A block in a blockchain is a collection of data. The data is added to the block in the blockchain, by connecting it with other blocks in chronological order creating a chain of blocks which are linked together. The first block in the Blockchain is called Genesis Block. The blockchain is a distributed ledger, which simply means that a ledger is spread across the network among all peers in the network, and each peer holds a copy of the complete ledger.
Some key attributes of blockchain that makes it best for ledger information keeping:
Peer-to-peer: No authority in central to manipulate it.
It is distributed: Since the ledger is distributed it makes it impossible to alter the data.
Secured: Cryptography is used for the security services to make the ledger tamper-proof.
Therefore, in simple terms blockchain is a collection of records which are linked with each other and are strongly resistant to alteration and is protected using cryptography.
In today’s world, everything is fast growing and so is employment. Hiring employees in manual process is time-consuming and expensive. It’s also a burden on candidates who don’t want to waste time filling out forms. People are endlessly searching for jobs and employers are working tirelessly to pick the most suitable candidates to occupy vacant positions. Lack of online background check indirectly leads to heavy Attrition rate among Non-IT sectors. This calls for thorough processes ranging from interviews to even medical examinations just to make sure selected candidates are up to the task.
Mintly steps in with a Blockchain platform for Employee Reference Check, Employment History Check and Employee College Credentials Check using HyperLedger Fabric (with its decentralized, tamper-proof nature) that creates more of a database for the profiles of potential employees which will detail the background of them thus making it readily accessible to employers. Using the decentralization of Blockchains, the verification of online identity will be much quicker. Online identity data in a central location will vanish with the use of Blockchain smart contracts. Computer hackers will no longer have centralized points of vulnerability to attack.
Data storage is tamper-proof and incorruptible when backed by Blockchain. Mintly provides the infrastructure for instant employee onboarding by building a Private Permissioned network. So through this background reference check, one will see significantly less time spent on calling employers to verify backgrounds, as well as less money, will be spent on background checking services. It can drive better platforms that empower applicants to share more work history while giving employers a more accurate picture of their applicant pool.
Mintly is been using Blockchain for the followings which are decentralized and tamper-proof:
- Employment History Check
- Employee Reference Check
- Employee College Credentials Check
Blockchain can help employers go directly to educational sources for verification of applicants’ claims.
Employers can identify, select, and onboard employees in a matter of minutes, rather than weeks. It simplifies the hiring process for everyone, providing a clear, compliant, and efficient way for two parties to engage in employment — effectively removing paperwork and administration for employers and employees.
Currently, clients in Jewelry and Retail Industries in South India namely Chennai Silks, Gokul Santol, Medibox are using our Blockchain verification services and are planning to expand to Pan India and extend the verifications for KYC(Know Your Customer) in Q4(Fourth Quarter).
Mintly leads to focus in Jewelry Clients, Retail and Startups in IT sector in South India. The current business structure is Subscription Based. For more details about Mintly’s blockchain please refer to www.mintly.in/blockchain.