The introduction of new technology has sped up the rate at which innovation is taking place in the recruitment market. In a previous post on our blog, we briefly discussed five technological trends that are causing a disruption in the market for recruitment. There is significant potential for invest in blockchain technology to provide some very exciting applications in the recruitment business. In this blog, we hope to examine some of the use-cases that could be implemented as well as the technological factors that need to be taken into account. It has been so successful that it has successfully solved the fundamental issue of trust with dapps. There are a lot of different programmes that can tackle the same problem at different points in the recruitment process.
Whether to use a public or permissionless blockchain network (like Bitcoin or Ethereum) or a private or permissioned blockchain network is one of the most important choices to make when implementing a blockchain-based solution (e.g., Hyperledger, Ripple, etc.). Since there are a variety of institutions (universities, employers, and so on) as well as candidates who require access to such documents and the ability to search for them and share them on-demand, the use case for resume verification is best implemented on a public blockchain that does not require permission to access its data, such as Ethereum. Background checks, on the other hand, should be done using a private or permissioned blockchain. This is because there will be third-party screening companies involved (which will be able to search criminal databases and national records), as well as employers who will need access to the status of reports and the digital identity of candidates (both of which are private pieces of information), and because there are data privacy laws.
There are a few more blockchain-based solutions that are now being adopted with the objective of increasing the efficiency of the recruitment workflow. These solutions are in addition to the verification of resumes and the background checks that are now being used. The following is a list of only a few of those that are worthy of mention:
People think that job boards and recruiters act as middlemen in the process of hiring people. These kinds of solutions are going to become increasingly popular as public blockchains become used to create solutions that may provide access to a verified talent pool combined with the applicant’s authenticated resume. It gets rid of the bottlenecks and inefficiencies in the hiring process that are usually caused by the way things are done now.
Instead of using a paper-based employment contract, a smart contract will be used: Service delivery and quality assurance are extremely important aspects of the recruiting process. Nevertheless, up until this point, the only available options for labour contracts and escrow services have been paper-based. Using a smart contract-based solution that can verify services by tracking time and effort at regular intervals can be a very effective way to measure performance and pay both employees and contractors.
According to the US Freelancing Statistics, 53 million people in the US are engaged in freelancing, which accounts for approximately 54 percent of total employment and will soon account for 50 percent. Instead of the traditional way of posting job opportunities on different freelancing markets or engaging with contracting firms, there is a need for decentralised platforms that would facilitate freelance and contract hiring. By tying these ties together with a smart contract, you can be sure that total talent management will be easier, more transparent, and less expensive.
In conclusion, although there are many blockchain-based solutions for recruitment use-cases, it is extremely important to verify the use-cases and validate the benefits and drawbacks of adopting Crypto and Blockchain companies for that specific use-case. This is because there are many blockchain-based solutions for recruitment use-cases. It’s important to know about all the different methods, technologies, and techniques and to plan how to use them well.