Blockchain recruitment service TrustLogics has been named a winner of the American Business Awards, also known as the ‘Stevie Awards’, for its platform which puts professional information on the blockchain to reduce inefficiencies in the hiring process.
A press release from the company described the Stevie Awards as the top honours in the United States for achievement in the workplace.
The TrustLogics recruitment platform facilitates digital authentication of professional data, stores the attested version on the blockchain, and then makes it shareable based on user permissions.
Blockchain technology is used to store the most recent, transparent and verified employee and recruiter data available to all platform users, while the firm’s AI algorithm, Dubot, aims to help shortlist the right candidates for job openings.
TrustLogics is introducing the /TLT token to incentivize members to use the platform and to facilitate payments for services. Where anyone needs their personal information validated, they can declare a bounty and encourage peers to verify it by paying them in tokens.
Other rewards are available, including the Peer-to-Peer Hiring Model, where a corporate can instigate the reward and peers are notified about the open position and placed on a shortlist, through AI technology. Costs are only therefore incurred by the company upon the successful closure of the open position.
“We realized there is a big gap in the industry globally. To reduce hiring cost and time and efficiency of hiring, verified data is a must. That’s how it all started,” said TrustLogics’ Srinivas Dubba. “We started building the prototype at the end of 2016, performed a product-market fit analysis, and the mobile app was up and running by January 2017. Storing verified data on blockchain is much more secure, so we started implementing Hyperledger while being backed up by a strong blockchain team. Given the massive amount of data we are planning to store on the platform, Hyperledger was the perfect solution.”
image: The International Business Awards