It is becoming increasingly clear that blockchains are one of the most incredible innovations that are being developed in the recent years. Their disruptive power is being compared to that of the Internet. Being a nascent technology, companies are only starting to develop applications and services based on blockchains and we are beginning to see some of the first game-changing use cases.
A blockchain is, in the simplest of terms, a time-stamped append only ledger that is replicated by a cluster of nodes which are not owned by a single entity. Each of the subsequent blocks of data are bound to each-other using cryptographic principles, via a consenting protocol, and that leads to the chain being secure and tamper resistant.
As we know, solving problems with this technology goes far beyond the financial industry. For instance, one common problem that plagues companies during the hiring process is that they need to verify the candidates that they receive. When a large company receives thousands of job applications, it is only natural that a percentage of those might have inaccurate information – if such a candidate is hired, it can cause trouble for the company later on. The process of verification is quite fragmented and contains multiple parts, such as address checks, employment checks, education checks and criminal checks. Each one of these verifications are essential and have to be carried out with the utmost of care. Up until this point, these verifications are viewed as a one of those time, money, and labour intensive processes that companies cannot avoid, falling into that unfortunate category of a simple cost of doing business.
How can the blockchain be used in solving this problem? Blockchains can be completely tamper-proof. This means that any data entered onto a blockchain may not be altered or removed, even by the person who put it there in the first place. Hence, any data that is attested on a well-architected blockchain can be trusted to be accurate. This will aid in weeding out fake job profiles, or even negate the possibility of them existing.
If digital certificates attesting educational qualification, employment, skill proficiency, or any critical information are issued or stored on the blockchain, companies do not need to spend additional time or money on verification – this previously tedious process is now reduced to simply opening an app or website and checking to see if the data is verified. This is game changing – it has the potential to completely disrupt the hiring industry and save millions of dollars and thousands of man-hours for companies every year.
Even though we know that blockchain technology is going to revolutionize almost every aspect of our online lives, it is only with ideation and implementation that we get a glimpse of how it can be applied to a wide variety of use cases. Employment verification is one such industry where we can see the direct applications of blockchain innovation. With the right creative mindset and the right support companies leveraging this technology have the ability to change the world as we know it.
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