DENVER, April 02, 2020 (GLOBE NEWSWIRE) -- Velocity Network Foundation, a collaborative, democratic, nonprofit foundation set out to put people back in control of their data, today welcomes Oracle as a founding member. Along with other Human Capital Management and Education industry powerhouses, Oracle will help define, deploy, and champion the Velocity Network: a globally accessible, trustworthy, open-source, blockchain-powered “Internet of Careers.” As a founding member, Oracle holds a seat on the Velocity Network Foundation’s board, actively contributing to the development and governance of the Velocity Network.
“Velocity Network Foundation’s mission to leverage blockchain technology to create an Internet of Careers is exactly the type of initiative Oracle wants to help drive,” said Gretchen Alarcon, group vice president for Oracle HCM. “With evolving labor models and uncertainty in the marketplace, industry leaders need to work together to shape the future of work that we both want and need – one that creates better opportunities for career development and offers a single source of truth for employee credentials and skills certification. We’re proud to play a key role in this innovative initiative and are committed to working with the other founding members to shape the future of blockchain in HR.”
The Velocity Network Foundation, which has been recognized globally for its vision of a new Internet of Careers, helps individuals consolidate, securely store, manage and control access to a comprehensive record of their verified education, projects, skills, and work history. It also helps businesses make development and workforce decisions based on trusted, immutable data. This reduces the time and costs associated with talent processes such as recruiting and career mobility, while also helping organizations reduce risk and gaining compliance in an increasingly global labor market.
Combined, the 16 founding members of the Velocity Network Foundation manage more than 800 million individual records in their systems, along with billions of associated credentials including employment and student information, capabilities, skills, certifications, licensure, and more. This massive day-one coverage will kickstart the adoption of blockchain in HR and deliver immediate value to all constituents.
Dror Gurevich, CEO of Velocity Career Labs, developer of the innovative blockchain technology powering the Velocity Network and founder of Velocity Network Foundation, shared, “Through the input and guidance of leaders like Oracle, the Velocity Network is going to fix the broken data layer underlying the global employment market, reinventing how career records are shared between individuals and businesses.
Career credentials are probably one of the most sought-after and valuable assets for people to make a living and fulfill themselves, empowering them to take ownership of their career framework and significantly improve their access to career and development opportunities. At the same time, employers and education vendors will be able to rely on trusted, immutable, and verified employee, student, and candidate data. This will allow them to seamlessly and cost-effectively eliminate hiring risks, boost productivity, improve the employee and student experience, and achieve regulatory compliance.”
For more information about Velocity Network Foundation and its founding members, visit www.velocitynetwork.foundation/foundation.
About the Velocity Network Foundation
The Velocity Network Foundation is a nonprofit organization established by Velocity Career Labs, a developer of innovative blockchain technology. The Foundation exists to govern the use of the Velocity Network by all involved parties; continuously build the rulebook, a common framework that ensures operational consistency and legal clarity for every transaction; promote global adoption and support among stakeholders and constituents; guide the development of the decentralized protocols; and support research and development of applications and associated services, fostering a community of open-source developers.
For more information about Velocity Network Foundation and the Velocity Network, please visit us at www.velocitynetwork.foundation.