Cornerstone OnDemand, SAP, SumTotal Systems and Ultimate Software are among the 15 HCM and educational technology vendors who’ve become founding members of a nonprofit focused on the research and development of blockchain solutions and promoting their adoption.
The nonprofit, called the Velocity Network Foundation, seeks to create a global, open-source blockchain-powered “Internet of Careers.” The other founding members include Aon’s Assessment Solutions, Cisive, HireRight, Korn Ferry, the National Student Clearinghouse, Randstad, SHL, Unit4, Upwork, Velocity Career Labs and ZipRecruiter.15 HCM vendors join nonprofit to explore, promote blockchain HCM solutions. @VelocityFdn @UltimateHCM @SuccessFactors @CornerstoneInc #HR #HRTech #Blockchain Click To Tweet
Together, the companies involved have career-related data for more than 700 million people, the foundation said. In addition, they store billions of professional and student credentials and assessments, as well as employment and contract work records including job information, pay histories and competencies.
How the Workforce Drives Blockchain
For those involved in HCM, the workforce’s changing dynamics is a main driver of blockchain’s attractiveness. The growth of contingent work, including gigs, makes it more important for employers to feel that the credentials they reviewed in hiring a workers are valid. Meanwhile, nearly three-quarters of employees—73 percent, according to the World Economic Forum—want to own their work-related records and take them along when they switch jobs.
While advanced technology plays an increasing role in hiring and career development, self-reported and unverified channels continue to dominate the reporting of employment, professional achievement and certifications, the foundation said. This “fragmented data exchange system is holding back the job market and preventing the mitigation of critical challenges facing the job market today,” it argues.
The Velocity Network itself is a blockchain-powered platform that allows people to claim and manage their own credentials, and also decide who gets to see their information and how they can use it. From the employer’s perspective, it provides verified applicant and employee information.
The foundation originated with Velocity Career Labs, which was founded in 2018 to create blockchain credentialing solutions and a “public utility layer.” According to LinkedIn profiles, its co-founders include CEO Dror Gurevich, former AKT Human Capital Solutions partner, and EVP Yvette Cameron, former global head of SAP SuccessFactors strategy.
Sign up for our newsletter here.