Affinidi has signed a Memorandum of Understanding (MoU) with Avvanz to jointly establish and issue Verifiable Credentials (VCs) for employers and job candidates in Singapore and the rest of the world. This partnership aims to simplify employment background checks, a time-consuming process in the recruitment pipeline. Specifically, both companies plan to leverage cryptography and decentralized technology to verify and authenticate job applicants’ identities and credentials quickly.
Under the agreement, Affinidi will provide its expertise in digital credentialing through its mobile app and digital wallet, Ceal, where job seekers can convert their physical documents into digital credentials, and store them securely on mobile phones using decentralized technology. Users can also build and manage their digital identity on the Ceal platform and control what information to share and when to share it.
Employers can easily access and verify these digital credentials whenever a job application is submitted. As VCs can be validated digitally instead of manually checking the hardcopy documents and certificates, employers can reduce the verification process by at least 50 percent. Further, the underlying cryptography and digital signatures ensure the authenticity of credentials.
Avvanz will bring its capabilities in human resources consulting and talent management solutions to the partnership by integrating Affinidi’s Ceal with its background screening and due diligence methodologies, collectively known as Avvanz ScreenGlobal. This integration is expected to enable employers to view the authenticity of pre-verified checks in seconds, and can be done on any potential employee from any part of the world. The verified checks will be stored on Avvanz’s blockchain-based ledger- ScreenChain.
This partnership is expected to augur well for employers, employees, and the Singapore jobs market. Using VCs can speed up the hiring process and reduce the costs associated with background checks for organizations. At the same time, for job aspirants, this partnership empowers them to have complete control and ownership of their data, as they get to decide how their personal information is stored and shared. Furthermore, as the hiring process is shorter and more precise, it can help employers to find and hire candidates with the relevant skills quickly.
Currently, the Ministry of Manpower estimates that around 128,000 jobs were unfilled in the first quarter of 2022, with PMET positions accounting for 56 percent of vacancies. This partnership between Affinidi and Avvanz has the potential to bring down these numbers, benefiting the Singapore jobs market and the economy at large.
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