Bondex: A key Player in Decentralized Recruitment
Not so long ago, it was common to print a good stack of resumes on paper and go around your city, delivering them by hand, one-by-one, or post them by mail to the companies you were interested in working for, who often advertised for employees in newspapers. Today everything has changed and the online job pages and platforms have become the main tools to find a job.
The Internet has become one big, online job fair for many when it comes to looking for work or building a solid network of contacts that can strengthen relationships with other professionals. When its many functionalities like job search sites and social networks are interconnected and focused on the field of work, the task of finding a job is much easier and more efficient than relying on the traditional resume route.
Unfortunately, the vast majority of these job platforms are centralized and therefore your application is vulnerable to various risks such as tampering, latency and cyber crime. Who does not remember the hack of Linkedin, one of the largest job search portals and professional networks in the world, when millions of personal data records were exposed?
In addition, traditional search portals such as Careerbuilder or Linkedin, to name a few, have a business model whereby the focus is not the job searcher but the companies with money to spend on online job search services platforms.
Recruitment in Internet Times
The use of the interactive Web has allowed the development of portals focused on next-level recruitment, a job search experience totally different from what we had known in the ’90s, creating what we currently know as Recruitment 2.0.
With the passage of time, the entry onto the scene of social networks and development of more powerful mobile devices, recruitment 2.0 became known as Social Recruiting, because some parts of the recruitment process rely on the use of social networks.
The employment portal approach has been transformed into a collaborative and social ecosystem, where professionals can expand their contacts as well as “navigate” through the companies of their interest directly from an application or web portal.
The Internet was essential for posting vacancies, and with the rise of professional social networks like Linkedin, everything has become faster and in some cases less expensive.
According to the III Report 2014 on social networks and the job market prepared by Adecco and Infoempleo, 69% of companies had used recruitment 2.0 to select candidates.
Despite being an innovative recruiting strategy that democratizes access to certain job offers which, if not published on the internet, you would never know about, social recruiting also has a few disadvantages that they want to review with you.
Disadvantages of Social Recruiting
•Excess applications: This can become a problem for the Human Resources department, especially if the job offer is not specific enough for the requirements themselves to act as a filter.
Not everyone is online: Does it seem impossible? Well come on! Oddly enough, there are still professionals who are not present in the fields in which recruitment 2.0 moves. In fact, you probably know someone who doesn’t have Facebook yet.
•Little transparency: The fact that a company publishes an offer on its social profiles and in employment forums is not necessarily synonymous with transparency. Much candidate data is exposed to strangers and third parties, without being able to trace its subsequent use for purposes other than those stated by the recruitment platform.
•The Selection process can be frustrating: Although the time spent in the selection process is minimal, it is often frustrating for both companies and candidates not to have an effective system. The vast majority of these platforms work with an algorithm that is not available to the public and does not always work in the best way to benefit both parties in making effective connections.
•Costs to improve your positioning among a professional network: Although many centralized platforms offer a free membership, the ability to be hired or find a profile adjusted to the needs of the company, often requires premium memberships that can cost hundreds of dollars a month, which is really expensive for jobless talent.
•There is no benefit per use: Beyond growing professionally within a network, the users of these platforms do not obtain any additional benefit from exposing their data, which is ultimately the product desired by these platforms for their enrichment and positioning within digital marketing.
•Exposure to vulnerabilities: As they have mentioned previously, the vast majority of professional network platforms and job portals have a centralized database, which can be vulnerable to third parties, or in the best of cases, to failures due to lack of maintenance. In addition, the cost of maintaining these databases functioning optimally is ultimately transferred to the end user in exchange for their personal data exposed in their professional profile.
Bondex: The Decentralized Option to Job Search Portals
With the entry onto the scene of Blockchain technology, the development of new business models and, especially, the improvement of pre-existing ones, has been causing a real stir in various sectors of the traditional economy, and especially the digital economy.
In this context, the use of decentralized and distributed platforms provides many advantages over traditional competitors, when it comes to handling sensitive and private data.
In this case, Bondex plays an important role when it comes to weaving professional networks together. But what makes Bondex different from other similar centralized platforms?
Bondex is a fresh, gamified version of a professional network in which rewards make users partial owners of the network through governance rights and revenue sharing.
It is a distributed business model, where users are partial owners of the platform through income sharing through its native BNDX token.
In addition to being a social and collaborative platform for job search, Bondex presents an integrated ecosystem with DeFi properties, even allowing the integration of traditional financial institutions and cryptographic capabilities through fintech tools such as debit cards and wallets.
With these benefits, Bondex not only rewards users for using the platform and sharing their professional profile similar to other professional networks such as Linkedin, but also takes the security aspect one step further by allowing the verification of documents in real time with the use of blockchain technology, thus avoiding profiles with false credentials.
Additionally, users gain an entry and exit ramp between the crypto world and traditional fiat, helping to facilitate crypto adoption while at the same time providing tools to make the holdings of their assets profitable, whether or not they are the products of their rewards for use of the platform.
With Bondex being deployed in the Solana blockchain ecosystem, the friction of transactions for payments around the world and the flexibility to receive payments in any currency for the professional services provided by the talent, is a reality that has no time, schedule or geographic limits.
In this way, Bondex not only allows talent to access an improvement in their professional profile, but also allows both parties (companies-talents) to be able to overcome the limitations of the traditional financial sector y permitting the payment of salaries at low transaction costs, while not having to worry about whether or not the target population is banked.
Currently job searchers can complete the Bondex Origin application, the genesis of its ecosystem, and begin to weave their professional network by uploading their documents and completing decentralized verification of their credentials with the support of Solana’s blockchain technology.
Additionally, in its early stage, users can start earning token rewards for helping to grow the Bondex ecosystem network in its native BNDX token. Through green mining which increases the network hash rate, users can earn more rewards once their professional profile is completed.
Thus, Bondex is creating a disruptive model within online recruitment, through a circular economy that revolves around user data, and ensures users are fairly rewarded for sharing it on the network.
Bondex is a Web 3.0 fintech-enabled talent ecosystem for the future of work. It is the first decentralized peer-to-peer (P2P) professional network leveraging blockchain within a unified end-to-end experience across key elements of sourcing and managing talent, including upskilling and payments implemented within a unique tokenized revenue-sharing model.