> For the complete documentation index, see [llms.txt](https://velocity-network.gitbook.io/velocity-network/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://velocity-network.gitbook.io/velocity-network/the-market-opportunity/why-now-a-defining-moment.md).

# Why Now: A Defining Moment

Verifying people's identity and qualifications has always been a monumental challenge on a global scale, adding significant costs and friction to economic processes. The upheaval in the job market, the [surge in remote hiring](#user-content-fn-1)[^1], the growing threat of AI-generated deep fakes, and the rise of contingent employment and the gig economy have amplified this challenge to unprecedented levels. Now more than ever, there is a pressing need to streamline and automate verification processes, eliminating the complexity and cost of traditional methods.

While the immediate need lies in streamlining and automating verification processes to reduce costs and inefficiencies, addressing this need is also critical for supporting the larger transformations humanity is undergoing.

Humanity is experiencing tectonic changes in how we work, collaborate and partner. the Fourth Industrial Revolution[^2], societal transformations, and the looming “Retirement Cliff” are driving a volatile and disruptive global labor market characterized by massive [skills shortages](#user-content-fn-3)[^3], accelerated turnover, and the rise of new employment models[^4]. 

Political tensions and climate catastrophes are expected to drive [international immigration](#user-content-fn-5)[^5] to unprecedented levels, placing significant pressure on job markets and communities immigrants arrive and settle

This evolving world of work is quickly becoming a lived reality for hundreds of millions globally, presenting one of humanity’s most significant challenges for the decades ahead.

The inherent opportunities for economic prosperity, societal progress and individual flourishing in this new world of work are enormous yet depend crucially on the ability of all concerned stakeholders to drive reforms across education and training systems, labor market policies, business approaches to skill development, employment arrangements, and existing social contracts. At the heart of these efforts is the free flow of trusted workforce qualifications data. Without access to accurate, verifiable qualifications information, the potential to address these challenges and unlock the opportunities of this new era is severely limited.

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[^1]: According to *Remote Work in Europe, 2023*, a paper by EurDev, remote work is expected to double over the next five years.

[^2]: According to a World Economic Forum research, over 1 billion jobs are liable to be radically transformed by technology in the next decade.

[^3]: According to *The Global Talent Crunch*, a recent study by Korn Ferry, the global economy loses $8.5 trillion in annual revenue due to skill shortages.

[^4]: According to World Bank Publications, a record 1.57 billion people engaged in freelancing last year—more than ever before in history.

[^5]: According to UN publications, over 300 million people migrated internationally last year, marking the highest number in history.