Cornerstone OnDemand, Inc. (NASDAQ:CSOD), a global leader in people development solutions, today announced it is a founding member of the Velocity Network Foundation, a nonprofit organization committed to supporting research and development of applications for transformational blockchain technology and promoting global adoption of a network for verified career credentials. Cornerstone is joined by 14 other industry leaders, including Aon’s Assessment Solutions, Cisive, HireRight, Korn Ferry, National Student Clearinghouse, Randstad, SAP, hr data, SumTotal Systems, SHL, Ultimate Software, Unit4, Upwork, Velocity Career Labs and ZipRecruiter hrtech news.
“These amazing future-thinking founding members bring to the table what’s needed to kickstart the network effect,” said Dror Gurevich, CEO, Velocity Career Labs, the original founder of the Velocity Network Foundation. “The democratic, nonprofit nature of the governance and the open-source framework will make it a true public utility layer. This is why we are calling it the ‘Internet of Careers.’ It sets Velocity apart from others in this space and attracts many others to join, driving the supply and demand flywheel.”
As the Fourth Industrial Revolution drives disruption across global labor markets and impacts career paths for millions, the Velocity Network Foundation has set out to reinvent how career credentials are shared through self-sovereign, trusted and decentralized blockchain technology called the “Internet of Careers.” Velocity Network Foundation’s vision for the “Internet of Careers” is to establish a token-based career credentialing economy. This will enable individuals to own their career data, or records, including verified education, degrees, certificates, projects, skills and work history. As a result, individuals can choose who they share their information with as they move between jobs throughout their careers. And when an individual does apply to a new job, faster time-to-hire is realized due to verification occurring upfront versus at the end.
The benefit of a career credentialing network extends beyond the individual to organizations as well. By having access to employee and candidate data through verified credentials, the network will help organizations identify, develop and deploy their talent for the job roles needed today and in the future.
For example, if an organization is hiring for several open positions but lacking qualified referrals, they can use tokens to pay for additional verified resumes across the blockchain network. They can also trade tokens for a candidate’s time to tour their office and facilitate real-time payments to members of the gig economy. Subsequently, HR teams may see significant reductions in the time and costs associated with talent processes, while supporting compliance through risk reduction.
“By joining the Velocity Network Foundation, Cornerstone will help drive the development and adoption of blockchain in HR by leveraging the collective brainpower of the industry’s most influential players,” said Mark Goldin, CTO, Cornerstone. “Unlike closed networks that others are pursuing, together, we can create and govern a universal network built on extensive workforce insights that allows for ethical transactions and transparency.”