Automating hiring processes is nothing new. However there has always been one factor missing that causes the expenditure of a great deal of time and cost, namely trust.
Mistakes in hiring can be no laughing matter. Aside from impacts on lives where mission critical roles are concerned, for example in the medical profession, hiring mistakes can cost up to 400% of the employees’ salary. Therefore trust in qualifications and experience proffered by potential employees has always been something not to be taken for granted. Hence the large sums of money that corporates expend in validation of qualifications and other documents. Time being money, these costs are amplified in terms of the delays caused by such validations and official processes put in place only for risk reduction, implementation of trust.
So along comes Fiduxa, named so from the Italian word for trust, “fiduccia”. This blockchain startup’s mission is to disrupt the recruitment and onboarding process, thereby saving corporations money and people time. Along the way, there is also the neat trick that people are being paid to submit their data.
So how is this going to work? Fiduxa are going to be offering services to companies to save huge amounts of money on recruitment. Specifically, corporations will save on multiple hiring and onboarding processes due to the validated, permanent digital records stored on the blockchain.
You can think of Fiduxa as a huge air filter, cleaning data on the way into the blockchain, where it becomes an absolute source of truth that companies can rely on. Due to its AI engine, Fiduxa has automatically carried out multiple public domain validations and used connections to specific data sources for direct digital checks. Additionally, the reduced granularity to which Fiduxacan then take the pricing of validation services is well below those currently in the market. Instead of needing to validate a whole resume, Fiduxa can examine one reference or qualification.
Another cost reduction element, aside from the digital automation implied already, is the use of the FDU token as the fuel for transactions within the Fiduxa ecosystem. The token, which is going out to ICO in February, is used as the form of payment but can also be earned through various activities. Fiduxaalso passes on some of the FDU received from corporations to potential job hunters to incentivise them to use the highest levels of validation in the system.
So companies will have an app driven onboarding process that pays people to use it. Not a bad proposition when trying to hire people. The white paper explain more at www.fiduxa.com.
The platform is in Alpha phase at the moment, having fully developed the base architecture and one use case, certification of qualifications. Fiduxa is going to ICO soon to distribute the FDU token and move to the next level. So you won’t have long to wait to cash in on your past employment records.