As the future of human resource technology, candidate verification, and strategic talent sourcing develops there is an ever-increasing need for more efficient and more accurate ways of dealing with full-cycle recruitment and the growing need for more advanced applicant tracking abilities. The talent pool is already global and digital so it only makes sense that recruitment should harness the exciting and massive potential of the blockchain.
In case you aren’t familiar with the term blockchain; the blockchain is a digital, decentralized (removing the middle man), public ledger of cryptographically–security through encryption–attached transactions. At least this is one way to look at blockchain technology. The “blocks” are constantly growing as the most recent transactions known as–the blocks–are recorded and added to the existing “chain”. This process allows for the continual and automated, optimization, of applicant tracking abilities. Known as distributed ledger technology (DLT).
DLT was originally developed as the accounting method for the cybernetic cryptocurrency Bitcoin; the technology can be used to code and insert virtually any code (smart contract) into the blockchain. At the rate, this technology is being accepted it seems like blockchain and to a degree biometry-the use of digital biological measurements-will be the key drivers in the future of personal identity verification.
There are a few very valid and poignant reasons why this technology is very critical to the future of primary source verification (PSV). Blockchain technology allows for the creation of a permanent record that can never be altered or tampered with. In addition, the record’s authenticity can be verified by any authorized member of the “community” using the blockchain. The community in primary source verification with TrueProfile.io referees to a secure and privileged network of professionals that regard the protection of your identity with the highest level of legitimacy.
Employee and candidate information needs to be both protected as well as verifiable to all important stakeholders. The tampering with or stealing of personal information is a major concern for organizations worldwide. Cybersecurity concerns are a constant threat but one that blockchain technology delineates by removing centralized organizational oversight or lack thereof; offering a layer of security not possible from a single source.
Companies will no longer need to depend or worry about issuer verification or processor authenticity concerns when obtaining, transferring or verifying candidate and employee credentials.
Security issues aside there are almost a limitless amount of advantages to blockchain within the HR function especially as it is associated with its distributed ledger technology. The efficiency and legitimacy resulting from distributed ledger technology have the potential to add up to serious cost savings. DLT systems make it easy to automate certain HR functions, therefore, streamlining internal operations resulting in a drastic reduction of inaccuracies, leading to the elimination of time-consuming and repetitive verifications, delays, and expenses in the reconciliation of employee records.
The DTL capacity inherent within blockchain has the immense capacity of verifying, documenting, and holding people accountable for their own identity and how they are able to use it.