The economic crisis triggered by the COVID-19 outbreak has starkly illuminated the mismatch between educational systems and what labor markets actually require of workers. In response, the American Co
The economic crisis triggered by the COVID-19 outbreak has starkly illuminated the mismatch between educational systems and what labor markets actually require of workers. In response, the American Council on Education has moved forward with financing a blockchain-powered blockchain platform. The platform's purpose is multifaceted: granting individuals control over their credentials and private information, supporting continuous professional development throughout their lives, and narrowing the gap between what universities teach and what businesses demand.
The first phase of this project takes the form of a substantial 57-page document prepared by Kerri Lemoie and Louis Soares. Originally conceived as a two-year research and development initiative, the project has been expedited due to the extraordinary circumstances of the current pandemic and the economic devastation it has wrought. Countless students have found themselves in perilous circumstances—pursuing degrees in new areas or specialized credentials only to face possible joblessness, housing loss, and food insecurity.
The American Council of Education sees genuine promise in how blockchain technology can establish "more efficient, lasting connections between the educational world and employment." By providing students with direct access and control over their academic records, the system would facilitate smoother entry into the professional sphere from school settings.
To build their framework, Lemoie and Soares referenced the scholarly contributions of Nobel Prize-winning economist Joseph Stiglitz alongside Bruce C. Greenwald. The two collaborated on an important book from 2014 called "Creating a Learning Society: A New Approach to Growth, Development, and Social Progress." In their analysis, they emphasized that "a nation's greatest resource driving economic advancement is the learning capacity of its population, which itself depends on what knowledge exists within society, how well the society understands learning processes, and how much insight the society possesses about its own learning potential."
The question of individuals owning and controlling their own records and information was relevant well before this crisis. Current evidence demonstrates that sustainable careers increasingly require people to commit to learning throughout their working years. An immutable, permanently stored record documenting all credentials and achievements would let workers more effectively display expanding skill sets, accumulate new credentials, and present their capabilities to potential employers.
The report identifies 71 separate blockchain initiatives working in the education sector, currently operating at different stages of advancement. What's evident is that time-honored institutions are recognizing an opportunity in adopting this distributed technology to fundamentally transform how they function and support learners.
