Workplace crimes costing US businesses $50 billion can be prevented with this new blockchain technology platform
I’ve Been Vetted (IBV), a US-based employee vetting and risk management company, will utilize a blockchain technology software system built by Swiss startup KryptoPal to prevent negligent hiring and reduce crimes committed in the workplace which is costing US businesses $50 billion a year.
“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,” said Mr. Venkat Nallapati, Founder and CEO of KryptoPal
The new platform built on smart contract technology can be used as a risk mitigation tool for business owners, risk managers and human resource professionals to reduce financial and reputational costs that come with common workplace crimes. The platform also uses machine learning to predict, prevent and mitigate employer risk.
“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 paltform 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,” said Jo Lynn Clemens, I’ve Been Vetted CEO & Founder.
The platform will not only reduce the financial risk of workplace crimes, but will also protect the well being of customers and other employees. According to the Occupational Safety and Health Association (OSHA) in the U.S., violent crimes have increased as field employees and independent contractors are more regularly in daily contact with consumers. Workplace violence results in more than two million victims annually and is the second leading cause of death amongst workers.
Uber, the high profile ride-sharing company, has suffered both reputation and financial damages due to many sexual assault cases linked to their drivers. The tech giant, who has already paid $10 million in harassment claim settlements, perform criminal background checks on new driver applicants, however, have only recently announced they will carry out annual background checks from the initial point of hiring.
“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 Ms Clemens.
IBV monitors workers post-employment, reassessing them every six months and offering risk scoring to help alert employers of any potential problems.
This platform powered by KryptoPal’s software development kit will transform the recruitment process for employers. Through the use of smart contracts, IBV’s compliance histories will serve as a permanent online risk profile that can be securely shared with employers and insurers.
“Using KryptoPal’s developed software, all past and ongoing employment history documented by IBV can now be securely stored and shared using smart contracts. This sensitive data is immutable and verifiable, and can only be accessed by IBV, applicants and the hiring business,” said Mr Nallapati.
Among many tools provided by IBV, the platform will also permit workers to export their compliance history to the next employer, reducing hiring times and help position them as a more favorable candidate for their next job.
KryptoPal is a blockchain-based platform, which can be integrated into various applications around the world to perform various cryptocurrency transactions. It was started by technologists who have been inside the world of blockchain for years and are frustrated with the current barriers preventing widespread, global adoption of blockchain. Please visit http://www.kryptopal.io.
About I’ve Been Vetted
I’ve Been Vetted is a patent-pending Risk Mitigation platform designed to reduce financial and reputational costs for employers through tools to prevent, predict and mitigate risk of loss. Our initial platform addresses Employer Liability risks surrounding crime and fraud committed by workers. Why now? Ban the Box legislation prevents pre-employment checks prior to an offer of employment in eight states. Several courts have changed the definition of “Who is an Employee” to include contractors and vendors. Please visit: https://ivebeenvetted.com/