Employers around the world spend hundreds of billions of dollars looking for the perfect candidate. However, the information that they publish on Linkedln and in their resume, are not always reliable and easily verifiable, which often leads to unpleasant consequences.
Recruiting platform EchoLink is planning to use blockchain in order to provide companies with "reliable information about education, skills and experience of candidates who wish to apply for the job". Through this project, companies can save time and resources and to provide qualified employees the opportunities that they deserve.
According to a survey conducted by YouGov in the UK, about 10% of Britons indicated false information in his CV when applying for a job. Often they lied about their education, qualification and length of stay at previous jobs.
EchoLink argues that the current approach to interviews before checking information provided by applicants to be ineffective. But the use of a system for preliminary verification of information about candidates, in turn, will bring employers only the profit.
The startup’s platform will contain important information about the candidates (credentials, qualifications, experience), which will be stored in the blockchain. In order to avoid falsification of data by applicants or third parties, entries in the blockchain will be able to add only proven institutions: schools, universities, or organizations in which a particular applicant worked previously. EchoLink will provide the ability to update data as career development, which will subsequently lead to the creation of chains of evidence.
In addition, EchoLink is going to deal with the problem of the verification of the diplomas of international universities. EchoLink argues that the blockchain platform will help students to make their data on education and skills is accurate.
Setting higher standards EchoLink hopes that the system will help to reduce the number of layoffs of employees due to inaccurate information in the resume. Firm refers to a high-profile case of Scott Thompson who was fired from Yahoo after four months of work due to the fact that the CEO of the company found false information about education in his resume. This story caused outrage among the employees of Yahoo.
EchoLink has partnered with website JianKe to put online job experiences on its platform. JianKe has been providing assistance to College students in search of part-time jobs.
Trial versions of EchoLink’s platform will be available in the first quarter of this year. The startup hopes that the second quarter of 2019 he will be able to add all the basic functions to the ecosystem of the project fully satisfy all the requirements of the users, educational institutions and companies that provide jobs.