Blockchain in Background Verification
QUINFY A NEW AGE BACKGROUND VERIFICATION COMPANY
Pre-employment check is an essential step in people hiring. Over the period this process has become robust and effective. According to HR.com and the National Association of Professional Background Screeners, background checks are essential and universal among employers. As per Forbes.com 96% of the employers drive pre-employment screenings to ensure the safety and standard practices in their workplaces.
It was semi-automated by conventional IT solutions till Blockchain started showing promising security and confidence. The blockchain is one of the most sweltering and quickest developing skills in the IT area today. In spite of the fact that it is a complex technology, most businesses and individuals have begun to embrace it due to the numerous benefits it offers to the industry today.
We at Quinfy.com try to maximize the potential of technology, people and processes. Hence, we put together a Blockchain enabled BV solution. It is built on security of Blockchain and increases the trust factor multi-fold.
The blockchain system is a decentralized ledger system that tracks each transaction that happen over a peer-to-peer system. Originally developed for the crypto-currency Bitcoin, it can be utilised for its transparency and security for background verification process. The Quinfy platform will allow members across globe to transact their credentials without the requirement for a central authority.
These features will bring advantages in the following ways-
Cryptographic Security: immutable records mean no more forged information for verified transactions.
Transparency: since everything is displayed on the system without any hidden data, the chances of any miscalculation are highly unlikely.
Inexpensive: for most businesses, reduced costs are a priority and with most of the traditional financial being super expensive, the personal costs involved in blockchain are relatively lower.
Efficiency: things get easier, faster and safer due to the decentralization of customer identity data that ensures enhanced security of the system.
Background Verification and KYC can be severely enhanced because decentralized system provides data resiliency and constant availability of information which in turn gives uninterrupted flow of services to the customer.