The US Department of Education is backing efforts to look into blockchain, the technology that underpins Bitcoin. The American Council on Education confirms that it has acquired funding from the US Department of Education to work on a project that will explore the use of digital ledger technology to help students control their learning records, regardless of where the training and education takes place.
According to the announcement,
“The Education Blockchain Initiative is designed to help identify and evaluate ways that blockchain technology can improve the flow of data among educational institutions and employers while empowering individuals to translate educational outcomes into economic opportunity. It will include the launch of a competitive challenge to fund pilot programs later this year.”
As blockchain applications continue to sweep across a number of industries, from finance to government to supply chain logistics, innovators are creating solutions to optimize data sharing and verification among two or more parties. By accessing an immutable ledger that can be trusted among all participants, blockchain solutions promise to streamline paperwork, eliminate unnecessary intermediaries and reduce the bloating of bureaucratic procedures.
The educational initiative will target applications that are designed for companies that spend an estimated $87 billion annually across a number of corporate training programs and on 738,000 credentials offered nationwide. New solutions could allow employees and students to share their achievements and skills in a more effective and efficient way, offering more control over their data.
Says Ted Mitchell, president of ACE,
“This work is about exploring the potential of blockchain technology to give learners greater control over their educational records. It’s about enabling more seamless transitions between and across K-12, higher education, and the workforce.
This initiative will explore how this nascent technology can break down barriers for opportunity seekers to fully unlock their learning and achievement.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Rawpixel.com