A new blockchain protocol called Profede aims to transform the professional recruitment industry by allowing professionals to be paid for their work history and data whilst also offering complete data protection.
According to Profede, data on work history and professional experience is worth billions to major corporations, but recruiters and headhunters are usually the ones to profit from professional data. Profede allows professionals to upload their data to their blockchain protocol, called the Profede Professional Protocol, which will then distribute data to partner platforms. However, professionals can control how much of their data is made public and what portions remain protected by the blockchain protocol.
If businesses decide that they are interested in any given professional, they can pay a fee set by the professional to see the private portions of their work history. This way, the professional receives compensation every time businesses ask for additional work data.
The Estonia-based company says its protocol will make it easier and more cost-effective for corporations to contact individuals with quality job offers and business opportunities. Businesses will be able to purchase only the data they actually need. Every professional will have a public feedback rating, so businesses can quickly and effectively avoid professionals with poor track records.
Professionals will be paid in Professional Activity Tokens (PATO) when their data is purchased while Profede will take a commission of 2% from these transactions.
The startup has recently signed an agreement with beBee, a career platform that already boasts 12 million users in over 100 countries, making beBee the first network to embrace Profede’s protocol. However, Profede says it is in talks with other platforms, including Glassdoor, Monster, Adecco, Freelancer, and Randstad, to integrate the Profede Professional Protocol into their platforms as well.
Profede aims to integrate a beta version of their product with beBee by the end of the year and launch their final product on Ethereum’s mainnet in 2019. The startup has already exceeded its soft cap of $1.5 mln in the presale period of its initial coin offering (ICO), which ends on May 31. PATO tokens are set to be offered in a public crowdsale starting on June 1.