Blockchain might be the solution to restore applicant control over their credentials

A report by the American Council of Education argues that blockchain-based credential tracking could help solve labor market problems

As the world explores the benefits of blockchain technology across sectors across the spectrum, education seems to be next on the list. On June 8, 2020, the American Council of Education published a report entitled “CONNECTED IMPACT: Building Education and Opportunities for Workers through Blockchain.” This report outlines how technology can help individuals can to gain control of their qualifications and better assert themselves in the labor market competition.

 

Funded by the US Department of Education

The report is the result of a four-month study funded by the U.S. Department of Education. It draws its conclusions based on a comprehensive study of the problems facing the growing labor market crisis. In addition, there is an analysis of the possibilities that the blockchain can offer as a solution to such problems. The research was conducted between November 2019 and February 2020, prior to the global economic downturn due to the coronavirus pandemic. The Learning and Innovation Chair at the American Council on Education, Louis Soares, explained the importance of the report: “We are still trying to get universities and employers to speak the same language. We’re still trying to address the challenge of creating a digital identity. ”Unemployment and underemployment rates will rise from December 2019, with data from the Federal Reserve (FED) indicating that four out of ten college graduates are underemployed. In fact, the average time in a single job is only 4.2 years, according to the report.