For years blockchain experts have been promising that Bitcoin transactions were just the beginning of what would be possible. And the predictions were right. Blockchain is transforming how we validate transactions across all kinds of important applications from food safety to insurance processing.
Blockchain’s ability to provide a secure, trusted method of transferring information across parties that is irrefutable is speeding business processes and increasing transparency across our lives. As blockchain technology adoption grew, it was natural to seek applications in Human Capital Management (HCM) to address the growing concern over data privacy, and fraud. Individuals and businesses alike are seeking ways to both verify and control personal career records.
At SumTotal Systems, we believe blockchain is the foundational technology enabler that will allow us to unlock the Internet of Careers to address this growing concern. Blockchain is the difference between a digital identity that is vulnerable to hacks and misuse, and digital identities that are secure, immutable, and give users control. Individuals oversee what and where their personal data is stored, who has access to which elements of the data and for how long, and where and how the data is used. Since blockchain technology is decentralized, no one party is ever in control. Consensus across the ecosystem is required before new transactions can be recorded, and once recorded those items cannot be altered, ensuring safe and secure transactions.
We’ve already seen these concepts in practice. As far back as 2016, Blockcerts allowed any school to issue and verify blockchain-based educational credentials. Soon after in 2017, we saw a huge leap when educational powerhouse MIT piloted a digital diploma.
We couldn’t help but ask ourselves, “why couldn’t we do the same for other career records such as job roles, certifications, promotions, skills and salaries?” We can, and we will.
Today, we announced our founding membership, alongside 14 other Education and HR tech leaders in the Velocity Network Foundation. Our mission is to reinvent how career records are shared across the global labor market. Together with our consortium partners, we are taking an important leap towards truly unlocking the Internet of Careers.
This is just the beginning. Trusted, globally accessed career records will allow us to better develop our people and more quickly match candidates to career opportunities.
For more information on the consortium please see the press release.