What if I were to tell you that LinkedIn will be out of business soon with the advent of Blockchain in the mainstream? Unlikely, right? You may debate the statement itself but the truth is that Blockchain platforms like Steem and Jobeum are creating a recruitment tool similar to, but better than LinkedIn. These platforms will not only protect your data but will enable you to earn rewards for your contribution to the platform in the form of publications, unlike non-Blockchain recruitment platforms which resell your data to corporates.
But why should you care?
For Employees: Trust me when I tell you that I know your inbox is full of jobs, recruitments, and other spam emails, just like mine is! The increasing competition in the HR industry had led to the use of tools like mass spamming, misusing work identities, abusing your data, and intrusively phishing for leads by the recruitment agencies. These platforms are progressively failing to match the employer-employee profiles and are resorting to unfair means to earn their wages. For example, a recruiter may use your CV to call up your former employers to check if they need new staff instead of looking out for you.
As an outcome, more people are disinclined to share their data, creating a huge information gap in the job market.
For Employers: Unqualified employees when hired mistakenly tend to become the Achilles heels for any company. Those of us who recruit know what a challenging task it is to call a candidate’s bluff when his CV says, “Studied at Harvard” but what it means is “Studied Harvard Business Review”. Moreover, the situation has worsened through depreciation in the value of references due to their widespread misuse. As a result, only 25% of employers take references for a technical job today in comparison to 75% of employers in 2010. On LinkedIn, the reliability of information highly depends on the integrity of the individual creating the profile. It thus relies on trusting the unknown.
The bottom line is, important hiring decisions are being delayed, halted, or falsified due to lack of confidence in references, recruitment services, and lack of verifiability of data.
What Can You Do?
“Whereas most technologies tend to automate workers on the periphery doing menial tasks, Blockchains automate away the center. Instead of putting the taxi driver out of a job, Blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.”
— Vitalik Buterin, co-founder of Ethereum and Bitcoin Magazine
It is expected that 80% of the global population will be using Blockchain in one way or the other in the next 10 years against 0.5% population using it now. The value that can be unlocked by this revolutionary tech in the HR industry makes a compelling case for HR teams to use it in hiring, payment, and admin processes.
Blockchain empowers employees to hold control of their data, as against the status quo. A few years ahead platforms such as LinkedIn will lose their primary competitive advantage i.e. their data domination and its network effects, creating massive opportunities for new players for value creation.
Multiple posts on LinkedIn themselves have stated things like “Blockchain beats AI and cloud computing for hottest skill in 2020”, “Blockchain Developer – No.1 emerging job”, and that “Blockchain is 2020’s most demanded skill”.
The below chart represents that demand for Blockchain engineers has increased by 517% YoY.
Source: Hired. 2019
As an employee, you can create a verifiable CV or Blockchain CV that will:
- Give you total control and ownership of your data i.e. share your profile with selective employers or agencies
- Have a reliable dynamic CV that allows universities and companies to update your certificates and experiences to render authenticity to your qualifications
- Reduce time spent by employer on document verification
- Monetize your expertise by providing content or publications
- Improve your chances of being hired by increasing trust in your profile
The difference between leading non-Blockchain and Blockchain social HR platforms:
Data collected centrally by the platform
Data resold to users and monetized by the platform
Data controlled by individuals to whom the data belongs
Rewards system for individuals to monetize published content and develop the community
A Blockchain CV helps Employers by:
- Providing unalterable or traced digital records to automate and speed up information check and reference check
- Through better protection against frauds
- By rendering confidence about the suitability of a candidate for a position
- By ensuring that the candidate is not hiding some experience or certification which makes him ineligible for the job
On Steem, recruiters can directly consult their data at the source – that is to say, from the applicants themselves – rather than pay a platform to access it.
Blockchain in the Job market also means less paperwork, faster fulfillment of joining formalities, and quicker salary payments with lower transaction fees. A smart contract automatically triggers payment when certain conditions are met. This is revolutionary for international companies which often face the risk of delayed cross-border payments and exchange rate risk. Similarly, with the help of a smart contract one can do away with several new administrative tasks which a new employee has to learn and waste time on (such as identity checks, email templates, and checklists).
In this way, Blockchain has the potential to replace hordes of intermediaries present in the job market by directly connecting employers and employees on many grounds.
How can you access these tools?
A Blockchain-based platform that creates an immutable, verifiable, and digital passport that can be relied upon as proof of identity, qualifications, and trust.
A decentralized network for identity-proof hiring. Users can decide with whom they wish to share their data and earn CV Tokens for sharing their R_Block profile with recruiters. This tech also ensures that companies always access the most updated CV at all times.
It uses a decentralized rewards system to encourage users to monetize their published content and develop the community. Recruiters can directly connect with applicants instead of paying a centralized database platform.
An automated, stateless background checking and onboarding platform. It issues a “digital health passport” which securely verifies one’s COVID-19 tests and presents the verified reports to employers.
Assisted by APPII, Technojobs is the world’s first website that offers employers verified CVs.
A Blockchain platform “similar to LinkedIn”
Helps users reduce costs when searching for, interviewing, and hiring candidates.
A payment platform that enables international payments using Bitcoin as an indirect mode of payment and reducing exchange rate risk. It ensures that an employee always gets paid in his/ her local currency.
Eliminates the need for intermediaries’ banks by moving payment directly from the employer to the employee account using Blockchain.
Protection Against Exploitation
A Blockchain-based platform that protects workers from exploitation and abuse globally.
It does so by recording evidence of work completion (usually using hours worked+ location) which is available to the worker, the company, and potentially interested third parties such as auditors.
The world’s first Blockchain platform that counters workplace harassment. Users can record harassment incidents and save pieces of evidence. They are the owners of information stored in their Vault which none can access without explicit consent.
Are you a blockchain company in the Job Market that is looking to develop its business model or raise funds? Admantium Crypto Advisors specialize in developing blockchain businesses and raising funds for exciting projects like yours in this fast-moving industry. We understand the uniqueness of your project and hold your hand throughout the process.
We ensure that your meetings with the potential investors are arranged in a smooth, productive, and timely manner to drastically reduce the time involved in this process. Reach out at Sameer@admantium.com to discuss your project with our director.
About the Author- Nitya
Nitya is a Senior Financial Analyst at Admantium Crypto Advisors, an investment banking and consulting firm focused on blockchain technologies. We help early-stage entrepreneurs and startups in Building Business Models and Developing Business Ideas take a 360-degree view of how to build a sustainable business using blockchain technologies, translating concepts into clear-cut plans.
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