The Velocity Network Foundation: Using Blockchain To Control Your Own Career Credentials
The National Student Clearinghouse announced today that it was partnering with 14 other entities specializing in human capital management and education to launch an initiative that will allow students, graduates and employees to take control of their own educational and workforce information.
According to the announcement, the Clearinghouse will join Velocity Career Labs — a developer of blockchain technology — and other labor market organizations to launch the Velocity Network Foundation. Through the Foundation, the partners — including the Clearinghouse, Aon Assessment Solutions, Cisive, Cornerstone, HireRight, Korn Ferry, Randstad, SAP, SumTotal Systems, SHL, Ultimate Software, Unit4, Upwork, Velocity Career Labs and ZipRecruiter — will enable people to manage their career credentials at the same time it gives employers access to accurate valid employee information.
The watchword of the effort is “self-sovereign identity,” which means that individuals will own and manage their academic and employment credentials, maintaining their privacy and security. According to the Foundation, the Velocity Network will provide “a globally accessible, open-source, blockchain-powered trustworthy “Internet of Careers.”’
The blockchain technology will enable a permanent identity to be accessed in full only by the person or entity to whom it belongs. However, portions of that identity can be shown to individuals or organizations when it becomes necessary such as in a job interview or talent search. The self-sovereign identity is decentralized so it allows individuals to maintain full control over their privacy, as well as decide how, when and what data is shared.
The advantages of individuals exercising self-sovereignity is reciprocated by employers and education vendors having efficient access to verified employee and job-candidate data, helping eliminate hiring risks and increase compliance with employment regulations.
As part of the Network, the Clearinghouse will bring its expertise to prevent the misrepresentation of educational degrees and professionals certifications. It will use its degree verification database to perform on-line verification of college attendance and degrees thereby providing employers with assurance that candidates have the requisite degrees and certifications for the jobs they seek.
NSC explained its participation this way: “We are actively participating in initiatives like the Velocity Network Foundation to not only allow learners to control their own data but also empower them to take ownership of their career journey. The Clearinghouse will leverage this endeavor and Myhub to give learners access to their lifelong education and professional data.”
A more detailed description of the logic and operation of the Network as well as the concept of the “Internet of Careers” can be found here.
Is the Velocity Network the next big thing in career credentialing? Will it promote greater individual empowerment? Are students going to be confident about its security? And will employers trust its accuracy? That all remains to be seen. But for now, the Network is bringing a new open-source resource to the table that just might revolutionize the human capital management industry. More importantly, it might also transform the ability of workers to take stronger control of their careers.
This article originally appeared at Forbes