Finding the “Best Fit” by Leveraging Blockchain Technology

Blockchain! This is a buzz word that has revolutionized the way different industries (especially fintech) worked and questioned the need of intermediaries for performing business operations. I would love to talk about a non-financial use case of this amazing technology called “Blockchain” through this article.

All of us are aware about the HR functions inside organisations. A lot of time and effort is involved when it comes to hiring the right candidate or more precisely the “best fit” for a particular position in an organization. One of the major pain point in this area is the time and cost associated with a bad hire. One of the main reasons behind this not so favourable situation is “inefficient ways of background check/Resume Validation”. Hence, one of the key areas in HR functions where blockchain can bring in a transformation involves,

Resume validation/ Background check validation, which includes the verification of the candidate’s skill-set, previous employment history and of course the educational background. The verification would be done by the nodes in the blockchain system which includes the Universities, Companies, online educational platforms etc.

For Example : Universities will be able to upload the certificates into a database which will be on blockchain. So an employer who needs to verify a certificate can ensure that the certificate has “not been tampered”, it was “issued by this particular institution” and to a “specific user”.

This will definitely mitigate the risks (mainly time and cost) associated with a bad hire whose skills did not reflect what was claimed on his/her resume and this will certainly reduce the time needed to complete the background verification process as the system will be already connected to the required verification agencies.

Such a system would be making the assessment about a candidate based on the skills they actually have , not just the skills they have chosen to add to their resume.

The organisations that are facing disruption in their respective industries will definitely have a necessity for high value individuals. Hence the companies who are slow to hire are at a greater risk of being left behind, as they won't be able to make the leap from current industry standards to blockchain-based industry standards.

Blockchain has the potential to reduce transactional costs not only in financial terms, but in terms of productivity as well.

For more details on how blockchain can change your business, please reach out to me at: https://www.linkedin.com/in/v-saranya/