A decade later in 2008, the global financial industry crashed. Perhaps propitiously, the pseudonymous Satoshi Nakamoto–who may or may not be an Australian entrepreneur named Craig Wright–outlined a new protocol for a peer-to-peer electronic cash system using a cryptocurrency, or digital currency, called Bitcoin. Cryptocurrencies are different from traditional fiat currencies because they are not created or controlled by countries. This protocol established a set of rules — in the form of distributed computations — that ensured the integrity of the data exchanged among these billions of devices without going through a trusted third party. This seemingly subtle act set off a spark that has excited, terrified, or otherwise captured the imagination of the computing world and has spread like wildfire everywhere.
And this is what we call blockchain today. Blockchain is a digital ledger that provides a secure way of making and recording transactions, agreements and contracts — anything that needs to be recorded and verified as having taken place. However, uniquely, rather than being kept in one place like the more traditional ledger book, the database is shared across a network of computers. This network can encompass just a handful of users, or hundreds and thousands of people. The ledger becomes a long list of transactions that have taken place since the beginning of the network, getting bigger over time.
Blockchain technology has been around for a number of years and its most well-known use so far is Bitcoin, the virtual currency that came to prominence in 2008. The uses of blockchain are not limited to financial transactions, though, and enthusiasts are looking into other ways applications for the technology, especially for the types of transactions where there are often disputes or trust issues, such as with land rights.
Towards the end of last year, the Curriculum Vitae Chain announced a project to trial how blockchain technology can speed up the process of recruiting by verified the applicants’ CVs. The ultimate aim would be to solve the difficulties that traditional e-recruiting sector are facing.
By verifying the achievements, qualifications, experience and aspirations that the candidates provide, the recruiters don’t have to take extra time that they may not really have to wade through each application. To avoid unwanted applications, the recruiters will need to be careful as to how they word their job posting and be as specific as possible about the job duties and the qualifications they’re seeking therefore it frees up more of their time for more value-added tasks. And for the applicants, using verified CV increases their employability while separating individuals from the competition who are using older, more time-consuming traditional CVs.
When the applicants submit their basic profile data, Curriculum Vitae Chain will verify the details that the applicants provide, namely their chosen educational institutions and ex-employers, in order to infiltrate the false information that can lead to extra work for the recruiters. After that the system will automatically match those verified CV details to job requirements once their CV catch a recruiter’s interest, the recruiter has to ask their permission before the they pay CVH to read the applicant’s CV. Of course, the applicants can check the recruiter’s information that has also been verified by the system before the applicants make the decision whether give the permission to the recruiter to view their information in their CVs.
Blockchain technology is a powerful change agent for broker-based industries, like recruitment industry. We only need to take a look at the fervor in which the Financial Services sector is being disrupted by Fintech start-ups applying blockchain to bring greater value to banking customers.
Likewise, the application of blockchain in recruitment sector is basically a revolution. So, are you ready for its coming?