelancers service and together with SOHO Learning Hub which is an online platform for short courses and both of them aims to be the number one provider in Asia. For growth industries such as E-Sport Authority which is dedicated to providing independent media coverage to all E-Sport News related from around the world and for the art world, there is Atelier Auction which is an investable art auctioneer and being in the art scene for decades.

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