How blockchain amplifies the ‘trust’ element in background screening

A decade ago, if someone had told us about immutable digital ledger technology, we would have met the thought with skepticism. Today, it is real and is believed to be one of the most promising technologies that several industries can piggyback on! The future of blockchain is here and now. The disruptive potential of blockchain-based solutions is impressive – and there are increasing applications of blockchain technology across HR in general, particularly in background screening.

Blockchain has become synonymous with ‘trust’ in undertaking digital transactions. As global background screening is becoming digitalised, blockchain is seen to be taking center stage. International Investment claims that globally, fraud is costing an estimated £3.24tn each year, a sum equal to the combined GDP of the UK and Italy.