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Using Blockchain Technology to Prevent Workplace Crimes

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A U.S.-based startup firm referred to as I’ve Been Vetted (IBV) is utilizing blockchain expertise to forestall office crimes. 

The particular distributed ledger protocol that IBV is utilizing comes from Swiss startup KryptoPal, which offers blockchain options for enterprises. IBV is hoping that utilizing blockchain expertise on this vogue will assist forestall negligent hiring and cut back office crimes which can be presently costing companies $50 billion annually.

Venkat Nallapati, Founder and CEO of KryptoPal, stated, “We’re excited to launch this blockchain-based platform which will help form a relationship between businesses and employees that is built on trust and transparency. Employers can be assured that they are hiring the best and most trustworthy people for the job by checking a candidate’s smart contract, while employees can prove their professional merit and compliance history throughout their careers.”

This new platform, construct on good contract expertise, will help enterprise house owners and HR professionals cut back monetary and reputational prices due to office crimes. The platform makes use of machine studying to predict and forestall these crimes.

Jo Lynn Clemens, Founder and CEO of IBV, stated, “It’s common knowledge among the HR industry that pre-employment background checks are simply insufficient as standalone tools for vetting. We have decided to work with KryptoPal to build a platform that will utilize smart contract technology to enable the transfer of the employer’s risk profile to their insurer and the transfer of a worker’s compliance profile to the next employer. By combining blockchain technology with our prevention and mitigation methods, we hope to reduce the number of harmful incidents against any consumer, in any industry,” stated Clemens.

IBV additionally continues monitoring workers after hiring, reassessing them semiannually and calculating a threat rating. By placing these scores on a blockchain, an immutable on-line report, future employers and insurers can entry this info to assess a possible worker’s threat profile.

Nallapati additionally stated, “Using KryptoPal’s developed software, all past and ongoing employment history documented by IBV can now be securely stored and shared using smart contracts. This sensitive data is immutable and verifiable, and can only be accessed by IBV, applicants and the hiring business.”

Employees altering jobs can even export their compliance historical past to expedite the hiring course of and improve their utility.

Arguably, handing this info over to a centralized firm goes towards the preliminary imaginative and prescient of blockchain expertise, which was the creation of a monetary system that was permissionless, decentralized, and pseudonymous. Instead, IBV is utilizing the expertise to create everlasting, on-line information of our employment histories.

For higher or for worse, it’s merely price noting the deviation from the cypherpunk origins of blockchain expertise. One may say that when you’ve acquired nothing to cover you’ve acquired nothing to concern, nevertheless, a cryptocurrency purist would reply that giving any group this a lot energy over individuals’s skilled reputations, histories, and eligibility for employment opens the door to issues of centralization.

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