Credential platform aims to be game-changer for HR, employees
About two years ago, Yvette Cameron and Dror Gurevich of Velocity Career Labs put their heads together to look at some of the ongoing HCM problems plaguing both employers and employees. Rising to the top of the list was data management, particularly, the fragmented nature of employee credentials.
Most career-related data—about employees’ educational history, past positions and skills, for instance—are housed in disparate locations, across varying platforms and databases. That puts employers at a disadvantage, the pair observed, as organizations lack access to holistic career profiles of potential and current workers, restricting their ability to tap AI and other tech to make predictions about their value to the organization. On top of that, self-reported credentials also have historically been shown to be untrustworthy. And on the employee side, concerns about privacy are on the rise—especially with the emergence of new regulations like GDPR—prompting many to seek more authority over their own career profiles.
That’s where the Velocity Network Foundation comes in. Launched last month by 15 inaugural members—including big names in the HCM and education fields—the vendor-neutral, nonprofit foundation is rolling out the Velocity Network, a blockchain-powered, open-source “Internet of Careers.”
The verified career-credential platform is centered on the concept of self-sovereign identity—giving individuals sole ownership over their personal data.
“Individuals with self-sovereign identity powered by blockchain technologies can store their data to their devices and provide it for verification and transactions without the need to rely upon a central repository of data,” explains Cameron. SSI, she says, gives users complete control over their identity records, including data related to their education, training, skills, projects, job history, assessments and more.
“By providing potential organizations with access to their data,” she says, “individuals will be able to turn their skills, training and experience into genuine value in the labor market, and access better career and development opportunities.”