Enhancing Trust in Recruitment Industry with Blockchain

Aworker.png

Every professional more or less loves LinkedIn: it helps in job-seeking, connecting with peers, and even with learning new skills. But platforms like LinkedIn aren’t perfect. There are multiple problems, and the most prominent one among them is that of trust. Professionals on LinkedIn do moderate and check the information they see on the network, but it takes time. At a given instant, you cannot be sure of the skills mentioned by an applicant who wants to join your company. Since blockchain fundamentally solves the problem of trust issues, it’s no surprise that some startups are already applying blockchain technology in the recruitments industry.

Recruitments based on blockchain will involve 5 key things: P2P hiring, skills guarantee, lower recruiting costs for companies, personal data control, and decentralized verification. With P2P hiring and smart contracts, people will be able to make money through their connections. Thus, an individual’s network will become a more valuable asset. Blockchain will push for more transparent hiring by bypassing middlemen. Smart contracts will incentivize recommendations for everyone in the key stages of a hiring process. Also, professional skills will be guaranteed on such platforms. People will be able to list skills and get them verified by the network. Then they can list the companies they want to work for and check if their skills are relevant for the roles they want. Such platforms will typically match companies which list skills and people with matching skills who want to work for these businesses. The matching part isn’t anything new, but the platforms of future will guarantee that the applicants do indeed have the skills that they’ve mentioned on their profiles. This will also lower the recruitment costs for companies because now they don’t have to invest in authenticating those skills remotely. Furthermore, when such a company will create a vacancy, blockchain-based platforms will instantly send recommendations of candidates with relevant skills. This will reduce the cost of searching for candidates, thereby lowering recruitment costs further. Blockchain will also incentivize the visibility of an individual’s data for on recruitment platforms. Applicants will be able to monitor the visibility of their data and earn money for it. They will basically be able to “sell their information”. Moreover, decentralized decision making will hopefully enable better decisions and avoid bias.

Companies like Aworker are already working on recruitment features mentioned above. The company claims to reduce “cost per hire” by up to 4 times via smart contracts. The official Aworker website says “We reinvent recruitment via recommendations and smart contracts”. The Aworker team aims to incentivize almost every aspect involved in recruitment processes. It even provides the opportunity for individuals to earn tokens by confirming their abilities via supporting documents. These tokens, called WORK tokens, are also earned for getting an interview call and job offers. These build an applicant’s professional reputation in the Aworker network. Skills and other personal data are stored in Aworker’s blockchain (data is written after a decentralized community check), with varying levels of visibility, as mentioned above. For monetization, it aims to implement subscription for companies, premium usage, and advertising. Again, like many startup solutions, the full-fledged Aworker platform isn’t completely implemented. However, an MVP is available. The team behind Aworker seems strong and promising – experts from Kaspersky and Yoola are working to make Aworker fully functional.

Aworker is planning to have its 4th token sale soon. If this platform is implemented well, it can be a serious competitor to LinkedIn and other specialized recruitment platforms. Blockchain-based recruitments can really be the next big thing.

Image Source

Saurabh Chaturvedi is a freelance developer and technical writer with a keen interest in blockchain, Bitcoin, and other cryptocurrencies.

You can reach out directly to discuss our market development services by sending an email to julia at dailyfintech dot com

Get fresh daily insights from an amazing team of Fintech thought leaders around the world. Ride the Fintech wave by reading us daily in your email.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s