Blockchain: A Fix For The Faulty Data Layer Underpinning The Global Labor Market

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Let's face it: the labor market is completely obsolete. It's been like that for a while. Change is finally coming on the basis of three major forces all converging. These forces – the unstable and disrupted job market, growing privacy concerns, and the emergence of blockchain technology – are creating a needed change in the way individuals navigate their careers and livelihoods, and in the how employers and other labor market stakeholders make workforce decisions. . The possible end result is a unique revolution for the labor market.

A volatile and disrupted labor market

Technological and social changes are driving major trends for the future of work. With the global skills gap, talent shortage, labor market polarization, increased inequality and growing wave of non-standard jobs, the labor market continues to be one of humanity's greatest challenges. for the next few decades.

The right to work - the free choice of employment - is a fundamental human right. The modern labor market is fragmented, highly specialized, filled with all sorts of alternative work arrangements or on-demand jobs. It becomes an extremely confusing environment to navigate as the growing sense of job insecurity cuts to the heart of identity and social stability. Now more than ever, we need to accelerate our ability to develop and deploy human capital globally.

Growing privacy concerns

With the advent of the commercial Internet in the 1990s, data collection efforts began to increase exponentially to generate mountains of information. The personal data that users give away for free is transformed into a valuable asset. For a long time, brands were able to do this relentlessly and consumers did not voice their concerns. However, that is starting to change. According to the Pew Research Center, 79% of Americans now say they are worried and confused and feel a lack of control over how companies use their personal information. These growing concerns and the cascade of privacy-related scandals that have come to light in recent years are pushing legislatures to pass much tougher privacy legislation and enforcement.

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register here The emergence of distributed ledger technologies (blockchain)

Blockchain is no longer just about Bitcoin or cryptocurrencies in general. Instead, it can be seen as a disruptive and game-changing technology that will have major impacts on multiple aspects of our lives. A blockchain is a distributed database or ledger shared between nodes in a computer network that are operated by a community of independent, unrelated entities, usually incentivized to contribute computing resources to the network. The innovation of the blockchain is that it guarantees the fidelity and security of the data records it stores and generates trust without the need for a centralized controlling entity.

The revolutionary power of such technology is comparable to the revolution unleashed by the Internet. Just as the internet is a medium for sharing information, blockchain technologies can be seen as a medium for introducing the next level: shared trust.

Fixing the Broken Data Layer Underlying the Global Labor Market

The emerging contours of the new world of work are rapidly becoming a lived reality for millions of workers around the world...