Indian Human Resources Outsourcing (HRO) provider Neeyamo has partnered with non-profit blockchain consortium Velocity Network Foundation. Among other things, Neeyamo offers background screening for recruitment and will be implementing Velocity’s Careers credentials blockchain technology in its service.
Employment background checks often require the verification of various credentials and qualifications. The manual process is time-consuming, inefficient, and may occasionally be unreliable. It is also a hassle for the prospective employee to find valid documentation of qualifications and provide papers that prove their employment history.
Velocity is pushing for the adoption of a token-based Career Wallet on blockchain, which would enable educators, HR firms, employment marketplaces, and other relevant organizations to issue, verify, and share career credentials. This would make background checking more efficient and reliable, leading more often to the right match between employee and job position.
Neeyamo seems to expect its connections with industry powerhouses will attract more attention to the Velocity Network, and hopes the partnership will increase the adoption of blockchain solutions across all HR service providers.
“We strongly believe in Velocity Network Foundation’s strategic vision to establish a token-based career credentialing system,” said Samuel Isaac, Neeyamo SVP of Strategy. “We are confident that this network will soon become a reality, significantly transforming the way career records are shared globally. Furthermore, it will help our customers ensure that the right talent is placed in the right roles.”
The company will also help Velocity build on its Internet of Careers platform by collaborating on leveraging the blockchain technology to a global scale.
The Velocity Network Foundation was founded over a year ago by SAP and 14 other organizations. The system would benefit companies and job seekers alike as the latter would have the ability to create a self-sovereign identity and control with whom to share it. Companies would save time on verifying credentials and suppressing “bad hires”.
Since its creation, high profile organizations such as Oracle and Randstad have joined the consortium. Currently, 30 global Human Capital Management software providers representing 30% of the entire sector have signed up to use Velocity’s technology to verify career credentials
Recently a group of members of the Network participated in live demonstrations of verifiable career credentials on blockchain.
There are various blockchain career credential initiatives. PwC launched “Smart Credentials” two years ago and HR tech firm Workday launched a solution last year. Similar initiatives are also appearing in the health industry. ASM unveiled a credentialing solution for health professionals and the CGFNS piloted a blockchain-based system for verifying foreign-trained nurses before they start to practice in the U.S.