A new system to combat fraud and wasted resources in recruiting has been launched in the form of CVProof. “Recruitment is a haphazard process,” observes CEO and founder of CVProof, Ray Chow-Toun, “managed by documents sent digitally to head hunters, put through lengthy and unstructured vetting processes including background and reference checks. The applicant will have his or her formatting preferences, and every recruiter has a different document and receiving system. On average, research shows that 25 per cent of applications submitted have credentials discrepancies. It's all too easy for candidates to defraud.”
The company quotes figures from April 2017 when there were 500 million LinkedIn users, 227 million of them active monthly, nine million companies and 10 million job postings. With corporate job openings routinely attracting 250 resumes only 4-6 of these will result in interviews being conducted.
Chow-Toun and his team argues recruiters are drowning in an avalanche of applications for positions, most of which will be not only unsuitable but worse than useless because of the time and effort it takes to vet them. It takes a recruiter an average of six seconds to scan a resume so the price of mismanagement is also high. For businesses with less than 500 employees, hiring costs are estimated at $11,000, double that for companies of over 500 employees.
CVProof.com believe it’s time to reinvent the job market economy and consequently have created a recruitment and and employment tracking records platform which comes with easy scalability. It is designed for companies both big and small, and will then scale up to work across entire industries, and from there, they believe, the entire economy. The solution leverages blockchain technology to create a platform which enables notarization of CV credentials. CVs and all type of credentials (Assessment, medical records, training…) from any industry and from any country can therefore be digitally validated and authenticated in a seamless process.
“CVProof.com is a platform built from the ground up to do two things,” says Chow-Toun. “It’ll fight wasteful and expensive credential fraud, and it’ll open up a vibrant new market in the process. Any employer can easily verify the credentials claimed by a potential employee using the same cutting edge technology that secures cryptocurrency.”
Blockchain technology maintains and secures information on candidates that refer to diplomas, references, publications, test scores, medical certificates, criminal record information, proof of training and much more. It takes the onus off both the candidate to produce documentation every time and the recruiter to manually verify skills and suitability, and it's especially important where credentials can lead to liability issues in fields like medicine or aviation.
To encourage credential issuers and users to take part, any activity updating, validating or confirming skills or qualifications will be done in exchange for CVProof.com's in-house cryptocurrency INK (Incentive Notarized Kerosene) Tokens, which can be further used to purchase services from right within the CVProof.com platform.
“The financial incentives will create and fortify a robust ancillary market,” Chow-Toun says. “It will unlock very unique monetisation opportunities by creating and selling services. As well as doing credential validations, participants can earn income by using CVProof.com to receive and action job applications, manage the selection and interview process, publish news, blogs or thought leadership pieces on the industry or create and sell services like independent career consulting, CV design or any other recruitment-relevant activity.”
It works by an issuer – the credential source – deploying confirmation of an applicant's skill or qualification into the CVProof.com system. Unique and standardised validation tools allow issuers to attach confirmation of credentials throughout the platform.
The credential is then distributable or actionable in the form of a certified document, the security standards of blockchain technology applied to notarise the document and ensure its authenticity. Certified credential documents are then attached to the profiles of candidates so any recruiter can access their qualifications and suitability for a job at a glance and feel secure in the legitimacy of the skill. The issuer is awarded INK Tokens for their part in ensuring a user's profile is true and current.
For applicants it means a level playing field regardless of their technical skill level with job applications. For recruiters, it will promote enhanced trust, more efficient use of resources, reduced risk and more focus on fostering talent than administrative hiring processes.
And for everyone, it will represent a burgeoning new field unlocking further potential in the job market to monetise the data, activity and needs of recruiters, companies with openings and people looking for the next challenge.
A pre-sale private round of INK Tokens reserved for accredited investors is happening now, with 50 million INK Tokens offered at a 50 percent discount. A public sale of a further 425 million Tokens will commence in Q1 2018 lasting four weeks with a hard cap to ensure value retention. User activity is forecast to reach 1 million participants after two years, after which CVProof.com will enter an accelerated growth phase between years four and six, reaching platform maturity at seven years.
To prove the security behind the infrastructure and concept, CVProof.com founders have digitally signed the Token Presale Contract using official law enforcement digital security tools and share proof of their digital signature and identity with any potential buyers.