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An online resume-validating network has garnered support from than a dozen board members from companies whose ranks include Aon<\/a>, Oracle<\/a>, SAP<\/a>, UKG<\/a> and ZipRecruiter<\/a> with the aim of reducing the time and cost of vetting job candidates.<\/p>\n The network is part of a trend by governments, schools, and businesses to create verifiable digital IDs \u2014\u00a0self-sovereign digital identities<\/a>\u00a0\u2014 that can be used to verify everything from credit worthiness and college diplomas to licenses and business-to-business credentials.<\/p>\n The Velocity Network<\/a> mainnet, now being piloted internally by corporate members, would enable employers to verify a job candidate\u2019s diplomas, certifications, and work experience almost instantaneously. Employers using HR software can also issue verified credentials to employees, who can then access and share that information through a blockchain-based, online ledger.<\/p>\n A job candidate using the network would essentially be given a digital wallet secured through cryptography via the ledger. They could then choose to offer prospective employers whatever verified information they choose via a public key.<\/p>\n The network was created and is run by the Velocity Network Foundation<\/a>, a Delaware-based, nonprofit whose mission is to allow workers to store and share verifiable educational, licensing and experience credentials online with job prospects.<\/p>\n \u201cVerifying applicant career records can take days, weeks, if not months, to complete,”\u00a0said Dror Gurevich, founder and CEO of the Velocity Network Foundation. “Hiring methods are severely outdated to the point that one in three Americans have admitted to lying on their resumes<\/a>, which slows the hiring process immensely.<\/p>\n \u201cThere\u2019s literally no easy way of verifying records today other than making phone calls and procuring information from various sources,” he said. “And that drives a $17 billion screening services market made up by professional third-party providers. Organizations spend millions of dollars on this. But, it\u2019s not the cost that\u2019s the issue. It\u2019s the time it takes; it\u2019s a ball of friction that is the blocker for most of the innovation we need in the job market.\u201d<\/p>\n Essentially, workers approach issuers to claim their credentials, whether from a past employer, government agency or school. The issuers take the records they have, then sign them with their private keys to create a tamper-proof record that’s issued to an individual\u2019s digital wallet.<\/p>\n That digital wallet application can be installed on whatever device a user chooses to connect to their work, school, or license issuers to claim digitally-signed proofs of their employment history, educational background, skills, and qualifications.\u00a0For each credential, the issuer writes a cryptographic key to Velocity Network\u2019s blockchain making it verifiable and trusted. The personal data is stored privately on the individual\u2019s device and the verification keys themselves hold no personally identifiable information.<\/p>\n \u201cThis allows individuals to stack proofs of their employment history, educational background, skills, and qualifications; store them privately; and share them [with employers] when needed,\u201d Gurevich said.<\/p>\n Once the validated data is uploaded to the Velocity Network, workers would own it and can choose to share some or all of it by offering a public cryptographic key<\/a> to prospective employers. Job seekers could control exactly which records an employer can access depending on job requirements.<\/p>\n \u201cWe currently support 25 different credentials from basic identities, to work permits, education credentials, courses, badges, assessment results, driver\u2019s licenses, and professional certifications,\u201d Gurevich said.<\/p>\n Via the blockchain ledger, the Velocity Network would also run a token-based, cryptocurrency payment and rewards system. Organizations that issue credentials and other career information contributors are rewarded with Velocity Credits. Conversely, companies can then buy credits on the Velocity Credit Marketplace to pay for access to the blockchain ledger to verify credentials.<\/p>\n Gurevich pointed to the Great Resignation<\/a> as one reason a resume-vetting network is needed now more than ever as employees are quitting and changing jobs at unprecedented rates.<\/p>\n \u201cWe\u2019re currently relying on self-reported, unverified resumes, LinkedIn profiles and the like as the source for candidate and employee records,\u201d Gurevich said. \u201cIf you want to hire a developer in Serbia, you can\u2019t do that because you have no idea who they are and you don\u2019t have that trust factor to comply with regulations. For most employers, that requires the vetting of the individual\u2019s credentials or risk be responsible for negligent hiring.\u201d<\/p>\n The Velocity Network\u2019s failure or success will largely depend on how many organizations choose to jump on board and share data with it. For example, colleges and tech bootcamp services will need to connect to the network and share their verified data. And corporate HR systems will have to agree to connect to the service to share employee work experience.<\/p>\n That said, interest is growing in the portability of worker skills and compensation information among enterprises, according to Matthew Merker, a research manager for IDC\u2019s Talent Acquisition & Strategy practice.<\/p>\n IDC, Merker said, is constantly seeing talent-acquisition vendors pop up with ways to address a job market hurting from historically low unemployment numbers, particularly for knowledge-based and technology-centric jobs.<\/p>\n \u201cThe trouble is convincing employers to accept these third-party companies at face value,\u201d Merker said. \u201cThe other challenge is how effective it will be in terms of portability because it\u2019s dependent on employer adoption. They have to say, ‘I trust Velocity,’ and for a lot of these companies they\u2019re likely to say, ‘I\u2019ve never heard of these companies before, so why should I buy into this?’\u201d<\/p>\n Other vendors who\u2019ve jointed Velocity Network\u2019s board include: Cisive<\/a>, Cornerstone<\/a>, HireRight<\/a>, Korn Ferry<\/a>, Nation<\/a>, Randstad<\/a>, SHL<\/a>, and SumTotal Systems<\/a>.