Blockchain technology has seen a sudden boom in the world as more and more projects have started coming forward that includes blockchain. From banks to businesses, people are moving towards blockchain as it is the latest and easiest way to store all the information and provide solutions to all the problems.
Governments of various countries have also started promoting blockchain as they move their polling process or start investing in blockchain technology. Superpowers like China and India have announced their shift and exploration towards the blockchain technology, their plans to fund the research processes, and find new ways for traditional methods. The adoption of blockchain is taking place on a global scale, and India is not behind in this race. One such person who is trying to bring blockchain to the country is Aashish Singh. His idea was to harness the potential of blockchain to transform how the background verification process is carried out.
With the introduction of blockchain, he wants to make the background process more manageable and build a pre-verified and interactive database that will be accessed by employers for immediate verification. He has used many background verification agencies himself, and this made him realize that improving the entire system has excellent potential for the coming market, and that’s when he launched his startup – Quinfy Technology Private Limited.
The beginning of this journey
Born and brought up in Moradabad, Uttar Pradesh, Aashish did his early schooling from St. Georges College, Mussoorie, and graduated with an engineering degree. He then joined the Indian Army as a short service officer after graduating from college. Once this was over, he made a shift towards the corporate world and worked in the Human Resources field for companies like Convergys, Sutherland Global Service, FADV, and Aricent Technologies.
Aashish is an IIMC alumnus and completed his SMP program in 2007, and he loves to speak on topics like the latest HR technology and the future of HRs in various fields.
What is Quinfy Technology Private Limited?
Quinfy Technology is launched as a blockchain-based continuous identity and background verification HR Tech organization that is working to build a global integrated, verified, distributed platform that would help in securely and transparently share data between the talent and the employers.
The aim was to build a platform that would verify digital identities from stored, tested, and validated data from trusted sources. It is essential to find a single platform to check characters, education, backgrounds, work experience, legal, and financial records on a single platform that would make the whole process easier. Several small agencies do the process of background verification on the ground, and there is no centralized platform that would benefit corporates and agencies. With this platform, the employer will have access to official records, and the digitally verified references will work with total transparency.
Candidates will have completed over data, and they can decide whether they want to share it with anyone or not. Organizations can have access to verified data with the help of this blockchain-platform at a lesser time than it takes now.
The initial challenges faced and any collaborations
Like every startup, they also suffered their share of problems like disruptive ideas, issues in convincing the clients for accepting the product as it was difficult for clients to trust the platform entirely. The business model behind it was to initiate an agreement and provide an opportunity to be one of their vendor partners and prove them the cost-effectiveness and ease of access with the platform.
They are recognized by the scheme of the Government of India, Startup India, and with some partners for technology and partnerships for the final verifications whenever required. They are also planning to collaborate with various educational institutes to ensure that students create their working profile.
The first milestone for Quinfy
The first milestone for them was when they finally conceptualized the idea and implemented it in the form of Quinfy. The process design was essential as they were making disruptive changes in a process that was being used by organizations.
Company’s current growth and vision
The company is currently in the early traction stage, and they have few clients using their service. The company is planning to increase its number of clients and start concentrating on the B2C model for now. They have also planned to launch the product in the US and Europe market with different approaches.
The company was launched with the vision of providing a platform that would allow the corporate companies to connect with the right talent and give them the opportunity they need. The platform, with the help of its leading-edge strategically envisioned and technology-enabled creative human resources tech solutions and quality process, would provide the best service to both the candidates as well as the organizations.