Fintech Awards 2018

7 This component has always been a separate issue when it comes to referencing, as there are various factors a hirer needs to know in order to make the right recruitment decision. Trusting that someone is a good person, a hard worker, and punctual is one thing, but then physical certification that they have the skills and experience to what they can do is another. Blockchain will break down communication, trust, and certification so that a hirer will easily be able to make accurately informed selections on their next hires. Currently, the recruitment industry is valued at $638B globally, according to June 2017’s IBIS report. Permanent-based recruitment services are worth about 15% of that (at $90B annual revenue. As blockchain becomes more commonplace and replaces our current recruitment systems, we can expect to see industry revenue growth diminish. Blockchain will dramatically reduce the need for third-parties to manage the hiring process as candidates and clients will be able to interact directly and securely. It will be easier for employers to find certifiably qualified candidates who can do the jobs they need, in turn reducing turnover and personnel costs. Small to medium-sized enterprises will find it more accessible and affordable to hire qualified staff, breaking down barriers to growth and innovation. It’s certainly a bittersweet development for those in the recruitment industry. Companies beholden to the old methods and processes will need to change their platforms completely or be lost in the blockchain revolution. Lucrative recruitment agencies and recruiters alike may see declining returns if they don’t put investment in technology at the very top of their to-do lists. In tomorrow’s blockchain economy, remaining dynamic and knowledgeable are the major ways to grow your business, otherwise, you’ll unfortunately find yourself dead in the water.