<\/p>\n Alex Chudnovsky, vice president of product strategy at SAP, is a founding member of Velocity Foundation\u2019s board of directors, which was created in 2019. He said SAP is currently testing the blockchain-based credentialling network internally and with a few partners to educate employees and HR staff on how it works.<\/p>\n Verifying just one of the hundreds of thousands of job applicants SAP fields in a year can take from five to 14 days and costs from $75 to $200 per candidate, Chudnovsky said.<\/p>\n Velocity\u2019s network is also focused on connecting to existing HR systems through an API credentialing agent, with plans to make it a seamless part of the hiring process.<\/p>\n \u201cMost HR systems today typically struggle quite a bit with interoperability with various other systems,\u201d Chudnovsky said. \u201cSo, unlike lots of cool technologies out there, this is really designed for career credentialing of an individual through self-sovereignty. That\u2019s very important from a data privacy standpoint \u2014 that you have their PII [personally identifiable information] property secured.\u201d<\/p>\n The network is based on the concept of Web3, a new iteration of the World Wide Web that includes data decentralization, blockchain, and token-based economics.<\/p>\n Web3, Chudnovsky admitted, is still very much in its early days, and most systems are connecting to blockchain networks in a somewhat custom, ad hoc fashion.\u00a0<\/p>\n \u201cI think there are a number of reasons things will come together. First, if you look at our [board] membership, you\u2019ve got a number of HR-focused vendors involved. We\u2019re all agreeing on a set of rules to transfer ownership of the data to the individual,\u201d Chudnovsky said. \u201cIf we\u2019re all doing it in a similar format, and this can be just one of many future formats\u2026, this will allow the issuer and inspector to connect instantaneously.\u201d<\/p>\n For example, a recent graduate who applies to 10 different companies and wants to share a certified diploma with prospective employers either has to hand each one a certified copy or ask the institution for access to the electronic certificate 10 times.<\/p>\n Using the Velocity Network, an issuer could simply share a tamper-proof electronic diploma or other certificate as a verified credential with the student, who could then grant access to that single copy to the 10 companies.<\/p>\n \u201cSAP participates in lots of different consortiums, but this was a learning and a research and contribution effort. I think one of the reasons we like Velocity is there\u2019s an execution plan on how to get from A to B to C,\u201d Chudnovsky said. \u201cKnowing you\u2019re standing up a network and people agreeing on specific rules is no small feat.\u201d<\/p>\n There are three ways Velocity Network users can connect to credential issuers:<\/p>\n IDC\u2019s Merker said the Velocity Foundation network is not a \u201cbad idea,\u201d and using blockchain to secure sensitive personal information is smart both from a privacy standpoint and marketing perspective.<\/p>\n \u201cBut it\u2019s just a matter of understanding that when it comes to background screening, credentialing and employment verification, organizations all have their existing vendors that they use and a lot of them are very well established,\u201d Merker said.<\/p>\n SAP, for example, already uses various employee verification networks. And other companies commonly use verification services from ADP, Endera, Experian, Equifax, or TransUnion when hiring employees.<\/p>\n \u201cEquifax and Experian have been around a long time and have a very good reputation for the most part,\u201d Merker said. “They\u2019re also massive, which helps. They have the resources to back up their services.”<\/p>\n What makes Velocity different, Chudnovsky said, is that it will be built on a layer of trusted credentials on a decentralized network versus a single company and single point of administration. And it can offer more information \u2014 versus a simple criminal background check, credit check or employment verification \u2014 on a job candidate that can be accessed instantaneously.<\/p>\n The Velocity Network Foundation was established by Velocity Career Labs<\/a>, a developer of blockchain technology for sharing career credentials. The Velocity Foundation exists to govern the use of the Velocity Network by all involved parties, to continuously build the rulebook (or the common framework that ensures operational consistency) and to promote adoption.<\/p>\n The Foundation also guides the development of the decentralized protocols and supports research and development of applications and associated services.<\/p>\n Past surveys of corporate executives<\/a> found enterprises are on the path to deploying blockchain ledgers for business automation and transaction efficiency. So there is a level of trust for the electronic ledger to immutably secure sensitive information.<\/p>\n Blockchain is a decentralized public electronic ledger \u2014 similar to a relational database \u2014 that can be openly shared among disparate users to create an unchangeable record of their transactions. Each entry is time-stamped and linked to the previous one. Each digital record or transaction in the thread is called a block (hence the name); it allows either an open or controlled set of users to participate in the electronic ledger. Each block is linked to a specific participant.<\/p>\n The blockchain contains a true and verifiable record<\/a> of each and every transaction ever made in the system. That means if a user uploads a digital representation of their university degree from an institution, it cannot be changed without leaving evidence behind. In other words, the record is tamper-proof. If a company uploads an employee’s work experience and salary, that too is only accessible if the worker offers a public key to a perspective employers.<\/p>\n \u201cAny career fact that can be converted by the issuing authority can now be exchanged through this network,\u201d Gurevich said. \u201cThis puts people back in control of their data.\u201d<\/p>\n http:\/\/www.computerworld.com\/category\/security\/index.rss<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" An online resume-validating network has garnered support from than a dozen board members from companies whose ranks include Aon<\/a>, Oracle<\/a>, SAP<\/a>, UKG<\/a> and ZipRecruiter<\/a> with the aim of reducing the time and cost of vetting job candidates.<\/p>\n<\/p>\n