According to China’s state media today, it praised blockchain technology and the potential benefits it may bring to society.
The People’s Daily — China’s largest newspaper and official outlet of the Communist party today published a feature article on blockchain technology. The piece was highly positive, describing the many potential benefits of the technology to both Chinese citizens and the paper’s three million international readers. It began by outlining the “highly ingenious” structure of distributed decentralized ledgers, before describing areas where the technology could be life-changing; “financial difficulties, public welfare, supervision, counterfeiting, recruitment and many other areas of pain and difficulty”. Blockchain was described as potentially the next internet, with the publication stating that Chinese authorities would better promote and use blockchain technology in order to continue to improve infrastructure and strengthen the formulation of relevant laws and policies. The article seems to imply that China wishes to embrace the technology, just like what Vladimir Putin urged Russian government to do.
In fact, blockchain technology can play an increasingly essential role in most of sectors, recruiting sector, for example, is one of the most likely to be changed.
For years, job seeker’s CVs can’t be verified, which causes a lot of extra work for recruiters to carefully verify them one by one therefore, the recruiters who has already been busy with the verification won’t be able to focus on recruiting process, especially when they get a high level of response and eventually leads to the loss of productivity. On the other hand, applicants seem to have to deal with endless job interviews due to the time that verification takes, which, for them, is not able to maximize their potential.
It is estimated that it currently takes about 70 days to hire talent and over 30 days of the hiring process is spent verifying candidates, their experience, educations and skills, and between $50 — $2500 is spent prior to hiring in lost productivity or direct expenses.
In this case, Curriculum Vitae Chain, the first blockchain application in recruiting sector in Asia, is ready to upset traditional e-recruiting with blockchain. The CVs of Curriculum Vitae Chain members will be pre-verified relieving organizations from the burden of undertaking verification themselves, or paying 3rd party verification partners to undertake verification on their behalf. In Curriculum Vitae Chain’s case, the broker role currently undertaken by 3rd party verification companies is superseded by the blockchain technology and network. The technology makes the process immeasurably faster and, at the same time, ultra-trustworthy.
The blockchain technology ensures that the verification activity only happens once and is stored securely and permanently for any recruiters as long as they get the permission of the CV owners and pay them CVH, a token used in Curriculum Vitae Chain that wishes to view it. The technology also eradicates double handling and processing by multiple verification providers.
Blockchain technology does have many potential benefits.