Velocity Network Foundation and the Future of Employment Screening
Today’s typical background screening process occupies considerable time and administrative resources. Waiting three to five days for transcripts or background screening reports slows down your time-to-hire and allows the competition to snatch up your top talent.
Leaders in background screening practices and organizational risk management have come together in the Velocity Network Foundation to change that. Velocity’s disruptive technology is poised to change the way employers screen candidates and monitor employee credentials in highly regulated verticals such as financial services, healthcare, and transportation.
As founding members at Velocity, we’re proud to be innovative disruptors of traditional background screening practices by being part of the paradigm shift to self-sovereignty of career data. Here’s how our innovations are revolutionizing hiring for you and your candidates.
Make New Technology Accessible
You might find Velocity’s promise attractive but still hesitate to adopt a brand-new system. Establishing infrastructure for a new platform is a daunting prospect for any organization. But the Velocity technology framework can be routed through third-party partners like Cisive to enable adoption by organizations and leverage its advantages at scale without building entirely new infrastructure.
Companies like ours function as an on-ramp into the new, innovative network. And because Velocity’s technology simplifies the overall background screening and application process, the burden on your background screening partner is lessened, driving your costs down.
Empower Career Data Self-Sovereignty
Since Velocity uses distributed ledger or blockchain technology, individuals can own their background data such as transcripts, proof of licensure, and work history. Individuals in the Velocity system receive a private key to access their own data profile, which consists of their educational achievements, experiences, and credentials. They can provide a public key to organizations where they are applying or employed.
People can only use the public key to verify the authenticity of the information contained on the individual’s profile, and they can’t use it to make changes to the data. This public/private key infrastructure enables a bulletproof authentication mechanism while getting ahead of privacy concerns by allowing individuals to control their own data distribution.
Recenter Workflows on the Candidate
Because candidates govern their own data, you can put them at the center of your hiring and monitoring processes. In the current model, they take a back seat to your administrative processes. With Velocity, you can verify static credentials like education, past work experiences, and lifetime licenses instantly and all in one place, allowing your new hire to start almost immediately. This removes the three- to five-day lag associated with traditional background screenings.
With the Velocity technology framework, verifying static credentials will become an automated process. That just leaves you and your background screening partner verifying dynamic credentials to monitor compliance, such as criminal records or license maintenance. Candidates enjoy a streamlined process and employers reap the benefits of a faster time-to-hire.
We’re moving into the future of background screening and hiring processes with incredible speed. Technology is constantly evolving, and we at Cisive are committed to staying ahead of change. As founding members of the Velocity Network Foundation, we’re revolutionizing background screening processes for the benefit of everyone with the power of data self-sovereignty.
Read more on Cisive.com here.