Blockchain technology can be used in a wide variety of applications in which transparency is key. While the cryptocurrency ecosystem is currently home to a wide variety of different scams and fraudulent offerings, these prey primarily on user error, and are unable to attack the immutable nature of blockchain technology itself.
It’s no secret that the blockchain is highly secure and tamper-proof. A new startup is aiming to apply these features to one of the most commonly overlooked consequences of fraud in the world- bad hires. According to recent statistics, resume falsification is extremely widespread, with more than 53% of all resumes containing falsified information.
More than 62% of all employers find it difficult to hire quality, reliable, long term employees, contributing to high turnover rates that ultimately negatively impact their bottom line. Resume falsification can include fake diplomas, incorrect identities, and other false claims on resumes.
Bad hires have been proven to cost employers more than $40,000, and potentially lose customer support. Aversafe is a new blockchain based platform that aims to bring identity and qualification verification to all job markets, creating a safer, more reliable hiring process.
While most new blockchain platforms are launching initial coin offerings, Aversafe has chosen a novel route of capital generation- the Cofound.it platform. In this article, we’ll take a look at the Aversafe platform and find out how it works in order to assist you in determining whether it’s worth investing in.
What Is Aversafe?
Aversafe is focused on creating a new platform that protects all parties in the hiring process, enhancing trust levels between them while at the same time establishing economic incentives for growth. The benefits of the Aversafe platform affect individuals, employers, and certificate issuers, adding value to all parties in the employment ecosystem.
Individuals are able to use the Aversafe platform to establish a self-sovereign digital identity. The platform provides individuals with the ability to take control over their digital identity, storing their work history, personal details, achievements, and certificates.
This service allows users to control who is able to view their personal information via a secure identity manager that is controlled via a dedicated smartphone application. The Aversafe platform makes it possible for certificate holders to request verification from the original issuers, third party verifying bodies, or their peers.
Employers are able to use the Aversafe platform to dramatically enhance the trust in the hiring process, gaining access to verified employment details, certificates, and identity information. The platform also makes it possible for employers to request verified updates from employees, as well as reduce the amount of time and effort it takes to perform background checks for potential employees.
Lastly, the Aversafe platform provides certificate issuers with a wide range of tools that can be used to streamline their certificate issuance and management process. Certificate issuers are able to instantly issue new certificates, sign and verify credentials, and significantly reduce operational overheads.
This process also allows certificate issuers to generate profit by getting paid for delivering verification to employers, further increasing graduate motility and promoting higher levels of graduate employability.
How Aversafe Works
The Aversafe platform focuses primarily on claims and attestations. Users are able to provide proofs that can be delivered to a range of different identity partners- such as peers, former employers, or other credential issuers- to verify their information. These proofs are used for initial identity verification.
The Aversafe application allows users to submit claims, which can be accompanied by a request for attestation from third party certificate providers. All of the attestations connected to these claims are stored on the blockchain, which creates an immutable storage of information that protects the security of each user's identity.
The Aversafe platform aims to create applications for both iOS and Android, both of which will be secured with two-factor authentication. The development team also plans to release an SDK that can be used to integrate the Aversafe solution into third-party HR and ATS solutions.
The entire Aversafe ecosystem will depend upon the Aversafe Ecosystem Token, or AVS. In order to gain access to the Aversafe network, each user will be required to hold a specific stake of AVS, which care put into escrow via a smart contract and managed in order to promote user participation.
Aversafe Ecosystem tokens can be used to verify claims, match claims, or request data. Employers are able to send AVS to past employers in return for past employee information, or transfer AVS to certificate issuers in return for certificate verification. Users themselves are able to earn AVS by participating in paid surveys issued by the Aversafe platform itself.
All of the information gathered by the Aversafe network is used to generate a user trust score, which plays an important role in the hiring process. The trust score of a user is compiled from the amount of information each user has provided, how it was verified, and to what degree the information provided is considered immutable.
The Aversafe Cofund.it
Instead of launching an initial coin offering, Aversafe has chosen to launch from new crowdfunding platform Cofundit. The Cofundit platform operates in a similar way to a contemporary ICO, but is managed via the Cofundit platform.
Aversafe plan to open the first stage of their Cofundit token sale on the 30th of November 2017.
The Aversafe platform is one of the most unique blockchain based platforms to launch recently, and is set to revolutionize the way in which employees interact with prospective employees.