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Nonprofit organization Velocity Network Foundation has launched its new publicly permissioned blockchain network that aims to help usher in the next big trend to impact the global workforce.
Velocity Network’s Mainnet will allow technology or services providers within the HR and education industries to make the shift to issuing and verifying digital credentials from prospects.
Velocity Network is a blockchain-based layer that aims to update the traditional method of showcasing a professional’s career highlights. Instead of creating online resumes or social media profiles, Velocity Network allows people to own digital credentials that are provided to them by a company, school, or certification provider.
Simultaneously, employers and educational institutions can easily verify these credentials to help cut down on hiring processes and obtain more reliable potential talent.
One of the key features of Velocity Network is that it is publicly permissioned, which means that anyone can build their profile on the platform, while organizations go through a vetting process to ensure that they are eligible employers.
Additionally, the Internet of Careers will allow users to have access to software that helps them “connect their systems to the Network, issue and verify credentials, and build interoperable career credential wallets.”
Users also gain access to the First Mobile Career Wallet App, which is a free app that makes it simple for individuals to claim their credentials, manage them, and share them to organizations or people of their choice.
“Faced with the mega trends affecting the future of work: the talent shortage, the great resignation, the gig economy, the polarized job markets etc. all bets are on innovations in human resources technology to tackle these challenges,” said Dror Gurevich, founder and CEO of Velocity Career Labs, the developer of Velocity Network and the Velocity Network Foundation. “Yet, we still rely on costly, self-reported and unverified methods to exchange data about previous employment, professional achievements, and educational certifications, all of which are key to hiring efficiencies. The fragmented data exchange system is holding back digital transformation in the job market and preventing the mitigation of these most critical challenges.”
