Blockchain credentialing paves a pathway for candidates to advance in their career goals. As a blockchain specialist, gaining a credential can make you job ready.
Recruiters find it challenging to determine professionals’ capabilities based on paper certificates. A key barrier to fraud is easily accomplished using editing software such as photoshop or using photocopier skills in paper certificates. But with digital credentials act of fraudulent is expunged. Although digital credentials do not carry the same sentiments a paper certificate does, however, they are much more effective in today’s world. Adding a credential to the blockchain is even more advisable since it has the record of the credential which is difficult to alter.
In a blockchain, the record of the credential is sealed cryptographically when it is created to assure third parties that the information stored has not been changed or altered. This eventually enhances fraud protection in one’s organization.
What is blockchain
I’m sure you’ve heard of Bitcoin, well bitcoin ledger was the first blockchain and the technology is now spread across in the global economy. But if at all this technology was so complex, why is it still called blockchain? As simple as the word sounds, it is simply a chain of blocks and the ‘chain’ of blocks that we refer to are a piece of information or data that is stored in a public database (chain).
Over here blockchains are the set of digital information that is stored, more specifically blockchain technology is divided into three parts:
1. Information regarding the transactions i.e. time, date, and the amount from a recent purchase made from an online website e.g. Amazon (example for illustrative purchase only, as of now Amazon does not work on blockchain principle).
2. The participant’s information is stored in the block. For instance, a block for the splurge purchase from Amazon would have the name along with Amazon.inc instead of using the actual name. The purchase is recorded without identifying any information, this happens by using a digital signature that acts like a nickname.
3. Information stored in the block is different in comparison from other blocks. Much alike, we all have names that are different from one another, in the same manner, the block has a unique code called ‘hash’ that distinguishes one block from another. For example, even if one makes a purchase from Amazon and the details look like the other, it is impossible for one to get confused with the previous purchase because of the unique codes that each block possess.
The explanation is to give a wider perspective for one to understand how the blocks work in a blockchain. However, in reality, it is different, each block is capable to store up to 1MB of data. Precisely, depending on the kind of transactions being made, information can be stored under a single roof.
What is blockchain credentialing?
A new report by the Joint Research Centre, the Europeans Commission’s science and knowledge service states that blockchain will end certificates that are paper-based. Awards, achievements, recognition of credits, demonstration of skills can now be done through credentialing.
These are the benefits gained through blockchain credentialing:
- Having self-sovereignty can be initiated, the users generally identify themselves to maintain control over the storage and management of their personal data.
- Security and trust is a major factor that people are worried these days. The infrastructure provides people with the confidence to carry out transactions such as payments or maybe issuing a certificate.
- When transactions take place, each party will be able to enter into the transaction, providing viable transparency.
- Records and information stored is immutable meaning it cannot be changed and altered.
- This also allows other parties to transact directly without involving a third party.
How can blockchain credentialing prevent fraud?
Once the credential is created, it is unaltered, cannot be faked or spoofed. If at all someone else tries to create the same kind of credential that looks like yours, it will not verify against blockchain record.
Blockchain technology is highest in demand, but the shortage of talent is tremendous. The shortage of blockchain specialist will soon spread across industries such as finance, logistics, marketing, and many more industries. These days, even having a blockchain credentialing as proof of skills can boost your pay and open up new avenues for job opportunities.
As a blockchain specialist looking to join an organization must first have his/her credentials – licensures, educational history, regulatory history, skills achievements, Technological know-how and so on.
Thus said, having a credential to your name is crucial for one to advance and make changes in one’s career. With technology and innovation on the rise, it is important for one to keep upgrading skills that will be marketable in the IT industry.