IBV takes a blockchain bite out of crime in the workplace with ‘smart contracts’

Businesses across the US lose $50 billion a year to crimes committed by employees

Crimes in workplaces across the United States cost business in that country circa $50 billion annually, which is why US startup I’ve Been Vetted (IBV) is using blockchain to help reduce the risks.

IBV uses blockchain technology developed by Swiss startup KryptoPal to create its solution aimed at preventing businesses from negligent hiring and reduce workplace crimes. The platform uses machine learning to predict and prevent these crimes.

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“It’s common knowledge among the HR industry that pre-employment background checks are simply insufficient as standalone tools for vetting,” says IBV Founder and CEO Jo Lynn Clemens. “We’ve decided to work with KryptoPal to build a platform that will utilise 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.”

Clemens explains that “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”.

IBV’s solution allows businesses to continue monitoring its employees after being hired, re-evaluating them twice a year and estimating a risk score.

By putting employee scores on the immutable blockchain, future employers and insurers can access this information to evaluate a potential employee’s risk profile.

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“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,” says KryptoPal CEO and Founder Venkat Nallapati.

“Employers can be assured that they are hiring the best and most trustworthy people for the job by checking a candidate’s smart contract.”

Employees also benefit

The blockchain solution, based on smart contracts technology, also benefits the employee as they will be able to prove their professional merit and compliance history throughout their careers.

“Using KryptoPal’s developed software, all past and ongoing employment history documented by IBV can now be securely stored and shared using smart contracts,” added Nallapati.

“This sensitive data is immutable and verifiable, and can only be accessed by IBV, applicants and the hiring business.”

Employees moving on to a different job will be allowed to export their compliance history to expedite the hiring process and enhance their application.

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