Blockchain is revolutionising the way we carry out transactions, as well as how we store and manage data, but what is it and how can we use it to benefit background checking?
Digitisation has made most business processes virtually unrecognisable compared to 75 years ago. Technology has now replaced paper and pen based accounts and records that businesses were formerly built on. But, despite the massive improvements in efficiency and accuracy, managing and storing data electronically introduced security issues which were not present with analogue record keeping.
Once something is written in pen and ink, it is difficult to modify it without leaving evidence of a change, but digital records are much easier to tamper with. This dilemma led to a massive growth in data security. Despite this, hackers use ever more creative ways to carry out crimes, and company data security is under constant the scrutiny of the public and media, as well as subject to increasingly strict legislation.
Blockchain presents a unique answer to the data security dilemma.
Described as a decentralised ledger, blockchain allows information (blocks) to be recorded by two parties and stored across a network of databases (chain). This ensures that records maintain their integrity because each block is dependent on the other blocks in the chain. With many computers attached to the network at the same time, any changes that are made would have to also change every single block in the chain, which would be virtually impossible without detection.
This also means that it is difficult for any one entity to own the data, and control of the data can be placed back in the hands of the consumer.
The efficacy of background checks is dependent on entirely accurate and up to date information, which means that creating records which are resistant to modification is crucial. Blockchain enables tamper proof data storage as well as consistently verifiable records.
Veremark uses blockchain technology to ensure secure and accurate records, which are collated to become a candidates Career Passport. This verifiable document contains the latest information about each candidate, their references, experience, and any checks which have been carried out. Candidates can then take their credentials and share access to their data with whoever they choose.
Blockchain has created a new opportunity in many sectors, and we at Veremark are proud to be leading the application of this exciting new technology in the background checking space.