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It was just a few years ago that we started seeing the popularity of Bitcoin on the rise and only months ago that we watched this new form of currency reach unprecedented value, raising interest in buyers and miners alike. That’s right… “miners.” Is blockchain mining the next trend coming to Talent Acquisition?
[Listen to this headline as a podcast.]
For those that don’t already know, Bitcoin is an unregulated currency taking the world (or at least the news) by storm. To level set on how mining for Bitcoin works, here’s this snippet from Investopedia.com.
Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin.
Source: Bitcoin Mining | Investopedia.com
Why is this important to Talent Acquisition? Because the blockchain (or ledger of data) isn’t always about solving puzzles or getting rewarded with Bitcoin.
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Just a few years ago some colleges and higher education establishments began to use blockchain technology to share educational transcripts and academic credentials of students. This new format is virtually tamper-proof and allows for rapid sharing of accurate and validated data. If we can easily see the value and savings of this should it continue to scale within the world of higher ed, it’s not a leap to anticipate a jump into talent acquisition as employers constantly fight to validate the work history and backgrounds of candidates seeking employment.
[The Recruiting Robots Aren’t Coming, They’re Already Here | Chris Hoyt]
Imagine having at your fingertips the validated work history of a candidate. A complete list of their credentials, certifications, accomplishments, and more. All done through an easy digital exchange or contract. Gone would be the time of waiting days (if not weeks) for validated work history. No longer would employers be dependant upon smiling and dialing to check backgrounds and connect with local employers or related resources.
But wait, there’s a catch for us talent professionals… (login to catch the rest below)
