WORLD’S FIRST BLOCKCHAIN JOB NETWORK DISRUPTS FUTURE OF RECRUITMENT INDUSTRY BY REVOLUTIONISING REFERENCES
R_Block, the world’s first blockchain-based, semi-anonymous decentralised hiring network, comes to market with a new referencing digital tool. Built on smart-contracts, this ‘careers ledger’ will provide workers with a secure and trusted job network, including full control of work experience data and proof of skills.
With an estimated two million tech roles in the UK, opportunities in this sector are abundant. However, a lack of trust and an increase in cases of unspoken prejudice creates an imbalance, meaning it is rarely the case that the most skilled engineer is hired.
Trust has become fractured by misuse of personal data, such as spamming and unsolicited calls, and more than ever the public is becoming increasingly aware of the value of personal information. And over time, prejudice has become an even more sensitive issue, with candidates potentially missing out on securing a role because of foreign names or being deemed too old, rather than workers being hired purely based on skills, experience and personal fit.
The London-based company has identified the struggles and barriers employees and employers face with the current recruitment system, and has undertaken the first steps in laying down the foundations using blockchain technology to build a robust eco-system that is fit for purpose.
Following the successful launch of its minimal, viable product, the R_Block platform runs on a consortium Ethereum blockchain. It is now in beta stage, with real-time users who are already benefiting from the platform. Smart-contracts lock in references until requested by employees, putting individuals back in control as they own and share references and CVs on their terms. The nature of security and trust also adds benefit to recruiters and companies, with R_Block being fully GDPR-compliant. This, combined with semi-anonymity, will reduce fear of prejudice, leaving employees safe in the knowledge that their experience will be recognised based on their abilities and skills and not unfairly skewed.
Over time, references have been abused and misused. Eight years ago, 75% of employers referenced workers, compared to a mere 25% today. Where these were once used to verify and endorse a candidate’s skills and performance, they are now used as an obligatory checkbox, to confirm an individual’s period of employment. Currently, time and money is lost as both jobseeker and recruiter are put through the full process of interviews, job offers and acceptance, all before a reference is provided.
With an entrepreneurial background in successful start-ups, the R_Block team joined forces in March 2017 to revolutionise the recruitment industry, with a shared passion to re-invent the way employees meet and interact with companies to showcase their skills.
Luke Shipley, R_Block’s co-founder, commented: “We are on a mission to provide all, no matter their career history, equal opportunities in finding the right job for them, without risk of prejudice. Our platform aims to put individuals back in control of their data and their careers. We want to provide companies with a streamlined process that increases efficiencies, saving time and money. Equally, we hope to minimise frustrations and ease the end-to-end recruitment process, with far more successful, suitable and longer-term appointments.”
In a survey conducted by R_Block, 79% of respondents believe they would secure more interviews if references were shared earlier on in the recruitment process. By releasing references early in the R_Block eco-system, candidates will be matched to the right role and the recruiter will confidently find a suitable employee without concern or doubt of capabilities.
Combining the development of R_Block’s platform with the launch of the new R_Block cryptotoken, Credo Verification (CV), will provide a monetised incentive to users of the platform. Architected on Ethereum and complying with the widely accepted ERC-20 token standard, users of R_Block will be able to make payments with CV in real-time and earn CV tokens by sharing data such as proof of skills or interacting with a company about a job.
By way of scaling up and growing its community, R_Block will be launching the first of three Coinception token sales on 30 January 2018. Participants in the sale will obtain CV tokens by sending Ethereum or Bitcoin to an Ethereum smart-contract address. After the sale closes, token owners will receive withdrawable CV tokens, which will be available to trade on exchanges in 2018.
R_Block’s platform leads the way in applying the ground-breaking lesson of the distributed ledger to recruitment, leaping over legacy systems and operations, and is set to shake up the recruitment industry for both jobseekers and companies. The platform will empower employees with a newfound level of trust and transparency, creating a harmonious and effective recruitment environment.
To find out more about R_Block and to join the referencing revolution, visit https://rblock.co/.
The first of three Coinception token sales opens from 30 January to 20 February 2018. The hard cap for the first Coinception sale is $6.89m.