Blockchain is the digital, distributed, and decentralized ledger that underpins cryptocurrencies and is tasked with recording all transactions without the need for a financial intermediary. In plainer English, think of blockchain as the foundation upon which virtual currencies are built upon.

The evolution of blockchain derives from a number of perceived flaws with the current banking system, such as having banks act as a third party in all transactions, and potentially taking days for payments to settle, especially if they’re sent across borders. The purpose of blockchain is to reduce transaction costs, while expediting the settlement of transactions without sacrificing security.

The first advantage of blockchain is its decentralization. Rather than storing transaction data at a single location, this information is found on hard drives and servers all over the globe. Doing so prevents a single entity or hacker from gaining control of a network and virtual currency.

Second, there’s the expectation that transaction fees could decline. Since there is no bank involvement with blockchain-processed transactions, there are fewer mouths to feed, so to speak.

And most importantly, since blockchain transactions are being proofed 24 hours a day, seven days a week, the settlement time for many of the hottest blockchains is a few seconds to perhaps a few minutes. This would knock the socks off of traditional banks that can take up to five days to verify cross-border transactions.

In short, blockchain could offer sweeping improvements to the financial services industry. However, its application may go well beyond currencies.

The application of blockchain technology is currently being tested in the logistics, healthcare, energy, and retail industries, all with unique purposes.

You see, blockchain data is considered immutable, which is just a fancy way of saying it can’t be changed or altered. Blockchain ditches clumsy paper documents and digitizes things to make them more efficient and legally binding. Hospitals like the idea of blockchain, since it could mean a safer place to store health records, while the logistics companies could consider blockchain as a means to more efficiently and transparently track the location and performance of goods through a supply chain.

But among the aforementioned industries currently piloting blockchain projects, it’s recruitment that could have the most to gain.

First, job seekers would be able to take advantages because blockchain cannot be easily altered or taken down, removes single points of failure, and ensures that records can be verified without any organizational dependency. Therefore, once the achievements, qualifications, experience and aspirations are verified, nobody can tamper with the records. Blockchain technology ensures that the verification activity only happens once and is stored securely and permanently. The information of the applicants is not open to the public, decreasing the possibilities of personal information disclosure of the applicants and a blockchain-verified CV will surely leave a good impression on the recruiters.

Second, for employers, blockchain technology can assist in expediting the recruiting process undertaken by intermediaries unlocking valuable fund and time to be put to better use by employers in growing their business and for recruiters, by online recruiting, it is particularly effective at getting a high level of response while it may generate hundreds more applications than traditional print advertising, simply attracting more candidates is only part of the job. The current view is that truly effective online recruitment could be as low as 10% of the top blue-chip corporate companies. The real strength and power of online recruitment, when done properly, lie in harnessing internet technology to not just attract candidates but to deal with them too. Compared with traditional online recruitment, blockchain technology can infiltrate false information in applicants’ CVs, which will free up more of recruiters’ time for more value-added tasks.

Finding a dream role with a dream employer should be fast and easy. Equally, finding top talent should be quick and inexpensive. However, it is challenging, time-consuming, and costly finding top talent, and the recruitment process is often frustrating for both candidates and recruiters. But this will end because Curriculum Vitae Chain, the first blockchain application in recruiting sector in Asia, will provide both job seekers and recruiters with a one-stop solution that will greatly change the recruitment industry now.

It currently takes about 70 days to hire talent, with significant time spent verifying candidate credentials. Curriculum Vitae Chain members will already have their credentials verified, eradicating the need for organizations to spend time doing that. The CVs of Curriculum Vitae Chain members will be pre-verified, relieving organizations from the burden of undertaking verification themselves, or paying 3rd party verification partners to undertake verification on their behalf.

Over 30 days of the hiring process is spent verifying candidates, their experience, educations and skills, and a lot of money is spent prior to hiring in lost productivity or direct expenses. Curriculum Vitae Chain would like to help organizations significantly diminish the costs and efforts associated with the process.

Having the credentials of an individual’s CV verified by educators or accreditors and former employers is of enormous benefit. Also, providing unbounded access to candidates or open roles reduces the time to find talent and employers, significantly reducing hiring costs, and increasing productivity.

Online recruitment did help to increase social productivity but it has been plagued by its limits for years and now blockchain can help with those and improve it greatly.

P.S.If you want to know more about Curriculum Vitae Chain, why not join our telegram group: https://t.me/curriculumvitaechain