Cornerstone, the National Student Clearinghouse, a trusted source for degree verification and enrollment verification, Velocity Career Labs, Upwork, SAP, and 11 other highly-reputed human resources management platforms have come together to launch a blockchain-powered non-profit dubbed Velocity Network Foundation. The primary objective of the non-profit is to create an open-source blockchain-based credentialing platform called the “Internet of Careers,” reports Ledger Insights on January 28, 2020.
Fostering Transparency in the Credentialing Economy
In a bid to establish a token-based career credentialing economy that would foster transparency, increase privacy and give individuals total control over their credentials, including degrees, skills, certificates and others, Velocity Career Labs has collaborated with 14 other firms to launch the Internet of Careers blockchain consortium
Per sources close to the matter, the “Internet of Careers” open-source blockchain solution promotes data privacy and security by using a self-sovereign identity. This eliminates the need to store users’ personal data on the platform.
The Internet of Careers aims to leverage distributed ledger technology (DLT) to totally eliminate unauthorized data sharing and enable job seekers to share their credentials with only employers that they trust.
Eliminating Fake Credentials with Blockchain
What’s more, the team says the platform will also curb certificate forgery by enabling employers to verify the credentials of employees in a superfast way, while also enabling organizations to easily identify, develop and assign the most suitable job roles to each employee.
Commenting on the project, Dror Gurevich, CEO of Velocity Career Labs reiterated the importance of the platform.
In his words:
“The democratic, bob-profit nature of the governance and the open-source framework makes it a true public utility layer. This is why we call it the ‘Internet of Careers.’ It sets velocity apart from others in the industry and attracts many other firms to join the network, thereby driving the supply and demand flywheel.”
The Clearinghouse also noted that integrating blockchain technology into its existing system will further enhance its processes and provide clients with “confidence that employees have the necessary degrees and certifications to do their jobs.”
A good number of forward-thinking firms and even countries are now taking advantage of the immutability property of blockchain technology to carry out the authentication and verification of degrees and certificates.
In February 2019, reports emerged that Andorra has started storing degrees and certificates issued by higher education institutions, on the blockchain.
More recently, on January 20, 2020, BTCManager informed that Deloitte and DNV GL have joined forces to launch an enterprise-grade blockchain-based certificate authentication platform.