Oracle Joins Industry Leaders in Blockchain for HR Initiative

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

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