solversINC, a human resources (HR) tech startup, has announced that it is piloting the first blockchain- powered Peer-2-Peer (P2P) talent and opportunity acquisition platform.
The platform will help businesses, especially SMEs, connect and transact with their talent ecosystem comprising job seekers, freelancers, gig workers and business-to-business (B2B) service providers while professionals can acquire jobs and projects. The traditional CV is being replaced with a professional record on blockchain.
solversINC is also automating repetitive tasks like creating job descriptions, sharing or publishing jobs to target audience and intermediaries as well as receiving applications.
"Over the next two years we expect members using solversINC to bring down their cost of talent acquisition and onboarding by at least 50 per cent if not more, while reducing the turnaround time to a fraction of what is used now," said Ravin Kaushal, Co-founder of solversINC.
The company had received an undisclosed amount in funding earlier this year to build the first version of the blockchain-powered platform to what the company calls, helping businesses to rethink HR.
"solversINC is being built to significantly reduce the risk and complexity of modern day talent acquisition and onboarding, the most critical asset of any business. We expect to deploy the talent verification feature early next year that would reduce the usual 25 - 60 day background screening and verification time frame to less than a day," said Leena Chakrabarti, Founder and CEO of Myrna Infotech, the company behind the solversINC.
The company's new platform will give professionals the ability to present their potential employers and clients with a trustworthy blockchain based record of employment track, skills, training and performance.
Also Read
According to Rohit Magotra, Co-founder of solversINC, the pilot run of the platform will start with their existing client base of more than 300 SMEs including a few large enterprises.
solversINC, started its journey in July 2016 as an online recruitment marketplace coupled with an on-demand expert advisory service. Over the last two years the team has worked with 300 plus businesses and more than 100,000 candidates mainly across manufacturing, consulting, BFSI, pharmaceuticals and philanthropy to meet their talent acquisition needs.
solversINC is using hyperledger DLT (distributed ledger technology) to deploy the platform. A common perception of blockchain is that it is limited to cryptocurrency and tokens though it is far more than that in reality.
"This blockchain implementation is tokenless. solversINC is using blockchain's decentralised system to start helping businesses manage talent at a way lesser cost and shorter turnaround time. Technology transformation in HR is already unfolding rapidly. Our focus is to ensure that SMEs can harness the opportunity to grow faster than ever before," added Chakrabarti.
According to the official release, Myrna Infotech is currently experimenting with artificial intelligence and machine learning tools apart from blockchain to help SMEs create more opportunities and connect effectively with skilled professionals while reducing productivity sinks in talent acquisition and management processes.
Disclaimer: No Business Standard Journalist was involved in creation of this content