What blockchain could mean for recruitment?
As new technology emerges,, markets evolve, this has been seen throughout time. The next wave of technology looks set to radically change the face of the way we operate and do things. Blockchain technology is already being implemented and will drastically revolutionize many industries. Profede’s blockchain-based protocol that is enabling users to earn tokens each time that they approve of sharing their data with requesting parties. Profede is capable of disrupting the world of work and with it taking recruitment and HR to the next level.
Profede’s protocol is bringing professionals, businesses and apps a way to make secure, transparent and controlled decisions over purchasing and sharing user data. Transactions are recorded in the ledger so that sharing the information is verified and accurate so that companies and professionals can make decide based on real, accurate and error-free information. This improves the efficiency and success rate of delivering the right opportunity to a candidate.
In the current market recruitment websites such as LinkedIn, Indeed, SimplyHired, among others often offer their platforms for users free of charge or with monthly payments for premium services while they charge companies large amounts to post jobs, search for candidates and target users to sell their product or service. Profede aims to revolutionize this current system by getting the businesses, apps or professionals to request contact directly with the user they are interested in without the need for an intermediary. The requesting party will pay a pre-set amount to the user in order to receive their data. Profede brings control, security and transparency to enhance and improve the recruitment industry.
Here are some ways in which Profede’s blockchain based protocol can benefit the recruitment industry:
Data creators become part of the profit equation
Through Profede data creators become involved in the profit equation. By enabling data creators to receive a monetary value each time that they share their data, means that they will be more receptive and active when they respond and authorize requesting parties. As personal data is valuable, Profede believes that for each time users authorize and click the response action to send their professional information to the other party, they should always be rewarded. By data creators earning each time they share their data, they are more active and valuable for the recruitment industry.
Profede rewards professionals through PATO tokens. These tokens will compensate professionals for their data as it is valuable to companies looking for candidates and for professionals with whom to engage in new business opportunities. Professionals who make their private data -including their contact details- available to companies interested in hiring them, will be rewarded. Rewards will come in the form of tokens, called Professional Activity TOken (PATO), and it will be both professionals and businesses who have control of this currency.
PATO tokens will make it easier for the recruiting market to shift from being in the main social networks and job portals possession to being in the hands of professionals and businesses themselves. Profede Data creators will want to use Profede as it is relevant and has value unlike other recruitment portals and sites users may have used in the past only to apply for a job and then become inactive users. Portals that we use for a short term service, have no long term purpose and user data often becomes outdated. Once users find employment, they often forget about the portals they signed up to job seek and receive calls weeks and months later from people they don’t know and are no longer relevant proposals. With Profede, as users are part of the profit equation this problem is eliminated as users can benefit from a continued use of the protocol.
Technological advances mean that recruiters can store data from applicants and access them instantly when they have a job vacancy, ensuring that the process is effective, fast and cost-effective. This ensures a higher success rate. Currently companies pay large amounts to job portals and recruitment services that result in low success rates as they are often paying for irrelevant profiles or outdated profiles.
As social networks and bloc-based resources expand globally and faster than ever before, professionals and businesses will be able to contact each other directly, eliminating intermediaries and avoiding their costs. Profede will help recruiters ensure a higher success rate, cost-effective and easy manner of conducting business
Verified data improves and speeds up the HR process
As Profede is community verified and there is a feedback rating, potential candidates backgrounds and past experiences can be verified by HR and recruiters without having to go through a long process to check the candidates credentials and past employment history. As blockchain technology advances, background checks and work experience verification processes can completely be eliminated as blockchain can store the verified and validated data.
Blockchain also allows professional opportunities to be effortlessly presented to users without having to pay for premium. Through the use of Profede’s blockchain-based protocol regardless of whether they get the job in the end, they will still be rewarded for having shared their data with the other party. By compensated those willing to share their data, recruiters and HR can be sure that the data is relevant, dated and accurate.
Talent acquisition from scalable searches through massive datasets
Employee searches will be facilitated by using Profede. When searching for a new employee, recruiters want to ensure that they target the best individuals for the job required. With Profede, recruiters will be able to do this. Recruiters Will be able to conduct a well-defined search where the professionals will be much more receptive to relevant offers. As professionals only receive serious proposals from recruiters resulting in a win-win situation.
Profede enables the recruitment process to become more successful as businesses gain access to highly qualified professionals and on top of that increases the success rate. Background, education and work history checks can be very time consuming and tedious, but if done through blockchain technology this whole process can be avoided as it will be available and stored already so that companies simply have to find the profiles from the database that are most appropriate for the job. Companies can spend more time finding people that fit the brand rather than checking up on who they are. Blockchain enables transparency so that what you professionals say they did can be verified.
Not only do recruiters benefit, users can also be more selective about which companies opportunities they will be willing to listen to saving time both for the recruiting business and user. Users can decide who they want to share their pre-validated with, while businesses have access to much broader data. It’s a win-win situation.
