How big are the problems we’re actually solving? We believe they’re the most important ones the working world currently faces. This comes from spending years in the industry as well as from market research.
Weeding out lies on resumes is one part of the problem we’re solving. The bigger picture is the time and money that goes into vetting candidates, and the longer-term costs of unqualified hires.
Sure, it’s possible that someone might still be a good fit for the job even if they have lied on their resume. But you only need to look at the efforts employers put into vetting already to see lengths they go to for the right person for the job. And WorkChain.io can make this process more transparent, conclusive and efficient.
WorkChain.io goes beyond just basic details like employment dates and positions to create actual work records (shifts, tasks, hours). In other words, this creates proof that someone has worked, giving even more transparency. With this, it allows us to bring payroll onto the blockchain.
Here are some more details about the issues we're solving:
Education Fraud – A Trillion Dollar Problem
Realizing the scale of the problems the education sector faces – and the significant potential for the application of blockchain technology – starts with an understanding of the magnitude of the industry itself.
The global education market is estimated to be worth a staggering $4.4 trillion. And in 2017, some 20.4 million students attended American colleges and universities .
With such a huge number of students and institutions – both legitimate and illegitimate – awarding academic qualifications without a unified method of verification, it’s unsurprising the education sector has become exposed to widespread fraud.
The fragmented data of the education sector creates an ecosystem in which your doctor can falsify qualifications to become employed or a fraudulent master’s degree can be earned online in hours with nothing more than a credit card.
The pervasiveness of fraud undermines the foundations of the education industry – and puts at risk the millions of global employers who depend on the credibility of its institutions and the academic qualifications they award.
A recent study revealed a staggering one in four resumes contain misleading claims about educational qualifications. The prevalence of fraud in the industry makes the application of blockchain technology clear, logical and much-needed.
Within the industry, there is a reliance on the third-party institutions – universities, colleges and schools – that award credentials to individually store and verify them. This fragmented way in which the education world currently manages its data creates the climate in which fraud occurs.
The Impact of Academic Fraud on Employers
The education and employment sectors are inseparably interconnected. The prevalence of
fraud, then, unavoidably compromises the hiring process of employers.
A staggering 75 percent of employers say they have hired the wrong person, with half this
number attributing the mistake to a candidate lying about their qualifications.
With the estimated cost of hiring the wrong candidate between $25,000 to $190,000 depending on the size of the company and the employee’s responsibility, overlooking background checks, or relying on today’s ineffective methods is a huge financial drain on companies.
Morale, management time, relationships, revenue and reputation are all also impacted by candidates hired based on fraudulent academic qualifications.
Deploying blockchain technology to verify academic qualifications will empower the work economy. Employers will hire more efficiently, effectively and with absolute certainty of a candidate’s academic credentials and qualifications.
The wrong hire due to misleading qualifications also costs companies in various non-monetary ways. In particular, the time cost for companies is dramatic. With the average time-to-hire for a company being 52 days, a mistaken hire can mean weeks of lost productivity and wasted effort.
These are just some of the issues that WorkChain.io is striving to solve.
If you haven’t yet, feel free to check out our White Paper which goes into more detail about the problems the current working world faces and how we're aiming to fix them.