How Can Blockchain Technology End Labour Market Woes?

As blockchain technology continues to infiltrate all aspects of our lives, there has been a wide variety of use cases research to explore areas where blockchain technology can be integrated.

Blockchain technology is currently serving as a hub for social activities, helping to improve financial transactions. The incorporation of blockchain derivatives as companies has also helped bridge the employment gap in areas of their operation.

In research conducted by the American Council on Education, new highlights on probable ways that blockchain technology can help to solve the labor market’s current woes have been revealed.

Ingenious way blockchain technology can tackle unemployment

The report on the research which was sponsored by the American Department of Education was released on June 8, highlighting 71 active efforts internationally in various stages of development, research, and planning regarding blockchain and distributed ledger technologies in education. It also emphasizes the efforts of blockchain technology amongst the workforce. 

After being educated in blockchain technology, the creation of a blockchain-based CV and portfolios will help enhance more effective management of individual data while also giving open access to the same. With these, the report says: 

“Small and localized ecosystems comprised of learners, educators, institutions, and employers support and encourage education and job-seeking efforts by leveraging blockchains to secure and communicate evidence of learning, recommendations, and work experience.”

This is a vision that will redefine the education and data verification bottlenecks experienced by the parties highlighted.

What the future holds

The education sector is currently in the early stages of blockchain integration. Speculations about how the future will be changed may seem overbearing for now, but it is clear that interest in the application of blockchain is growing.

With the US government's current involvement, we can all hope that there will be a ripple effect among governments in the same regard. This futuristic move when it is fully established will be to the benefit of all.