Blockchain to Restore Job Applicants’ Control of their Credentials
A report by the American Council of Education claims that blockchain-based tracking of credentials may assist solves labor market woes. As the world examines the benefits of blockchain technology in sectors over the spectrum, education appears to be next on the list. A report titled “CONNECTED IMPACT: Unlocking Education and Workforce Opportunity Through Blockchain” was issued on June 8, 2020 by the American Council of Education, describing how the technology can assist individuals in gaining control over their credentials and making a better case for themselves in the labor market.
The report is the product of a four-month-long study financed by the United States Department of Education. It draws its judgments based on extensive research on the problems encountered by the growing labor market crisis and opportunities offered by blockchain as a solution to these problems. The research was led between November 2019 to February 2020, before the global economic downturn due to the coronavirus pandemic.
Emphasizing the importance of the report, Louis Soares, chief learning and innovation officer at the American Council on Education said, “We’re still struggling to make colleges and employers speak the same language. We’re still trying to address the challenge of creating a digital identity.” The report says that unemployment and underemployment rates are on the growth as of December 2019, with data from the Federal Reserve hinting that four out of every ten college graduates are underemployed. The average time spent in a job, data implies, is only 4.2 years.
Therefore, the report argues that offering more control over tracking candidates’ various credentials will profit graduates in the dynamic and unpredictable race. Blockchain offers a tamper-proof pathway to optimize human capital data (like an individual’s academic and work history) and advance competitiveness. Blockchain technology can build “more efficient, durable connections between education and work,” the authors say.
The report says that blockchain-based CVs and portfolios will allow stakeholders, including colleges, hiring managers, and students, to have a credible real-time record of an individual’s skills and certifications. The authors recognize “personal data agency, lifelong learning, and the power of connected ecosystems,” as the three major themes from the research that blockchain technology can play an immense role in.
The report also states that presently, 71 different efforts from across the world are working towards utilizing blockchain technologies in the field of education. The authors designate that the usage of blockchain into giving individuals control over their “human capital data” will enhance the speed and granularity of verification and sharing. It adds that the use of a sustainable, transparent, and auditable technology like blockchain will offer a competitive advantage of flexibility and adaptability on the ownership of one’s data for the “vulnerable population.”