Ethereum-based resume smart contract system saves recruiters time and money

Rage Review : Applied Blockchain, a blockchain consulting company in London, has built a smart contract system for verifying job applicants' resumes, which is currently being tested on the Ethereum platform by APPII, a British technology startup. According to data provided by Gary McKay, CEO and co-founder of APPII, recruiters spend a lot of money and time on employee recruitment every year, and building a resume smart contract system on Ethereum can fully utilize the advantages of smart contracts and improve the entire recruitment process.

Translation: Annie_Xu

APPII is a UK technology startup that is testing the storage of verifiable recruitment data in transparent, tamper-proof, self-executing contracts on the Ethereum platform.

Smart contracts enable students and employees’ professional profiles (resumes) to be verified by current and former employers and educational institutions.

The system was built by Applied Blockchain, a London-based blockchain consulting firm, and is scheduled to be officially launched this summer.

Gary McKay, CEO and co-founder of APPII, told the media:

“Our use case is simple. We upload people’s resumes to a smart contract, along with their work experience and capabilities at a certain company. The employer and the education qualification verification agency can then verify the resume’s authenticity.”

The difference between us and LinkedIn is that it does not have a function to truly verify the authenticity of information. We hope to make up for this shortcoming and allow employers and educational institutions to verify whether someone has a certain work experience or educational background.

“In general, people tend to verify personal information at the end of the recruitment process because of the cost of verifying personal information. So if someone’s resume is found to have unusual information, it means the employer or recruitment agency has to start from scratch. We can help improve this situation. Blockchain allows people to come together without ever having spoken to each other, unless of course it is organized by the recruiter.”

McKay said early validation of professional profiles can improve the recruitment process, reduce recruitment time and costs, and increase the chances of students and job seekers being considered for positions.

Apparently, in any given year, 2 million people find new jobs, 200,000 graduates seek employment, and on any given day, 1.5 million temporary or contract workers change jobs. This process is not easy at all for job seekers, recruiters, and students.

Around 90% of CVs are thought to be inaccurate, and the cost of finding this loophole is high. It takes an employer an average of 68 days to find a suitable long-term employee, and only 15% of all applicants are viable candidates, and this waiting process costs employers an estimated £18,000 to £35,000 in lost sales and production.

McKay said you can attach legal and contractual information to job openings, then register that as a smart contract, and it will automatically trigger certain activities in the recruitment process, such as candidate matching, assigning candidate job applications, and posting job offers.

Kartik Natarjan, co-founder of Applied Blockchain, said:

“APPII has presented an interesting proposal which could significantly improve the recruitment process and we look forward to supporting the further development of their services.”