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.

Survey: IT pros nostalgic over on-prem data centre visibility
There are significant security and monitoring challenges faced by IT staff responsible for managing public and private cloud deployments.
61% of CIOs believe employees leak data maliciously
Egress conducted a survey to examine the root causes of employee-driven data breaches, their frequency, and impact.
Opinion: BYOD can be secure with the right measures
Companies that embrace BYOD are giving employees more freedom to work remotely, resulting in increased productivity, cost savings, and talent retention.
Sonatype and HackerOne partner on open source vulnerability reporting
Without a standard for responsible disclosure, even those who want to disclose vulnerabilities responsibly can get frustrated with the process.
OutSystems and Boncode team up for better code analysis
The Boncode and OutSystems alliance aims to help organisations to build fast and feel comfortable that the work they're delivering is at peak quality levels.
Security top priority for Filipinos when choosing a bank - Unisys
Filipinos have greatest appetite in Asia Pacific to use biometrics to access banking services
Nuance biometrics fight back against fraud
Nuance Communications has crunched the numbers and discovered that it has prevented more than US$1 billion worth of fraud from being passed on to users of its Nuance Security Suite.
Attacks targeting Cisco Webex extension explode in popularity - WatchGuard
WatchGuard's Internet Security Report for Q4 2018 also finds growing use of a new sextortion phishing malware customised to individual victims.