IBM develops a blockchain-based platform to store employee certificates and qualifications. This will optimize application procedures for employers and employees in the future. In addition, advanced training can be used and recognized in a targeted manner to compensate for the shortage of skilled workers in many industries.
IBM announced in a press release on Thursday, November 14th, the introduction of a blockchain platform for proof of academic and professional qualifications. The Learning Credential Network (LCN) stores certificates and diplomas and is intended, among other things, to optimise recruitment procedures for companies. At the same time, vocational training can be used in a more targeted way to facilitate the connection to the labour market.
According to IBM, the lack of suitable qualifications is one of the greatest future challenges for employees. According to a recent study by the IBM Institute for Business Value, over 120 million employees in the twelve largest economies will have to be re-qualified over the next three years as a result of digital change. The study also shows that new requirements are evolving rapidly, while other skills are becoming superfluous. This leads to “skill gaps” that can be filled through appropriate training. To meet the challenge of skills shortages, governments and the private sector have launched a number of projects. Special training programmes, which enable employees to continue their education without an academic degree, enable them to be trained specifically for the respective requirements. The Learning Credential Network’s blockchain captures qualifications and logs acquired and missing competencies.
The Learning Credential Network is designed to meet the need for qualifications. The platform therefore uses block-chain technology to enable verifiable recording of proof of learning and qualifications. Users are given control of their data and authorise the dissemination of the information. This will improve the exchange between employers and potential employees: Employers can use the LCN to check employees’ skills and match them against vacancies.
Today, job applicants are confronted with an unmanageable number of job opportunities. In order to gain a foothold in the labour market, it is necessary to find the necessary further training opportunities. The LCN optimizes the increasingly complex and inefficient applicant market. The blockchain could facilitate the identification of promising candidates and academic institutions and cope with the growing demand for learning certificates.