Blockchain technology will arguably impact the human resources function more profoundly. An immutable distributed ledger can verify a candidate’s credentials and work history. The “gig economy” can be more effective for highly skilled workers because they can more seamlessly secure lucrative engagements. For both the worker and the employer, HR platforms running on a blockchain could reduce the search costs as well as the risk, improve productivity, and even facilitate faster and cheaper payments.
In this fast pace changing ecosystem, Randstad has decided to support and initiate several blockchain related initiatives to keep shaping the world of work. Velocity Network foundation is one of them and we are proudly part of its board of directors as a founding member.
Velocity Network is a Blockchain based, open source, public ‘Internet of Careers’, providing one global frictionless experience to exchange trusted career records. Velocity Network will serve as the unified data utility layer that underlies the future global labor market. We strongly believe that the composition of this Foundation, its technology partner and the cross functional willingness to embrace such an exciting development will allow Randstad, our candidates and our customers enjoy a first mover advantage in a new environment where some inefficiencies of the staffing industries could be solved and therefore ensure a much more effective match of talent and organizations.