Hiring managers, meet blockchain. The technology behind cryptocurrencies such as Bitcoin is being used by universities, businesses, and governments around the world to issue and store verifiable digital credentials. Experts say this could mean reduced costs, increased trust, and more automation in hiring.
New York-based Learning Machine is among those pushing the use of the technology in credentialing. The technology company is working with the Massachusetts Institute of Technology, the U.S. Federation of State Medical Boards, and Malta’s Ministry for Education and Employment on tracking and verifying academic and professional certification using blockchain technology. Indeed, many of the blockchain startups deal in a global market and operate internationally.
A blockchain is a ledger of a continuously growing list of records or transactions shared by every device in a network. It’s considered a secure and reliable way of storing data as previous records in a blockchain can’t be changed unless a majority of the network approves. Blockchain technology is being tapped by many industries and governments around the world.
Some see lots of potential to use blockchain-verified credentials to improve hiring processes.