Use of NFT resumes as a primary means of data validation will help companies combat the problem of employee misrepresentation. It may seem that resumes are an universe away from what looks appropriate as an NFT, yet this is not the case at all.
The same can be said about digital fragrance and toilet roll, but it did not deter somebody from shelling out $4,100 for a tape of Charmin they cannot even feel, nor use. In the past, non-fungible tokens were only used to sell digital art and media that made headlines. But now, they’re becoming a new way to own a unique asset that can be verified without any problems.
Resume Inc., a San Francisco-headquartered tech business, has discovered a method to employ blockchain, which is basically a decentralized shared ledger retained by computer systems to eliminate deceptive and erroneous resumes from the (online) job market. Along with the debut, Resume Inc. has revealed a new system that Founder and CEO Nofel Izz describes as a “disruptive technology for human resource department”
“The material on a CV is an excellent illustration of something distinct and non-fungible,” Izz stated. “Hiring managers can confirm a resume’s credibility and make fully informed recruiting judgments by verifying employment records and qualifications. Candidates may also believe that their credentials are in the greatest possible shape.” As per Career Builder, in 2017, 74% of employers said they hired the incorrect person because of a resume that was deceptive or erroneous. Each year, the United States loses $450 billion to $550 billion in output.
“This is really a crucial issue for employers, since the conventional CV has been tainted by concerns of credibility and dishonesty,” Izz remarked.
The following is really how Resume Inc. operates: A user’s résumé is stored on a specialized blockchain when it is created. “True Resume,” the end output, is an NFT curriculum vitae that is available to employers and has the whole timeline of alterations, with all important changes logged and marked, and each data confirmed and validated.
“A True Resume may be thought of as the personal financial analog of a credit rating,” stated Izz, a Cambridge and Yale University alumni. After that, the True Resume is posted on an NFT market. Job seekers have control over their curriculum vitae and may establish a fee that businesses must remit to access them. Third-party expenses may be eliminated when people have straight forward access to one other.
Artificial intelligence is used by Resume Inc. to give curriculum vitae a rating based on important data factors. To boost their likelihood of getting recruited, AI reads resumes and matches them with job advertisements, informing users of any absent buzzwords. The algorithm scans job postings that match credentials, allowing people to apply for openings in their preferred field.
Resume Inc.’s cutting-edge solution streamlines the employment process by using virtual reality to automate the procedure. Consider the elimination of laborious web search procedure, and also a faster application procedure that does not require the completion of forms.
“We’ve realized that augmented reality can revolutionize recruiting in a similar manner that Pokémon Go transformed gaming — by bringing the job hunt and application procedure into the actual world,” Izz remarked.
The enhanced job search feature of Resume Inc. is being tested in 12 of the highly populous cities across the globe. Applicants will be able to reply to localized employment possibilities while walking around Jakarta, New York, Manila, Tokyo, Sao Paulo, Mexico City, New Delhi, Seoul, Mumbai, Beijing, Shanghai, and Guangzhou in China. Members of Resume Inc. will be provided access with a Decentralized Social Network conversation module with innumerable number of students from 160 countries.
“We want to build what we think will be the world’s biggest student community, effortlessly integrating students with the working world,” said Izz, who pioneered internet recruiting in the Middle East two decades back, attracting 12 million subscribers and 15,000 firms. Resume Inc. plans to contact investors for funding in the springtime, accompanied by an Initial Dex Offering (IDO). Resume Inc.’s value is expected to approach $50 million following the IDO, thanks to a steady growth strategy and steady income stream.
“Although being only a year old, Resume Inc. has sparked significant interest across job searchers, with 3.3 million memberships since July last year,” Izz added. A digital job fair to be organized in the Metaverse is in the pipeline, where big-name companies may engage with job hunters in digital kiosks.