American Council on Education recently made a report that blockchain technology can aid individuals in regaining control over their own credentials. By having this control, the same individuals would be able to face the global labour market with better preparation.
The report came on June 8th, where it summarized the report based on their three months of research from November 2019 to February 2020. As everybody knows, it gets increasingly difficult to find a job nowadays. On top of that, we are in the middle of the global pandemic (COVID-19), where it has forced a lot of businesses to shut down, and the chain reaction of that is the massive loss of jobs all over the world.
While the blockchain itself still has limited use cases, but it can definitely help the labour market to improve in the future. According to the American Council of Education, blockchain technology has promising potential to improve connections between the education space and the labour market.
They claimed that blockchain has one very special attribute, which is its immutability, and this immutability can easily optimize social mobility and improve competitiveness. With blockchain-based portfolios, mixed with identity-related standards, the likes of students, HR departments, and even employees can easily get a reliable and proven history of someone’s skills and record.
If the labour market adopts blockchain technology, it will benefit everybody.
Source: Cointelegraph
