Milko Filipov is CEO of CVerification which is a blockchain based recruitment and background verification. CVerification is launching a presale on the 17th of June and will present a prototype at the prestigious Bits & Pretzels conference in Munich in September.
Q: Hi Milko! Thank you for joining us today. Can you tell us more about yourself and how you got involved in the CVerification project?
A: I have spent the last 6 years working in the areas of payment systems, card payments, e-banking and supporting various startups in different industries. I have a strong interest in innovative solutions and technology, cryptocurrencies and decentralized applications and this is how I saw an opportunity to improve some of the current HR processes using blockchain technology. I brought broad industry experience, having undertaken roles as Business Analyst, Business Architect and Consultant in global projects at companies such as Wirecard, NTT DATA, KUKA Robotics, BMW, Commerzbank, Fiducia & GAD, Capgemini.
This helped me to set a very effective team of experts who also combine experience gained at big corporations and startups. Some of my previous initiatives in the startup field was the creation of the first Payments and Cryptocurrencies educational module for the Certificate in Finance and Technology (CFT) and the launch of an E-Learning platform in Germany – Tutorland.de.
Q: From the CVerification whitepaper I understand you want to solve a few problems of current HR processes. Could you list a few problems and tell us how you plan on solving them?
A: The CVerification ecosystem with all potential features is a very complex and powerful tool for the HR industry. However, we can simplify the model, because it is important to understand the core features. Basically, we eliminate the need of background check service providers. Their job is to verify employment references and other credentials of job candidates, so companies can take informed decisions when hiring an employee.
With our platform companies will upload the credentials of leaving employees directly on CVerification and the applicants will have full control over this data. When they apply for a job they will apply directly with the verified credentials which save costs and time for the potential employer.
Q: How will CVerification help the applicants?
A: Applicants will improve their chances to get their dream job, because their application will be more trustworthy.
Q: Tell us about the CVerification ecosystem, what will it comprise (i.e. Wallet, App, token etc.)?
A: CVerification will issue it’s own token called CVER token or CVerification token. It will be used as a utility token on our platform and users and companies will be able to pay for services using the token. We will start with a web-based platform with the core features and then we will start adding new features like tools for market research, tools for recruiters and job advertisers or also verified translations of credentials. We will provide a powerful open API which will enable third-party developers to rapidly develop new intelligent services and utilize the hidden potential of the user’s data.
Q: Have you pitched your project to corporations/educational institutions to get feedback or to see if they are interested?
A: Yes, we validated the concept with 50 institutions which are potential users and they all gave us very positive and helpful feedback.
Q: Tell us about the CVerification business model, how does it work?
A: It’s very simple – users pay for services with their CVER tokens. In most cases CVerification retains a small percentage of the fee and pays out the rest to other parties in the ecosystem as an incentive for their participation. This is how we will keep the equilibrium in this complex ecosystem.
Q: Did you think of the possibility that the applicants willing to participate in the project will all have positive references and endorsements? Applicants might not be willing to share anything negative about them.
A: Applicants can choose which credentials they want to show to each potential employer. They can choose a specific set of relevant credentials for each application. They can even show only one employment reference or hide all credentials and use the CVerification only as a backup.
Q: How will an applicant be able to control the privacy of their data on CVerification platform?
A: The use of client-side encryption guarantees that applicants have full control over their employment references and can authorize previous and potential employers to upload and download them. Every reference stored in CVerification’s system is intrinsically saved and, through the blockchain’s underlying properties, protected from any form of tampering. Thus, all parties can blindly trust each other and the genuineness of the exchanged documents.
Q: What has been your biggest challenge so far working on CVerification?
A: I always prefer to speak a lot about the product and the business model, but if I need to be honest the biggest challenge was to find very experienced and engaged people and set a team without making any compromises. The expertise of our team is our biggest pride.
Q: Moving on to more personal stuff, what does a typical day in your life look like?
A: My typical day is an organized chaos full of communication with various people and coordinating the team of CVerification. The best part is that having some drinks with the team during the weekend belongs to these responsibilities.
Q: What are your 3 predictions for the next 5 years of crypto/blockchain economy?
A: There will be maximum 2 or 3 booms before the prices of the main cryptocurrencies stabilize forever which will be the end of the insane volatility which will drive up the usage of blockchain and token based platforms and crypto payments.