Blockchain Technology is deemed great when it comes to using them in the education sector. There are certain inner features that Blockchain technology has that the sector can benefit from. These can benefit the student community. So if you think that Blockchain Technology is only for the business sector, you are mistaken. By the way, are you trading in Bitcoin? If not, why not take help from bitcoin loophole.
In this article, we are going to discuss the possibility and challenges of Blockchain in Education. Let’s see what’s there.
Promises Of Blockchain
The education industry is gaining with time thanks to digitization. According to one study, the education business is expected to reach a record value of $2.04 Trillion in the USA alone by 2028. . This constitutes a CAGR of 4.5%. Therefore it can be well understood through the study that the commercial possibilities are extremely high.
Digital education, mainly internet-based education, went on to improve drastically during the pandemic. Therefore it can be said that a lot is at stake. Millions of students were constrained to stay back home and conduct education from home. Let us see specific areas where there are a sea of opportunities.
1. File Storage
An institution deals with many records like digital curriculum, degrees, and other information. If they save it into their local drives, it helps them access data at any time. Previously a lot of paperwork was involved in managing an education.
One could say that Blockchain Technology has eliminated them completely. This is not only beneficial from the point of view of safety of data and professionalism but also cost savings.
The universities that operate presently preserve all the necessary data of a student. It can be a fingerprint, facial determination, and other personal details. This can stop any kind of irregularity when it comes to appearing in classes and appearing in the examinations both online and offline.
3. Self-Acquiring Learning Data
While taking part in learning sessions, students safeguard information data lifelong and can have control. They can do it using Blockchain. This acts to prove that the information provided in the data cannot be challenged.
Suppose at some point in time the employer asks an employee to showcase some of its achievements, that is, some research; they can easily show them at that time.
4. Publishing In Research Areas
Student researchers, as well as other researchers, take part in different scholastic inferences. They conduct different ways of collecting data. They include Primary and Secondary Quantitative and Qualitative research based on the requirements.
These need to be safeguarded properly. Remember that the safety and security of data are one of the most important things in research. Blockchain has a sky of opportunities to manage privacy.
5. Lower Costs
Be it general study, attaining transparency, or providing education via digital medium or research- all are highly cost intensive. They require a good amount of financial resources. With Blockchain technology, we are able to reduce costs. According to a 2014 study, it was found that the USA spends around 5% of the GDP on education. With the help of Blockchain, the cost can be reduced.
Challenges Of Blockchain In The Education Sector
Apart from the promises, there are a whole lot of challenges when it comes to discussing the challenges associated with Blockchain in the education sector. Let’s touch upon this too.
1. The Legal Challenge
From this perspective, The General Data Protection Regulation (GGPR) needs to be discussed. The ultimate objective of GDPR is to facilitate the free flow of data. On the other hand, it establishes a framework of fundamental rights protection.
We know that using the Blockchain, the person can completely veneer their own identity. This goes antithetical to transparency in education and points the finger at “Controlship …responsibility and accountability”. There lies the problem as the overall element turns out to be self-negating and self-contradictory.
2. Lack Of Trust Issue
Many educational institutions around the USA, the UK, and other countries point the finger at the trust issue with Blockchain. They are reluctant to use this technology and question the credibility of the system.
They completely reject the fact that Blockchain is the principal technology that best safeguards and interests of the learning community. There are trust issues because the entry in Blockchain is easy, and there is no such bar there.
Whatever might be the challenges, it can be well said that the promise side is quite heavy in terms of the results it has produced till now. Blockchain technology has indeed disrupted life and the education system. There is a huge scope for this technology because Blockchain development is still in its embryonic state.