Data privacy and professional anonymity
The recruitment sector can be enhanced through the use of Profede to achieve data privacy and professional anonymity. Profede’s vision of a decentralized professional ecosystem is achieved by the creation of a protocol that stores public professional profiles on Ethereum’s blockchain, along with encrypted contact information which is unlockable only by the owner or an authorised partner. This way Profede ensures fraud prevention and cyber security.
Blockchain ensures data protection as it stores data using mathematical and software rules that ensure security for users. Every transaction made on blockchain can be found on the accounting ledger. Each transaction has a unique cryptographic fingerprint and a key which is passed every time an agreement is made to share data. Each transaction has to be agreed upon before it is recorded and this is encrypted and linked. Blockchain is able to disrupt and transform the recruitment industry where data is highly confidential and needs protecting.
This protocol uses the strengths of traditional online recruitment, the widespread ability to generate and share user data and the wide reach of the internet, but removes the barriers traditionally present in existing professional marketplaces, such as privacy breaches, unreliable data sources and costly third-party portals and networks. Profede’s solution enables large and small businesses to participate in an open ecosystem. Our innovative decentralized technology is driven by the professional market, which means that businesses can optimize investments in recruitment and social sales with real results. Professionals are incentivized to participate whilst keeping anonymity and data privacy in the hands of each individual party.
Incentives to participate in the recruiting and social selling markets
Profede will be a powerful protocol for social selling for users to interact and engage on a global scale to be profitable. Blockchain is a powerful emerging technology that allows parties who distrust each other to engage in a mutually beneficial co-transaction without the intervention of a central authority. Profede believes that a blockchain-based system is appropriate to enable professionals and businesses to connect directly in a mutually beneficial market activity along the entire value chain.
Profede applies powerful patterns to design transparent and meaningful medium for professionals and businesses to engage in value creation. With a decentralized approach, previously wasted marketing dollars are redirected to job offers that reach professionals who are genuinely interested in job opportunities in which the rewards offered are truly appropriate. With a well-conceived blockchain system, professional profiles can rise from shadowy privacy-invasive metadata, owned and controlled by third parties to search metadata owned by the professionals themselves and selectively disclosed only when relevant to the search. This creates a privacy-friendly marketplace where professionals and businesses share value creation. By storing professional data securely in the public blockchain (i.e., providing anonymity and selective data sharing), new forms of rewards and loyalty programs will emerge.
Portable professional profiles and feedback ratings
Professionals have a portable professional profile and feedback rating. They will not need to rely on a centralized platform. With blockchain, professionals will be able to easily move their profiles and data through the networks partaking in Profede’s protocol, in a private and safe manner. At the same time, businesses and other professionals will have access to the profiles of the professionals, with a guarantee of their legitimacy and certification of their feedback rating, since all the content will be documented.
Profede’s professional protocol will allow businesses to make appropriate payments for a professional’s data regardless of the platform in which that person’s information is located. Intermediaries are eliminated and interactions are facilitated by the network itself. Instead of paying any intermediaries, businesses automatically make customized offers directly to professionals based on their feedback rating and profiles through a decentralized application.
In your professional profile at Profede you can include:
- Personal information; name and surname, email, contact information
- Current and past employment details: company name, position, dates
- Education: institution, title, level of qualification, graduation date
- Training: institution, course title, dates
- Skills: hard and soft skill abilities
- Recommendations: Previous and current recommendations given by others
- Feedback rating: community verified feedback rating based on experiences had with others
Profede associates a professional feedback rating based on the experience of their interactions with third parties. When that interaction is successful, good feedback is maintained, but when it fails it becomes bad feedback (for example, when an interested party realizes that the professional is lying). Professionals strive to maintain their feedback rating on all platforms and verticals throughout their careers.
Professional data and reputation ratings hosted by verticals such as Linkedin, Xing or job portals could result in complete data loss. With Profede, both, the professional and the interested party ensure that relevant data before an interaction is always secure and stored in the blockchain.
All relevant professional data and feedback ratings are securely stored in the ledger and professionals can work on it across different platforms and verticals regardless of whether or not those verticals are connected. This ensures professionals that they will not be forced to rewrite their profiles and rebuild their reputation history every time they want to use a new professional app, vertical or network.
Storing data on the blockchain ledger is important in this day and age where data creators might lose the data, by storing it on blockchain you will not be able to lose it as it is permanently stored there. For example, if a social network closes and you’ve dedicated many hours building your brand and profile you will lose the data, but through blockchain it will remain on the ledger. Also if a previous employer’s business closes down or records have been lost, by storing the data on a ledger employment data can be obtained at any time without relying on others.
The future of HR and recruitment
Through blockchain technology the HR and recruitment industries will see rapid and continued change. Businesses will be able to find talented professionals much quicker and directly, while professionals will benefit from earning each time they are contacted for their data. HR functions will improve, simplify and be more effective through blockchain technology. As data is verified and validated the recruitment process can become more dedicated in putting the right profiles with companies that with jobs looking for their skills and also personalities. Time can be dedicated into enhancing the employee experience as Profede’s protocol makes the rest of the recruitment process easier and more effective.
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