Could Blockchain Technology Solve For The Missing Piece? There is promise in a new technology, blockchain, to support new models for the “degree.” At their core, mature blockchain solutions will make it easier, faster, and cheaper to verify that data is true. When applied to higher ed, they hold potential to create a universal, trusted, lifelong record of learning that recognizes education outside of a formal degree program, such as online courses. They could also help to fight education credential
What will the future of college look like?
fraud and enable employers to cut administrative cost of verifying degrees—even if those degrees potentially shift from a traditional four-year model into smaller modules. Natalie Smolenski has been working on blockchain- based credentialing solutions since 2016. She explains, “Blockchain is an important technology to enable people to carry any kind of high-value, high-stakes credentials with them. These credentials can have extraordinary longevity and remain verifiable across space and time—15 or 30 years from now, in any geographic context, anywhere I end up in the world.” Obviously, when records and credentials can be quickly verified, without question, it cuts time and increases quality in hiring. But it can also become “a system of record that can withstand war, economic collapse, and climate catastrophes,” says Smolenski. “Blockchains credentials can be internationally portable, universally interoperable, and fully verifiable without dependence on vendors or issuers.” Could Blockchains Increase The Functionality Of A Degree? Blockchains contain other features that could enhance the way a degree is used, once earned. For example, the tech could one day assist employers in matching jobs to qualified workers. Because blockchains encrypt data and put the user in control of how it’s used, a worker could elect to participate in a program that crawls qualifications and micro-credentials to find potential matches—yet keeps identities private until a candidate is ready to divulge more. Or, using blockchain features, employers could more safely and easily tie education funding to the achievement of specific milestones.
The technology is still in its early days, but starting to achieve traction. Recently, the American Council for Education received funding from the U.S. Department of Education to explore how blockchain technology can improve the flow of data among educational institutions and employers while empowering individuals to translate educational outcomes into economic opportunity. IBM launched a blockchain network, the Learning Credential Network, which includes the National Student Clearinghouse, an organization that verifies academic qualifications for over 3,700 institutions. A credentialing consortium, the Velocity Network Foundation, which includes SAP, Upwork, and talent manager Cornerstone is evaluating blockchain’s application to the hiring process. Could The Crisis Pave The Way For A More Agile Future For Education? For many years I have told my early teen children to expect change in the four-year college model—but that it would not arrive in time for them. Now, around our shelter-in- place dinner table, I tell them solid alternatives that are more flexible and cost-effective may be within their reach. The next year will reveal much more about the nature of this shift—but it’s possible this heart-wrenching change may birth new models that flex in closer response to the needs of our fast-changing, complex modern environment. n
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September 2020 | The Business Review
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