Blockchain: The future emerging technology for building trust in the labour market

What is blockchain? Why is everyone talking about it? What makes it so special? These are only some of the questions that people are frequently asking about blockchain technology. 

 

Blockchain is an emerging technology which is disrupting traditional products and services due to its distributed and decentralised nature. It is used in several sectors including finance, computing, banking and recently employment and education. It can be described as a public digital accounting “book” that is designed to be immutable by hackers. Although it has been primarily used as a way to record financial transactions, it can be applied to any kind of transaction or record, making it an incredibly secure platform with the ability to change the role of central institutions. Blockchain can safely record transactions between two parties while effectively reducing the need for an intermediary.

 

Blockchain technology became one of the main focus points and is one of the latest trends in several EU institutions including the European Parliament and Commission. It has been seen as a major invention, as it combines high levels of traceability and security in transactions. Several EU studies have been published and initiatives have appeared regarding blockchain technology. On 1 February 2018, the Commission launched the EU Blockchain Observatory and Forum.

 

The Commissioner for the Digital Economy and Society, Mariya Gabriel, said: "I see blockchain as a game changer and I want Europe to be at the forefront of its development. We need to establish the right enabling environment - a Digital Single Market for blockchain so that all citizens can benefit, instead of a patchwork of initiatives. The EU Blockchain Observatory and Forum is an important step in that direction".

 

everis’ expertise in Blockchain technology and labour market 

 

everis, an NTT data company, is providing several services for the European Commission in the field of employment and digital labour market policy development and aims to analyse the uptake of new solutions and techniques for the labour market. It works closely with blockchain experts to identify the interoperability and interactions with other "blockchain-based initiatives" and to define an EU blockchain infrastructure that sustains better services and provides a framework that will help European actors to lead in blockchain development. everis’ final objective is to help European actors and services to implement and promote public policies for developing businesses, showing leadership and reinforcing the competitive edge of Europe and its blockchain innovators worldwide.

 

Across industries and sectors, early adopters of blockchain technology are working to imagine, prove, and adopt solutions that change the way they conduct business. The open-source and dynamic nature of blockchain challenges companies to both be flexible in terms of products and remain connected to the entrepreneurial start-up ecosystem. Like any other emerging technology, successful distributed ledger use cases will be envisioned by the business, driven by the market, and supported by technology.

everis has its own corporate university to promote team learning, collective knowledge about new technologies like blockchain and creativity pooling between professionals. everis aims to explore synergies with other partners for testing the potential of blockchain technology in different use cases. Below are listed some examples of the potential of blockchain in the field of education for: 

 

•    ensuring the trust of  formal and non-formal education credentials
•    validation of student credentials
•    digital certificates for e-learning courses
•    verification of the “assertions” that candidates make during applications
•    facial recognition technology to verify the identity of candidates
•    endorsements of users’ skills and competences in e-portfolios e.g: LinkedIn or Europass.

 

everis is currently working on a study/proof of concept aimed at ensuring the trust of digital credentials by using blockchain technology. Credentials are documents that state the abilities, and experience of a person and show evidence that this person is qualified for a particular job or activity. Blockchain technologies can support building trust in these credentials. 

 

As NTT Data expert, everis continues to explore the emerging potential of blockchain technology in day-to-day practice. This way, everis contributes to the EU blockchain infrastructure that provides a framework in the blockchain development.

 

Angeliki Dedopoulou, Solutions Team Leader in Public Sector at everis Belgium.