SAP Joins The Velocity Network: A Global, Blockchain-Powered Platform for Career Credentials
Post By Meg Bear, senior vice president of Products at SAP SuccessFactors
We are at an exciting time when the pace of technology is at an all-time high, and organizations are in constant competition to get the right people with the right skills to drive innovation. At the same time, the workforce is changing – and rapidly. We not only have the most diverse workforce in regard to gender and ethnicity, but in physical and neurodiversity, age, skills, and work-life situations – in addition to the most complex set of work agreements with an unprecedented mix of full-time, part-time, and gig work.
Finding talent, whether they are full-time, part-time or a contractor, requires the verification of several credentials: employment history, skills and competencies, education certificates, and more. Despite advancements in technology, a single career profile doesn’t exist and the current methods of exchanging and verifying this data are costly, self-reported, unverified and slow.
Simply put, we need more efficiency and we have the tools to make it happen. Today, SAP SE announced that we have joined The Velocity Network Foundation – a nonprofit, vendor-neutral organization formed to reinvent how career records are shared globally so that individuals and businesses can compete in the future of work.
A Blockchain-Powered Platform to Verify Career Credentials
The Velocity Network Foundation will build a blockchain-powered solution, the Velocity Network, that provides trusted, immutable and verified student, employee and candidate data. We aim to achieve two main goals: give power to individuals to take ownership of their career credential and develop a reliable way for organizations to ensure they have the right talent in the right roles, to seamlessly and cost-effectively.
By building this platform on a blockchain, we’ll ensure the platform is trusted, private and effortless. Individuals have complete control over how their data is shared and used – an important distinction considering career credentials are some of the most valuable assets when it comes to making a living and building a fulfilling career. This data needs to be protected and secure at all times.
A blockchain-based solution also benefits organizations by ensuring the information is accurate, verified, secure and compliant. The result: eliminating hiring risks, greater productivity and better experiences for everyone.
Joining Industry Leaders to Deliver an Exceptional Experience
We are thrilled to join other industry leaders to make the Velocity Network a reality. Given the pace of technology and business, we feel strongly that a vendor-neutral, open-source platform is the best way to build a broad, inclusive, innovative and vibrant ecosystem of applications and use cases. In fact, one of the core pillars of the SAP SuccessFactors Human Experience Management (HXM) Suite is embracing an open ecosystem, so our customers have access to the broadest set of innovations to help them achieve their goals.
HXM is a new category that builds on the best of human capital management and extends it to create truly dynamic, engaging and employee-centered experiences. Our commitment to deliver the best experiences for all workers – candidates, employees, contingent workers, recruiters, HR managers, and so on – to drive greater productivity, higher employee satisfaction, and ultimately, stronger business results.
At the end of the day, the Velocity Network is furthering our mission. Just like our ID and credit cards are stored in our wallets or on our phones, our professional credentials should be easy to locate and verify. A faster, easier experience for candidates, employees, recruiters and HR managers results in higher engagement and more time spent on the business outcomes that matter.
The future of work is adaptable, flexible and data driven. Together, SAP SuccessFactors and the Velocity Network Foundation will equip organizations with the technology they need to excel.
To learn more about The Velocity Network Foundation, visit www.velocitynetwork.foundation
Originally posted by SAP at this location