Taking blockchain utility to another level, a US-based startup company ‘I’ve Been Vetted’, or simply IBV, is building a blockchain-based solution to check workplace crimes.
On its mission to alleviate workplace crimes, IBV is being assisted by Swiss-based KrptoPal, which is a blockchain services provider company. According to IBV, KryptoPal will provide the company with blockchain framework as well as implementation model.
What Stats Say
In recent years, most of the workplace crimes took place due to incompetent (Background Verification) BGV methods. In a study conducted by Static Brain on workplace thefts in 2015, it was found that US businesses lost about $50 billion, and out of the factors responsible for inventory shrinkage, 42.7% were employees.
The worst part is that, all these times, the methods based on existing technologies could only do their best, which has not been at par with what was needed to curtail these crimes. But with blockchain technology, things could be different.
Word from the Founders
About the announcement, Jo Lynn Clemens (Founder and CEO of IBV) says “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”.
According to Venkat Nallapati, Founder and CEO of KryptoPal, using blockchain technology, companies or hiring agencies can create permanent, tamper-proof employee records, thus creating a long-term solution for the hiring sector. The information stored in the blocks are stored in a transparent, audit-ready way, which allows hiring managers to carry out a complete BGV check of the employee and spot any criminal record, if it exists. To record employee information, KryptoPal will infuse IBV’s blockchain solution with readily-executable smart contracts.
Apart from employee record maintenance, IBV will also have an employee assessment model through which candidates will be assigned a risk score on blockchain after close monitoring and reassessments every half-year.
What Employees Get
The solution also offers benefits from employee’s perspective, as candidates can quickly share their compliance history with their new employer through smart contracts and expedite their hiring process.