Blockchain can possibly solve the fake candidates saga!

Today a CV can be manufactured in any way the jobseeker pleases to. Even information on Social Media can be glorified or falsely stated. Since these social media networks do not verify or validate the jobseeker data. So in effect what the jobseeker writes and says about their competence, experience, past performance, education, employers, etc all can be falsified!

Here comes Blockchain, which is currently just technology for enabling the exchange of Bitcoins (virtual money), it truly has the potential to address the above-stated problem. How?

What is Blockchain really? Well, Blockchain is a technology that maintains transactional data (called Ledger) between interacting parties. It is kind of historical data log of all transactions done. The intent of this is that two parties can conduct business/interaction by validating the information about the other, which is absolutely true and factual as guaranteed by the Blockchain technology.  This enables two parties to interact directly without having to take the help of a middleman or intermediary. Example, if an India company wanted to pay its employee, who is working in the US, they could buy bitcoins and transfer directly to the employee, without having to go through an intermediary bank (who will charge transaction fee as well as the spread between the Forex rate differential.

Now how can this solve the fake candidate issue? Let’s assume that Blockchain technology is extended to Education institutes, Employers. Each will report the details of the Jobseeker in terms of completion of education, marks, conduct, etc. Employers can share joining dates, exit dates, performance scores on Blockchain. This way, new employers can validate jobseeker data on the Blockchain before making any hiring decisions. It would be sort of instant background check. Maybe the Social media may integrate with such technology and ensure that they remove falsified profiles etc.

The above is quite at a concept level for now. But the rate at which technology is being adopted in the corporate world, it won’t be too far away for some new-age entrepreneurs to implement this sooner.

Block a Quick 30 minutes on your calendar for a demo, we won’t chain you more than that!