LaborX, a blockchain-based recruitment platform created by Australian company Chrono.tech, has teamed up with SingularityNET, a decentralized AI developer and co-creator of Sophia the robot, to automate the job search and hiring process.
SingularityNET’s AI solution will be utilized by LaborX to analyze job candidate profiles more quickly and comprehensively, resulting in faster and more efficient screening, selection, and hiring. With up to 2,000 candidates applying for each posted vacancy, the application of AI 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 high volumes of applicants. LaborX and SingularityNET aim to tackle these challenges by testing AI-powered HR software. AI solutions can reduce recruiting workloads for hiring managers, significantly decreasing candidate screening and selection times while providing refined search parameters and eliminating screening bias. Advanced AI tools can also expand candidate sources and improve the recruitment experience through the use of chatbots.
Chrono.tech, the oldest Australian blockchain company, developed LaborX to enhance job search experiences by providing secure and effective tools like 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 recruiting platforms that charge between 20% to 30%. LaborX also offers flexible payment systems, dispute resolution, and supports different currencies and digital assets across multiple blockchains.
With over 120,000 talents and 5,000 employers already on the platform, the partnership with SingularityNET will enable Chrono.tech to attain full recruitment process automation through AI solutions and blockchain technologies. Experts predict that in future the recruitment process will be fully automated. According to a study done by the HR Research Institute, 96% of HR managers believe AI has great potential to help in the right talent acquisition, and 55% say AI will become a regular part of the recruitment process within the next five years