Blockchain technology has had a profound impact on businesses far and wide. We first saw the impact on finance with the bitcoin movement. Then, we saw blockchain integrate into other industries like supply chain, retail, and even healthcare. Expected to create $3.1 trillion in business value by 2030, blockchain has the opportunity to transform nearly every industry—and HR is no exception.
At Oracle, we see huge potential for the implementation of blockchain in HR and are excited to be a part of this next wave of innovation.
We recently announced that we are a founding member of the Velocity Network Foundation, a nonprofit consortium of industry leaders working together to create a global, blockchain-powered “Internet of Careers.” Along with 16 other founding members, we will help drive an industry-wide network to exchange trusted career records. Together, our consortium manages more than 800 million individual records, along with billions of associated credentials including employment and student information, capabilities, skills, certifications, licensure, and more.
This type of network requires a community-based approach to be truly successful. And that’s something I think is really unique and exceptional about this initiative. The members of this group could easily work on individual blockchain-powered solutions in silos. But instead, we are all choosing to work collectively towards an industry-wide solution that we believe will make a significant and profound impact on HR and the future of work.
The Velocity Network Foundation’s Internet of Careers will help individuals consolidate, securely store, and manage their own comprehensive records, including verified education, projects, skills, and work history. It also helps businesses make development and workforce decisions based on trusted data. This will ultimately reduce the time and costs associated with talent processes like recruiting and career mobility, while helping organizations reduce risk and gain compliance in an increasingly complex labor market.
Having one single source of truth for career credentials and skills certification will help drive HR and the future of work into a new frontier. This is an exciting new development for our team and our customers, but it’s only the beginning. Oracle is committed to investing in innovation and emerging technologies, and with the addition of blockchain, some really exciting prospects lie ahead.