The onboarding process can be costly for employers. Checking credentials, contacting references, and verifying work history can cost a decent chunk of change. It is estimated that businesses in the UK spend upwards of £3,000 (theundercoverrecruiter.com) every year when it comes to recruitment. Yikes!
So what can we do to help with this process? How can we maintain a process where onboarding remains effective whilst also improving turnover times. Verafide provides an interesting solution.
Verafide works on a peer-to-peer basis and your data stays on your device. SETL’s approach to personal data can allow us to minimise the more costly parts of the process whilst also providing high-quality data to employers.
However, this technique can be applied to a variety of industries - from education to medicine, or national security.
How does it work?
The verifiable credentials concept provides an interesting alternative to traditional federated systems.
The VC system is dependent on Issuers, Holders, and Verifiers.
An issuer is an authority that issues credentials - think a university, the DVLA, or an NHS employer.
A holder is an individual seeking to assert something about themselves. Think of all of the times you get ID'd in your regular life - such as crossing a border or proving your employment history.
A verifier seeks to verify a fact about a holder such as ‘age’, ‘name’, or ‘qualifications’.
In this case, the Issuer provides a signed digital certificate to the holder. This signature is provided by a private key. The signature can be verified by a public key. For more information on the public/private key concept, see a link in the description below.
Once the certificate is issued to the holder - the holder is able to use the credential as they wish.
In the case that a verifier seeks confirmation on the part of the holder - a verifier can ensure the authenticity of a certificate by using a public key to verify a signature - thus referencing back to the Issuer.
This system provides an advantage. Verifiable Credentials provide an opportunity to tailor credentials to a specific context. In this way, data is not shared unnecessarily. Secondly, the transaction is instant. In the case of onboarding procedures, the VC platform can save time and money for employers and employees.
In this manner, a key part of the recruitment process can take place in seconds, rather than over the course of a few days.
Editorial By Robert Culligan