Blockchain Can Disrupt Higher Education Today, Global Labor Market Tomorrow

Blockchain is replacing everything today and so does the education system. It is no brainer that the education and credential system is imbalanced today. Everyone is doing multiple diplomas and degrees. But what about other forms of experience? If someone has worked or given his or her 15 years to a profession there has to be a credential.

These credentials can back his or her proficiency in the field. With the current education system, it is impossible to have such credentials. Another loophole in the education system has just formed. With a pandemic going on there is a chance of shutting down of some colleges and institutions.

Students can lose their education altogether. On the other hand, if the institute records credentials in the form of paper the chances are even higher. In such a scenario some countries have decided to move a solution that is secure, permanent and immovable.

The solution is blockchain. It saves a record forever in its database and students can access it anytime. United States Department of Education is on the way to implement blockchain for higher education.

Blockchain can give more advantages to the students as well as workers. According to Ted Mitchell who is the president of ACE, it will create a smooth connection between education and work. It will be easier for anyone to move in and out of their degree or any other course.

In the scenario where the institutions and employers will not be available to verify the education and experience, it will be easier to access the credentials by using blockchain records. This is the revolution the blockchain is going to make in higher education.

What Is The Future Of Blockchain In Higher Education?

When a pandemic has just hit the world, it is obvious everything is not going to be normal anytime soon. Apart from business and education, everything else is also interrupted. But as we know these two factors are the core of any country, there has to be a change.

This pandemic has evoked the need for digital presence. When other things will go online, there has to be a robust system that takes care of education credentials. And blockchain is the perfect example of such a system. Since not every education institution knows the benefits of this technology, it will take around 2-3 years for the digital credential system to take effect.

An architect of Digital Credentials Consortium, Kim Hamilton Duffy has concluded that an end-to-end encrypted blockchain degree and diploma pilot program will begin at the end of 2020. Another program will run for digital transcripts, she added.

The blockchain credential architecture will be an open infrastructure corporation. It can be used without a particular privilege. It means anyone can give credential to others. For example, fellow students, contractors, clients, co-workers, employers, or an educational institution.

Why It Is Needed As A Replacement Of The Current System?

In the lieu of reputed education systems, there are some degree and diploma mills. These fake online mills are generating false degrees and diplomas that look like original ones. It means the current education system is not safe and in short, is broken.

Paper-based degrees and diplomas can be photoshopped, stolen, or get misplaced. The degree holder can become helpless to prove what his or her qualification is. The US and Europe took a revolutionary step to provide blockchain credentials.

The US formed T3 innovation network, Europe led the European Digital Credentialing Initiative and Singapore has started OpenCerts. There can be some obstacles in the blockchain credentials too. But those obstacles will be technical and there are solutions to every worst case.

How It Can Change The Education And Labor System?

While degrees have a lasting impact on one’s career, there are other factors too. If someone has worked without a degree, he or she still possesses more skills than someone who has a degree.

The education system has to go beyond just “degrees”. Education is just a part of what a person can know in his/her career. The blockchain credentials will become supportive evidence to show the experience that can be sometimes more relevant than a degree.

As a result, the global labor market can be changed. Employers will discover employees based on their experience. It will also be beneficial for the migrants who can’t produce their credentials while working away from their native country. Overall, it will give more control to the person who holds a degree or experience in a particular field.