Workday Develops Blockchain-Enabled Solution For Credentialing Employees
U.S.-based Workday has built a blockchain solution for credentialing employees. Aneel Bhusri, CEO of the human resources technology firm, told CNBC that ‘blockchain is a technology looking for a problem to solve.’ But he thinks the company has recognized one of those.
Workday is listed on the New York Stock Exchange and had incomes of over $2 billion in 2018. As of December 2019, the company has over 3,000 consumers and 42 million users. The company provides human capital management and payroll solutions and is going into accounting.
Bhusri considers blockchain can play a vital role in the administration of employee data. The company recognized credentialing as a significant problem in HR functions. Currently, businesses ask third-parties to validate the data provided by an employee.
In the hiring process, falsifying credentials such as certifications, college degrees, and work experience are pervasive problems. Carrying background checks is time-consuming and not completely secure, as it is comparatively easy to fudge data.
A few months ago, Workday started the beta version of its credentialing platform based on blockchain technology. The platform issues and validates digital identities, which can be connected to relevant qualifications. The blockchain could be utilized to verify the details of job applicants swiftly.
“Employees can go from company to company and carry credentials with them in a private network. An outside source can’t edit it,” Bhusri told CNBC.
Meantime, Workday has been serving on blockchain credentialing for quite some time now. It has added to the IBM Job-Creds project with Sovrin. Last year, it procured the blockchain digital identity startup Trusted Key.
Blockchain credentialing is a widespread use case. It’s being used by a diversity of firms ranging from PwC in Scotland to vetting foreign nurses to operate in the U.S., and railway construction workers in Switzerland. It’s also being trialed by the ‘U.S. Department of Homeland Security’ to build and verify the digital identities of importers and discover import scams.
IBM is operating with education organizations on a blockchain credentials platform for educational and professional qualifications. Meantime, MD-Staff has combined a blockchain solution to check the specifications of health professionals, one of the numerous health-oriented solutions.
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