According to a report commissioned by Global Market Insights. Inc, the size of the blockchain market is expected to peak at $16 billion in 2024 as the market discovers a host of new markets and applications.
This highlights the flexible and universal value of blockchain, for which cryptocurrency represents the very tip of the iceberg in terms of its immense potential.
One of the most interesting and innovative blockchain applications lies in the recruitment sector, and the processes used to verify candidates and fill vacancies. In this post, we’ll discuss this in further detail, while asking how it could change recruitment in the future.
Introducing CV Verification – How will it Work?
If you’re unfamiliar with blockchain, this is a decentralised ledger technology that provides an immutable record of data. Not only is this data independent of a central authority, but it’s also encrypted and extremely difficult for even seasoned hackers to access.
At the end of October last year, APPII unveiled a new direction for blockchain by introducing the world’s first career and CV verification platform. In simple terms, this technology and its associated platforms will serve as ‘trustless’ systems that allow for early-stage verification of the candidate and their personal details.
The APPII platform, which is likely to be adopted by prominent recruiters and job sites such as CV Library, will initially allow candidates to create so-called Intelligent Profiles. These will include details of professional achievements and industry certification, which will be imputed onto a distributed ledger before being verified and permanently recorded.
The platform will then allow recruiters and businesses to verify any accreditations revealed by candidates during the application process, although it’s important to note that the data remains secure and encrypted at all times. This creates the ideal balance for candidates, who can provide significant reassurance to recruiters at an early stage without compromising personal and potentially sensitive data.
What will this Mean for the Recruitment Industry?
The potential impact of this technology extends far beyond candidate privacy, however, as both job applicants and employers will benefit from more efficient recruitment processes.
With candidate profiles recorded permanently in the blockchain, for example, employers can verify all necessary details at once and negate the need to re-check information later in the process.
This will reduce the time required to evaluate and verify candidates, which is central to a fluid and competitive job market.
Not only this, but employers will also be able to invest a greater level of trust in potential candidates, which may lead to be effective interviewing techniques that focus solely on the suitability of an applicant and their ability to perform a specific role.
The Last Word
In some respects, it should come as no surprise that blockchain technology has been applied to the recruitment sector, as this often boils down to a simple exchange of a candidate between a sourcing party and an employer.
This is very similar to the financial market, which relies on various exchanges between two parties and has become synonymous with blockchain in recent times.