LaborX, a blockchain-based recruitment platform created by Australian company Chrono.tech, have cooperated With SingularityNET, decentralized AI developer and bot co-creator Sophia, to automate the job search and hiring process.
SingularityNET’s AI solution will be used by LaborX to analyze job candidate profiles faster and more thoroughly, resulting in faster and more efficient screening, selection and hiring. With up to 2,000 candidates applying for each vacancy, the application of artificial intelligence is expected to improve candidate matching and increase selection efficiency.
The COVID-19 pandemic has left a lasting impact on the labor market, leading to issues with time-consuming screening and selection procedures due to large numbers of applicants. LaborX and SingularityNET aim to address these challenges by testing AI-powered HR software. AI solutions can reduce recruitment burdens for hiring managers, significantly reducing candidate screening and selection times while providing optimized search parameters and eliminating screening bias. Advanced AI tools can also broaden the sourcing of candidates and improve the hiring experience through the use of chatbots.
Developed by LaborX, Chrono.tech, the oldest Australian blockchain company, is to enhance job search experiences by providing secure and efficient tools such as digital contracts and escrow services. The platform has a decentralized infrastructure that reduces associated fees to just 10% for freelancers and 0% for employers, unlike traditional recruitment platforms that charge between 20% to 30%. LaborX also offers flexible payment systems, dispute resolution, and supports various digital currencies and assets across multiple blockchains.
With more than 120,000 talents and 5,000 employers already on the platform, the partnership with SingularityNET will enable Chrono.tech to achieve full recruitment process automation through AI solutions and blockchain technologies. Experts predict that the recruitment process will be fully automated in the future. According to a study he did Human Resources Research Institute96% of HR managers believe that AI has great potential to help acquire the right talent, and 55% say that AI will become a regular part of the hiring process within the next five years.