Story image

Singapore firm embraces blockchain to fight credential fraud

15 Jan 2018

A Singapore tech firm is using blockchain technology to bring validation and authentication to CVs and other credential types. The firm says it is an effort to stamp out credential fraud and create a more streamlined job market economy.

According to firm CVProof.com, it uses blockchain technology to maintain and secure information on job candidates. That information can include diplomas, references, publications, medical certificates, criminal record information, proof of training and others.

The company’s CEO Ray Chow-Toun says that recruitment is a haphazard process subject to lengthy unstructured reference checks and vetting processes.

According to April 2017 statistics there were more than 227 million active monthly LinkedIn users and 10 million job postings. Corporate job openings attract 250 applications, from which only 4-6 are selected.

The company says recruiters are drowning in unsuitable applications that are ‘worse than useless’ because of the time and effort needed to vet candidates.

“The applicant will have his or her formatting preferences, and every recruiter has a different document and receiving system. On average, research shows that 25 percent of applications submitted have credentials discrepancies. It's all too easy for candidates to defraud,” Chow-Toun explains.

To encourage credential issuers and users to take part, any activity updating, validating or confirming skills or qualifications will be done in exchange for CVProof's in-house cryptocurrency INK (Incentive Notarized Kerosene) Tokens, which can be further used to purchase services from CVProof.

The credential source is an issuer that can deploy confirmation of an applicant’s skill or qualification into the CVProof system through the use of unique and standardised validation tools.

Chow-Toun says that the system will fight back against credential fraud by using the same technology that secures cryptocurrencies.

“The credential is then distributable or actionable in the form of a certified document, the security standards of blockchain technology applied to notarise the document and ensure its authenticity,” the company explains further.

“Certified credential documents are then attached to the profiles of candidates so any recruiter can access their qualifications and suitability for a job at a glance and feel secure in the legitimacy of the skill. The issuer is awarded INK Tokens for their part in ensuring a user's profile is true and current.”

CVProof is also in the midst of a pre-sale private round of INK tokens for accredited investors. The company expects to reach one million participants over the next two years.

SecOps: Clear opportunities for powerful collaboration
If there’s one thing security and IT ops professionals should do this year, the words ‘team up’ should be top priority.
Interview: Culture and cloud - the battle for cybersecurity
ESET CTO Juraj Malcho talks about the importance of culture in a cybersecurity strategy and the challenges and benefits of a world in the cloud.
Enterprise cloud deployments being exploited by cybercriminals
A new report has revealed a concerning number of enterprises still believe security is the responsibility of the cloud service provider.
Ping Identity Platform updated with new CX and IT automation
The new versions improve the user and administrative experience, while also aiming to meet enterprise needs to operate quickly and purposefully.
Venafi and nCipher Security partner on machine identity protection
Cryptographic keys serve as machine identities and are the foundation of enterprise information technology systems.
Machine learning is a tool and the bad guys are using it
KPMG NZ’s CIO and ESET’s CTO spoke at a recent cybersecurity conference about how machine learning and data analytics are not to be feared, but used.
Seagate: Data trends, opportunities, and challenges at the edge
The development of edge technology and the rise of big data have brought many opportunities for data infrastructure companies to the fore.
Popular Android apps track users and violate Google's policies
Google has reportedly taken action against some of the violators.