Blockchain has a whole lot of promise when it comes to business. Due to its inherent characteristics, Blockchain helps in business development. Around 27 million people bank on Blockchain as the trade Cryptocurrency. Are you trading Cryptocurrency too? If not, why don’t you trade Cryptocurrency? There are apps like the bitcoin era that facilitate your Crypto trading. So why wait?
But not only businesses but even the education system could exploit the feature of Blockchain to revolutionize itself. In this article, we are going to discuss the Blockchain and how it has the potential to change the entire education system. Let’s discuss all of them right here.
Blockchain Technology And Education: The Best Partnership That Is Yet To Mature
Let’s start with figures. The education business in the USA is supposed to reach $2.04 Trillion by 2028. More so, the Ed-Tech market skyrocketed amidst the dark clouds of recession. Experts believe that the market reached around $94 bn. Now understand how expansive the horizon is for this technology to grow!
Indeed there is a sky of opportunity for Blockchain technology to govern the entire education sector.
1. Payment Of Tuition Fees
We all have heard that big companies like Google, Microsoft, and others use Cryptocurrency as a mode of payment. Now it’s time for universities to use Blockchain. Universities have started accepting Cryptocurrency as a mode of payment for university fees.
According to recent studies, only two percent of students have paid their education fees using Cryptocurrency. If students start paying Cryptocurrency, it will bring a change in the entire scenario.
2. Verification of Graduation Certificates
A university, throughout the career of a student, records different information about a student. It starts with the personal information to that of research data and also the certificates and credentials.
Now students can share the certificates with different entities like companies for jobs. They simply get the saved data (into the Blockchain) and submit it to the university when required. The benefit that is associated with this is that neither the student nor any other entity can distort the reports or certificates. This is because the malicious element will not be able to pierce the network and distort any information.
3. Academic Credentials In Distributed Ledger
The information recorded in Blockchain is recorded in a distributed ledger. It means whatever gets recorded they are updated on a wide network of computers. Therefore if a student records some information, or if the university records some information about the candidate, they get safeguarded in Blockchain.
Therefore it can be identified that credentials, once recorded, can not be altered. If some hacker tries to get into the network, it is nearly impossible because there is no centralized system with the Blockchain. Sony and IBM have taken the initiative to prepare such a network where each and every piece of data is safeguarded on some distributed ledger.
One more thing that Blockchain provides here is that it completely cuts down the paperwork. Therefore the technology is environment friendly. Let us say this.
4. Lifelong Learning Passports
Here come the concepts of Open Badges that Open universities create as tokens of affiliation. These badges record the certificates, modules, and other activities of the students.
During the time of recruitment, the company might ask for certain information. That time the student can provide the Open Badge that contains all the records and reports. Moreover, with the distributed ledger, the university is able to mentor the students (because they learn in distance mode).
This is a completely new concept that is being worked out by the students. These not only provide benefits to the students but also facilitate easy movement of paper between the employee and employer.
Well, this is a completely new development altogether, and the universities are trying every permutation and combination to make this become a part of the entire system. Therefore the possibility is huge.
In conclusion, it can be said that the Blockchain is still in its embryonic stage of development, and it can create wonder in the days to come. Apart from these, there are some other benefits that the education system can gain from Blockchain technology. All in all, there are still a lot of ways to go.