The world’s first immutable CV built on a blockchain was recently launched by a group of entrepreneurs and workforce management veterans. The service, which is designed to transform how the professional world works, addresses the growing risk of fake qualifications on resumes.
The launch of WorkChain.io comes as Samsonite CEO Ramesh Tainwala resigned from his post after he was found to have padded his resume to make it look more desirable to recruiters. Tainwala was replaced by the luggage maker’s CFO Kyle Gendreau.
Workchain communications director Seb Kipman told Cryptovest in an e-mail interview:
“Did you see the story that's all over the news about Samsonite CEO quitting because he got caught lying on his resume? Feels like a good opportunity to tell the story of yet another reason why the world badly needs the blockchain and its immutable data.”
He added that the company’s workID utilizes blockchain technology to create an immutable CV that contains only trusted, verified data. The system is being touted as revolutionizing the future of work by giving employers an unprecedented ability to hire with certainty while employees will gain true ownership of their identities.
To reinforce the need for an immutable CV platform, Kipman cited a study by recruitment consulting firm HireRight showing that people lie on their LinkedIn profiles and a significant majority of recruiters say they had caught a candidate lying on their resume.
According to the HireRight survey, 85% of employers uncovered lies on job applicants’ resumes. More employers are finding lies than they did five years ago when the rate was 66%.
“For example, although current employees present significant ongoing organizational risk due to their access to company assets, customers, and other employees, the HireRight survey found that 48% of employers do not rescreen their personnel post-hire – surprisingly only a 5% decrease from five years ago (53%), despite the opportunity that rescreening offers organizations to reduce their operating risk. For those businesses that do rescreen, the majority do so when employees are promoted or change roles. Just 10% of respondents rescreen contingent and/or contract workers – down significantly from 31% in 2013.”
WorkChain.io CEO Ivan Petrovic said that in today’s working world, employers stand no chance when it comes to trying to vet candidates.
He continued, "A line in a resume can be easily made-up, and LinkedIn is unreliable because more than a third of people lie on their LinkedIn profile.”