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Blockchain technology is a possible remedy for labor market problems

June 8, 2020

A new report from the American Education Council argues that lBlockchain technology enables users to regain control of their credentials and better equip them in a global job market increasingly uncertain.

The report, funded by the U.S. Department of Education, was released on June 8 and drew its conclusions. based on surveys conducted between November 2019 and February 2020.

Before the COVID-19 pandemic, the authors note that the Federal Reserve data pointed this out in December 2019 4 out of 10 graduates were underemployed and that the average time spent on a job it had dropped to an average of 4.2 years.

Blockchain technology is a possible remedy for labor market problemsBlockchain technology is a possible remedy for labor market problems

Under these difficult working conditions, the authors argue that What could help graduates and the workforce would be better control over several credentials You need to stay up to date whenever you switch jobs more dynamic and unpredictable.

They said: “Blockchain technology in particular promises to create more efficient and long-lasting connections between education and work “:

“The unique properties of blockchain manipulation security and registration can optimize human capital and promote competitiveness and social mobility.”

The authors of the report use the term “human capital data” to refer to a person’s academic and professional history is reflected in their credentials and enables them to “trade” with various “stakeholders in education, employers and the workforce.”

How can blockchain technology help?

The report currently argues that historical conventions, policies, and technologies restrict people’s control and access on their human capital data, which means they “lack” the management of their own records.

Combination of self-confident identity standards with blockchain-based curricula and portfolios is a way to provide “multiple stakeholders” that is, university chancellors, human resource managers, students and workers, a reliable knowledge record Real time and skills

The authors of the report identify three main themes in their research that reflect the opportunities they see in use “DLT to promote social justice”.

These are “agencies for personal data, lifelong learning and the power of connected ecosystems”.

According to the message, 71 international projects are currently investigating the use of blockchain technologies in training, many of which remain in proof-of-concept or pilot test phases.

The authors summarize their field research. argue that given the “speed and granularity” required for people to document, verify and share their “information on human capital”, a technology “sustainable, transparent and verifiable”, like blockchain, a “determining factor” that can “overpower” your “competitive advantage” in the global economy.

In addition to flexibility and adaptability in real time This technology can lead to individual ownership The data that the report authors consider essential, particularly for “vulnerable groups”:

“As a society and economy, we have to support […] Better learning opportunities for all, preservation of evidence of high quality learning, ensuring fair use of learning data and enabling it to be used by students and employees to lead successful lives and promote economic growth. In the consensual spirit of blockchain, we can achieve these aspirations together. “