A U.S.-based startup company called I’ve Been Vetted[1] (IBV) is using blockchain technology to prevent workplace crimes.
The specific distributed ledger protocol that IBV is using comes from Swiss startup KryptoPal[2], which provides blockchain solutions for enterprises. IBV is hoping that using blockchain technology in this fashion will help prevent negligent hiring and reduce workplace crimes that are currently costing businesses $50 billion annually[3].
Venkat Nallapati, Founder and CEO of KryptoPal, said, “We’re excited to launch this blockchain-based platform which will help form a relationship between businesses and employees that is built on trust and transparency. Employers can be assured that they are hiring the best and most trustworthy people for the job by checking a candidate’s smart contract, while employees can prove their professional merit and compliance history throughout their careers.”
This new platform, build on smart contract technology, can help business owners and HR professionals reduce financial and reputational costs due to workplace crimes. The platform uses machine learning to predict and prevent these crimes.
Jo Lynn Clemens, Founder and CEO of IBV, said, “It’s common knowledge among the HR industry that pre-employment background checks are simply insufficient as standalone tools for vetting. We have decided to work with KryptoPal to build a platform that will utilize smart contract technology to enable the transfer of the employer’s risk profile to their insurer and the transfer of a worker’s compliance profile to the next employer. By combining blockchain technology with our prevention and mitigation methods, we hope to reduce the number of harmful incidents against any consumer, in any industry,” said Clemens.
IBV also continues monitoring employees after hiring, reassessing them semiannually and calculating a risk score. By putting these scores on a blockchain, an immutable online record, future employers and insurers
