Regional News

Silicon Valley-based GiftChain decentralizes global talent recruitment

By Gordana Davila 0 Comments NEWS, Regional News

The new official website interface of GiftChain, designed by Krani31, built by Zhenchuan.

Prosperous cyber-economy has pervaded every aspect of our life, bringing us all kinds of convenience. However, data are monopolized. Giant enterprises profit from data traffic and shape public opinions. Under the current state of the internet economy, the speed and quality of services delivered to people are shackled by inefficiencies of data monopolies. There is a paradox between current information allocation mechanism and one's increasing demand for freedom, happiness and authenticity. The downside of data centralization also makes significant enhancement of labour efficiency impossible.

Many centralized talent intermediary enterprises control talent pipelines and yet these enterprises generally lack a sense of service. They gain high profit by capturing large amounts of talent information. But they fail to satisfy the needs of employees and employers. Proper credit rating systems have never been introduced and their websites are filled with false and outdated information. It costs both employees and employers enormously to find the perfect match, leading to information asymmetry between employees and employers, thus making it hard to achieve effective matches.

GiftChain, a decentralized intelligent protocol based on blockchain, aims at establishing a fair, genuine and highly-efficient global talent economic system through the technology of blockchain and distributed storage. This protocol provides each user with data ownership and the possibility of issuing and circulating their personal data as digital assets. The producers and creators of data have its ultimate ownership. One has the right to control and benefit from one's overall data.

Every person and institution who has made contributions to GiftChain, no matter how small it is, will receive rewards and encouragements according to rules. People will be encouraged to use techniques to solve social problems and to improve the world. Those who care for the society, who have outstanding talents deserve generous rewards.

Meanwhile, enterprises and individuals are able to build new agreement and transaction rules based on this chain, which contributes to the foundation of decentralized talent eco-system. In this ecosystem, the talent distribution is highly optimized, while individuals gain absolute ownership of data. Data can be traded as assets and the productivity of talents can be priced reasonably and fairly.

Return the value of data to individuals
A talent token economy should also emerge from this platform. Talent data assets belong to individuals. These assets can be priced and traded. In other words, to acquire the right to use the data, token money should be paid. Based on this, intelligent protocols can be designed according to different applications. In these protocols, data are priced. The participants of protocols can receive the benefits or services through charging or paying token money. GIFT is binding to both users and data. Such token economy and incentive mechanism will enable the trading of talent data based on blockchain.

Gift-Coin (GIFT) can be applied in all trading scenarios in GiftChain. Everyone can price their own data by circulating GIFT in the eco-system. Enterprises and developers can either create applications based on GIFT protocol or use their own GIFT compatible applications.

Giftcard believes that one day, people can be fairly evaluated by their own talent, morality, and behaviours, rather than family, relations, background. There should be no obstacle to communication, no intermediary costs. Enterprises, government, and other social institutions can find the right talents at the fastest speed. Due to blockchain protocol, everyone's education and work experiences should be truthfully documented in detail.


SOURCE GiftChain
Edited by G. Davila


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