Blockchain's Brave New World of Job Recruitment

How certain blockchain platforms help HR find top employees

Leah Zitter
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Imagine you have an awesome resume that gets about 40-70 clicks a week on LinkedIn. Now, imagine for each person who viewed your resume, you get paid some cents. Within a month you could buy yourself some cheap sneakers. You could, of course, post your resume on other sites and get paid from these, too.

Why not? LinkedIn gets paid when viewers see your profile. It’s your resume, so why shouldn't you get paid, instead?

That’s the LinkedIn of the blockchain, scripted to help recruiters hook the best candidates and scripted, too, to help you land your dream job and get paid in the process.

A great number of HR blockchain platforms like Jobeum, Technojobs and Chronobank are already halfway there. Their benefits are the stuff of dreams.

The revolutionary HR blockchain platforms

Jobeum is the place to go when you’re between jobs. It pays you for clicks. It pays you for any bit of data you provide a recruiter - even your address, and it pays you even if the recruiter decides not to hire you. Jobeum pays you for filling out applications and for completing recruitment tests. And, yes, the company pays you for referring successful job candidates.

For recruiters, sites like Jobeum, also, provide ultimate transparency and backup. In fact, a growing number of job-based blockchains are eliminating the need for recruiters, altogether. The premier job-matching platform Job.com, for instance, recently declared that it would cut its typical 20% fees to only 6%, by replacing recruiters with the guaranteed trust and transparency of the blockchain.

Job.com co-founder Paul Sloyan said: "Coupling blockchain with our existing job matching technology enables a much-needed shift, allowing us to remove recruiters from the equation entirely and focus on the only two parties in the hiring process that actually matter - the hirer and the jobseeker.”

HR blockchain benefits include the following:

Identity Verification

Two years ago, Yahoo’s former CEO, Scott Thompson, was fired when the company discovered he had faked his Masters in computer science. It’s easy to fake your qualifications and experience. People do it all the time. According to HireRight's 2017 employment screening benchmark report, 85% of hiring managers said they caught a lie on a resume, up from 66% five years ago. For recruiters, that’s a hell of a job sifting through inaccuracies. It’s also slow, expensive and burdensome to the candidate who has to fill out all the authorization forms. Enter the blockchain that encodes all data - prior addresses, previous employers, past compensation data, certifications, degrees, transcripts, Social Security number, visa status - on a secure platform forever. More so, that information is shared between hundreds of thousands of participants on that platform, providing you backup in any and all situations. Best of all - it’s prevalidated! At least, 21 blockchain companies already provide that service.

When it comes to the HR sector, Recruit Technology (RT) is one of a handful of blockchains that developed a resume authentication database with hacker-proof digital signatures. Job seekers store their credentials on Recruit Technology that stamps them with the RT cryptographic Certificate of Authenticity.

“By leveraging this technology,” said Bruce Pon, CEO of Ascribe, “Recruit Technologies will find a way to address a variety of fraud issues, greatly reducing fraud on a large scale and in turn benefiting its customers.”

Chronobank encrypts a smart contract “Educational Passport” that stores verified student records on the blockchain, accessible for potential employers in job interviews and other universities. All qualifications and grades are time-stamped and registered.

Technojobs encrypts QR Codes on records that track ongoing professional development and stamps resumes with the company’s biometric ID verification. Technojobs’ director Anthony Sherick points to the blockchain as the guarantee that documents remain untouched: “As [the documents are locked] on the blockchain, the information is secure and cannot be altered. There is no single point where the system can fail or be compromised.”

Logistical aspects

Fifty or so years ago, it was a simpler and easier, period. Most candidates stayed in one job until they retired. A father worked and the mother typically stayed at home. Students were limited in their educational choices. They had the colleges of their hometowns, but nothing like the plethora of online colleges and virtual programs you have today. Nowadays, a person can study in four to five countries simultaneously. People work several jobs in one lifetime. A freelancer (or, more accurately, a "globetrotting" professional) works hundreds. That would take a recruiter hours to verify.

"Even then [i.e., ten years ago],” said James Cross, director of learning product strategy at Workday, an enterprise software vendor that offers cloud-based human capital management and financial cloud-based applications, “verifying an employee's experience and education was time-consuming and expensive, typically happening right at the end of the hiring process and through an outsourced background check provider."

In today’s business landscape, education and work experience are much harder to track and validate.

The blockchain does that by universities verifying data blocks for their students. Admittedly, it's more difficult to verify job experience, since companies that have gone out of business may simply not have the information available, among other issues. Still, the blockchain provides a partial solution.

Control

Why would you want to leave your data with job sites like Indeed, Monster, LinkedIn that sell it to marketers? On top of that, you also run the risk of a point of failure, because if servers go down, get hacked, or the company goes out of business, you could lose your information or have it compromised.

According to Job.com co-founder Arran Stewart:

"When the recruitment industry first started decades ago, the purpose of the job recruiter was to match businesses and candidates in a manner that was a fit for both parties. Somewhere down the line, recruiters realized that there was more money to be made by taking the process hostage, charging commissions, and selling candidate’s data from the process. We are looking to displace these entrenched recruitment agencies because they have deviated from their intended purpose and are hurting the ability of hard working job seekers to find jobs, and for companies to find qualified talent cost-effectively."

In this brave new world of blockchain, you may not even need a job.

As HR recruiter Aletha Kellond told me: “Sites like Jobeum cut out your need to look for a job. People will get paid for not working or for pretending to look for a job.”