The future is blockchain: start recruiting experts now

The fourth industrial revolution is taking technology (and us along with it) in directions we couldn’t have conceived even a decade ago. Driving us down a new unexplored path: blockchain.  If you haven’t heard of the term, you will soon. Blockchain isn’t new technology, but it’s being used in new ways today and will be taking us in even newer directions soon.

blockchain technology cloud computing storage check secure vector illustration

What is blockchain?
Bitcoin has been based on blockchain technology for years, but it’s now going mainstream. Blockchain is a digital ledger, essentially of anything – data, information, credentials, etc., that can be stored and shared for future use. Your university degree can be stored on a chain for recruiters to access your credentials. Your medical records could be stored for doctors to utilize. Any type of data can be stored, allowing owners of the data to provide access to others (like recruiters) on demand. Blockchain eliminates the “trusted third party” like university record-keepers, allowing for direct ownership and sharing of data.

In finance, blockchain is being examined in proof of concept models for a host of applications: payments, custody and trade. Supply chain is using blockchain to track inventory more effectively. Shipping companies are using it to manage logistics. But many predict the future of blockchain will be much more than crypto-currency and data tracking.

Blockchain for Recruitment

For recruiters, blockchain could reduce time to hire while it increases the ability to verify credentials. Graduates could provide links in their resume that AI can follow to authenticate degrees, coursework, and even grades.

But blockchain can be even more detailed. “Zero-knowledge” proofs are on the rise. These allow verification of a statement (like college degree) without revealing any additional information. Your college degree could be widely available, for example, accessible with a “public key,” while details of your courses and grades might require a “private key” for access. As zero knowledge proofs come of age, more data integrity is demonstrated and more business may embrace the technology.

Blockchain could help business recruit faster and better. Recruiters, free of the time spent calling to verify education, experience and credentials, could focus more on candidate experience, talent acquisition and employee development. A win-win for business and applicants.

 Blockchain’s future

Blockchain has the potential not only to provide ownership and access of data, it could reduce costs and speed transactions across a host of applications. Removing the overhead costs of intermediaries and the length of time it takes for them to process and release data is just the beginning. For recruiters, blockchain could eliminate background checks entirely. Background data could be immediately provided, and because the source is verified, there can be no tampering with the information.

Tapping into Blockchain

With blockchain on the rise, smart business is looking at how the tech can be applied for their needs. If you’re looking for blockchain engineers, you credentialing may be an issue. How do you know they have the skills in such an emerging field? Trust Rankdone to help. Our tests can pre-qualify candidates before you read a single resume. Contact us today.