Blockchain technology is primarily used to hold and transfer cryptocurrencies without involving a central authority or entity. It maintains a distributed, digital ledger where all transactions are recorded. It helps to make the purchase of goods and services more transparent and does away with delays due to logging transactions. As a result, it is touted as the latest technology that can help organisations save money.
It may come as a surprise to learn that blockchain can be used in the realm of recruitment. When you add code on top of a blockchain platform, you can create a smart contract. This contract executes actions within the blockchain when the specified conditions are fulfilled. This means it can be used to automate numerous workflows without human intervention. Basically, blockchain applications with smart contracts can be used to revolutionise the recruitment process.
An organisation usually performs a background check on selected candidates. However, this process is slow and expensive. It can also be tedious for candidates, who have to manually fill out forms to begin the verification process.
Blockchain has the potential to make candidate background checks quick and cost-effective. It can be applied to people in the sense that the digital ID of the individual can be tracked. As a result, organisations will be able to access the professional history of a candidate, right from their school days to work experience. So, verification of education and work experience can be achieved seamlessly. This allows HR professionals to focus on finding the right candidate for each role.
Recruiters often have to spend money, time and effort on job boards to get access to CV databases. These databases usually do not have up-to-date CVs of prospective candidates and recruiters are unsure which CVs are falsified or exaggerated. As a result, it is tedious for recruiters to scour through them to find candidates. Even then, applicants without the right qualifications might still slip through cracks.
These issues can be avoided with blockchain technology. Recruiters will be able to access genuine databases which are owned by the candidates themselves. The difference here is that their qualifications, accomplishments and achievements will be verified by companies they worked for and the schools and universities they attended. This will make it easy for recruitment professionals to validate CVs by gaining access to every candidate’s history, eliminating the possibility of falsification.
Increased candidate confidence
Just like recruiters, candidates can also benefit from the implementation of blockchain technology. They will be able to apply for procurement jobs or any other role they are qualified for with ease. What’s more, candidates will not have to worry that another candidate will apply for the same job with fraudulent résumés and qualifications. This will increase candidate confidence and motivate them to find the right role.
Blockchain can make the recruitment process transparent while leveling the playing field. As a result, recruiters can get access to the most capable candidate while applicants with the right credentials will have better chances of being hired.
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