Blockchain has received a lot of attention as the underlying technology for cryptocurrencies and, more recently, as a data storage solution that can potentially have a significant, positive impact in unexplored sectors like manufacturing, healthcare, and education.
In this blog, we will focus on how Blockchain technology impacts the Education industry and what its advantages are to the industry. Let’s begin!
What is Blockchain?
The term “Blockchain” refers to a system of digital databases or ledgers where data is kept in the form of “blocks” that are connected to form “chains.” With the innovation of the Internet of Things (IoT), affordable computing and internet services became accessible to all; Blockchain technology can now support advancements across a range of processes and applications needing management, storage, recovery, and safety of vast and significant information.
A decentralized structure makes the system and the data it stores trustworthy, transparent, and fraud-proof.
Need for Blockchain in the education industry
The term “Blockchain” comes to mind when security is an issue. When we look into data breaches, education is also not far away. Cybercriminals are in high demand for student information that contains minimal financial information. At the same time, student verification is becoming a significant issue at education institutions that are compromised to produce false identities and records. Therefore, protecting student privacy becomes more critical as student information becomes more digital.
The verification procedure is only used at the school or college level. Defending employers, for instance, from those falsely claiming to hold degrees. Blockchain can be a powerful tool for combating fraudulent qualifications and degrees in the job.
Applications of Blockchain: What will it do?
- Blockchain technology may offer a suitable framework to handle student records, including daily data like assignments, attendance, extracurricular activities, and information regarding degrees and institutions they have attended. It would be a secure system that guarantees immutable educational records. Potential educational institutions and employers may rely on these if they can access the necessary records.
- An educational institution would be able to monitor faculty performance by safely storing information about teachers. The Blockchain ledger would provide a time-stamped and tamper-proof record of teacher performance, including attendance, student ratings, the number of students choosing electives, research output, and publications. More accountability will be ensured by connecting this information to teacher evaluation systems.
- The students can trust the caliber of educators and teachers. Blockchain technology could allow teachers to show their certified Skill Badges, enabling students to make educated course selections.
- Students can use skill badges to show their proficiency, particularly those in higher education and research. This would allow teachers to choose the best students for projects. It is also possible to create a scholarship program that rewards students for their consistency and academic performance using a Blockchain-based ecosystem.
The application of Blockchain in education might enhance the ecosystem’s efficiency and maximize the use of financial and human resources.
Benefits to the Education industry
- In the Field of University Research
Professors spend a lot of time performing original research, publishing their findings, expanding the boundaries of their subjects, and disclosing future-oriented study areas.
The reach and effect of those articles are significant because they can affect researchers’ ability to secure substantial funding for ongoing research. In addition, authors have a stake in monitoring how their work is used and can combat outright piracy.
Researchers would be able to publish without limitations but in a way that would enable them to monitor the reuse of their research. For example, how frequently their work is cited and used as teaching materials, allowing them to monitor its impact in the field, which is crucial because it can result in accolades and future funding.
- Learning will be rewarded with cryptocurrencies.
A key component of Blockchain technology is tokenization. Professors will soon be able to encourage students by paying them with cryptocurrencies if they score well or complete a particular major. Also, academic institutions can incentivize students to repay their debts on time. The gamification component of tokenization’s teaching methodology has shown to be quite successful.
Although it is still in its initial stages, Blockchain in Edtech has already been acknowledged as “the suitable technology” for modernizing an outdated system.
Blockchain’s immutable ledger technology creates a chronological record of current events. This works well for reviewing transcripts, showing a comprehensive report card, and updating students on their progress. When students turn in an assignment using Blockchain, they cannot “lose” it or allege that the teacher misplaced it.
- Lowering the Cost of Education
Blockchain technology has the ability to offer universal access to open educational resources like books, podcasts, and movies that are in the public domain and are free to use and disseminate, in addition to supporting lifelong learning. Furthermore, Blockchain enables the inexpensive and secure sharing of these resources in a public network.
Blockchain can change the educational ecosystem by creating new, more accessible channels for learning and upending the current relationship between schools and students.
Through cryptocurrencies, Blockchains have already altered the economic environment. Blockchain use in education improves resource usage and the effectiveness of the school environment. The recruiting process will be made easier, data security and trust will be enhanced, and students will have lifetime ownership of their academic records thanks to record-keeping and sharing streamlining.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn’t represent any investment advice or WazirX’s official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.