Blockchain Is Your New Answer for Hiring Headaches
- By Winston Thomas
- August 22, 2022
Employee background checks are essential to the hiring process, but they can be time-consuming and expensive. The process can often take weeks or months, from verifying educational qualifications to conducting criminal background checks. A Randstad study found that the average hiring process takes 68 days to complete due to these manual processes.
However, there is a solution that can help to streamline the background check process and make it more efficient. Many businesses are now turning to blockchain technology to verify the authenticity of qualifications and employment history.
For instance, Affinidi and Avvanz have recently teamed up to streamline the process by issuing verifiable credentials (VCs) — an open standard for tamper-evident digital credentials. This will help employers verify the identities of job candidates quickly and easily, without the need for lengthy and expensive background checks.
The partnership between Affinidi and Avvanz is part of a broader effort to use decentralized technology to simplify the recruitment process. By leveraging cryptography and decentralized technology, the companies can help employers verify the identities of job applicants quickly and easily.
“Technological innovations can help solve problems and detect falsifications during the hiring process,” said Kannan Chettiar, chief executive officer and co-founder of Avvanz. “Partnering with Affinidi will allow us to reinforce our capabilities and experience in performing background checks with improved accuracy and precision, which is crucial as Singapore is a global business hub that requires both local and international talent with diverse backgrounds.”
Affinidi, a Singapore-based startup, is the creator of Ceal — a digital wallet that allows users to store and manage their digital credentials. They can create their digital identity on the Ceal platform and control what information to share and when to share it.
Users can share their digital credentials with employers through the Ceal platform when applying for a job. The employer will then be able to verify the credentials, reducing the need for lengthy and expensive background checks by as much as 50%.
Avvanz, a provider of human resources consulting and talent management solutions, will provide its expertise in background checks to the partnership. The company can conduct more than 20 background checks spanning 150+ countries. Anyone from almost any part of the world can be background checked using the Avvanz platform.
“As we move closer to the next generation of web technologies and the promises of what Web3 innovations may bring, it is critical to establish trust in the digital world by empowering people to secure and control their digital identities without falling into the wrong hands,” said Glenn Gore, chief executive officer of Affinidi. “Verifiable credentials can help reduce the time and cost for organizations while offering accessibility and convenience to users. Our partnership with Avvanz is poised to offer significant benefits to both employers and employees in the long term.”
Winston Thomas
Winston Thomas is the editor-in-chief of CDOTrends. He likes to piece together the weird and wondering tech puzzle for readers and identify groundbreaking business models led by tech while waiting for the singularity.