Internet of Careers is here to stay: What you need to know
Catch Me If You Can highlights the ease with which individuals can deceive others and commit fraud, particularly in the absence of advanced technology and robust verification processes.
The movie underscores the importance of thorough background checks and verification processes in hiring. However, in the current business climate, there still needs to be more reliable systems for HR professionals to confidently verify the qualifications and accomplishments listed on a job candidate's resume.
However, this is not just a matter of financial loss for companies - it can also lead to embarrassing situations for employees later found to have falsified their qualifications.
The emergence of the Internet of Careers offers a solution to this problem by providing a more comprehensive and reliable method for verifying job candidates' credentials.
"The challenge is to develop a conduit for the trusted exchange of career-related information."
What is Internet of Careers?
The use of blockchain technology in the field of career development has the potential to revolutionize the way we approach verification and hiring processes. Manual verification methods are becoming increasingly outdated and can lead to errors and privacy violations.
Individuals can securely store and share their education and career records by implementing blockchain-based systems in a tamper-proof digital credentials wallet. This can provide recruiters with reliable and credible data, streamlining the hiring process and better-aligning job seekers with appropriate opportunities.
Implementing such a system, the Internet of Careers can significantly impact the labor market and how we approach career development.
At Evolve Beyond Borders 2023, Dror Gurevich, Founder, and CEO at Velocity Network Foundation, defined the Internet of Careers as the biggest Labor Market Revolution.
By creating a system where individuals can store and share their education and career records in a tamper-proof and secure digital wallet, recruiters can access credible and reliable data for hiring decisions. Before adding:
“Now, the challenge is to develop a conduit for the trusted exchange of career-related information. This involves interoperability and portability questions on a global scale, so it has been too monumental for the industry to contemplate. Until now.”
How it works?
- The candidate inputs their education and career information into a designated application to the best of their knowledge
- The issuing authority verifies the accuracy of the information provided
- The decentralized nature of blockchain technology ensures that only the individual has control over their data, protecting privacy
- Verified personal data is stored on the candidate's device, and a unique cryptography key is assigned to the decentralized ledger
- When the individual wishes to share their information with a relying party, such as a recruiter, they provide access to their credentials, allowing the relying party to unlock the blockchain and view the individual's information.
Why it makes all the difference
Internet of Careers has the potential to fundamentally change the way we approach career development and the management of human capital.
As the need for the right hire at the right time becomes increasingly important for organizations, the popularity of this technology will continue to grow.
Dror further stated, "Many organizations are joining every month. Recognizing the gravity of the disruption, some of the largest labor market stakeholders have already joined the revolution.“
To watch his complete session at Evolve Beyond Borders 2023, where Dror highlights the unique advantages of this technology and how it can benefit HR professionals, click here.