Could Blockchain become the most sought technology in the 21st century?

After the successful launch of its two mobile app- One for Employer and another for Jobseeker, the US-based startup Mintly, and its parent company HR CUBE LLC are putting their hand on Blockchain. One of the most discussed and sought after technology in the 21st century after Artificial Intelligence and is yet to be used in other industry apart from recruitment, and education though, some companies are using it in the lower level applications. The motive behind this startup was not sudden rather than comes out due the years of frustration that recruitment sector is facing. In this 21st century, maybe technology is at peak and makes our everyday life smooth and easy but in the recruitment sector something is going terribly wrong. Employers are facing a lot of trouble to find the right talent for particular skill even after going through an intensive manual background check. It is difficult to avoid the fraud practice in this sector and also, sometimes communication gap arises between the recruiters and job seekers. Most of the times it is difficult to verify the educational qualification and work experience and problems arise for the companies if these are found to be false. “Even having a pool of jobseekers, it is difficult or sometimes impossible to hire the perfect candidate for a company and a small mistake in recruitment could cost massive damage, and the situation becomes worst in case of startups.” stated by Suddan N Shanmugasundaram, Founder & CEO of Mintly and HR CUBE LLC. The motive is simple- to create a platform for both the jobseekers and hiring managers for a hassle-free environment with the help of latest technologies.

How Blockchain will help
The use of Blockchain in recruitment is to verify the information of the candidate like educational qualification, and professional experiences through a digital record. It is a notable step for the recruitment sector to ensure the credibility of the information provided by a candidate. Before a decade, the candidates had one or two degrees from a university with a well-defined job role in their professional careers which was not difficult to verify though, it was a time and money consuming process still, most of the data could be trusted, but the current scenario is completely different.

It is difficult to verify the complicated background, but Blockchain comes as a rescuer in this process because of some tricky elements. Here the data will be unquestionable as from the beginning it is available and will be in public and anyone can check the details of the contributor, and in each block who verifies the data. It consists of some blocks where each block contains some user data from the beginning. If someone tries to tamper one block, then the entire chain will verify the previous information, and any mismatch will force that particular block to store the accurate data. So, here the data available in Blockchain is tamperproof.

Mintly’s approach
The tech startup tries to solve the hiring problem through a cost-effective method using Blockchain technology for an effective background check, and currently, is the only HR Tech startup that uses it in the recruitment process. Though everyone wants this to be solved still, most of them are depending on the manual process whereas Mintly has a unique approach for resolving the issue that whole recruitment sector is facing but no one takes any step to solve it yet. Even it is in the starting stage, and most of the companies are reluctant to use it in the hiring process, Mintly is far ahead of this in comparison with other companies. The company successfully tested this and started using it for the business purpose. The goal is to reduce the average background check process by 80% and save the cost by 60% from the existing market rate. The biggest advantage is the “Trust Factor” that it delivers. For example, once an employee’s experience is flagged as Fake or Fraudulent, then there is no way to reverse that feedback. It is difficult to move from one process to another process when a large number of people are involved, but not impossible because people come to the Mintly platform will automatically become the part of Blockchain. For example, when a candidate is applying through Mintly, his/her resume and other necessary data will be put on Blockchain for further verification after onetime manual check process. It is impossible to tamper the data once enter in this platform.
The goal is to make the hiring process free from fraud practice. In a tech world, it is important for everyone to stay updated with the emerging technologies, and people should be ready for the upcoming changes to ensure the speed.

For any questions about the usage or to know more about Blockchain, please contact sales@mintly.in or call our 24/7 Customer happiness number at +91 8110000635
Visit Us: https://www.mintly.in

Mintly is validating the Proof of Concept Version for employee Reference check (using Private Blockchain) with selected clients in India. The Final version of the product will be available for employers in Retail, FMCG and Finance Industries by the end of Q2-2018.

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This release was published on openPR.