Blockchain is one latest innovation that has enamoured several investors in a short span of time. The technology is proving to have a long-term impact on various industries. Many of you by now know how blockchain operates, how blockchain apps are growing in numbers, what smart contracts are, and how blockchain technology is transforming the finance industry. Blockchain is spreading its influence and proving its possibilities in different fields. Latest to join this list is the education sector.
Blockchain technology has this in-built cryptographic feature towards security, confidence and equality that can generate frictionless transactions. Backing its fresh case studies on Blockchain technology and companies, a research firm recently cited the use of blockchain technology and its emergence as a new horizon for I.T. business market and other segments.
Blockchain technology’s decentralized character can create a world without intermediaries.
Let us see how Blockchain can reform the education industry.
The Education industry is a burgeoning sector, creating huge revenues and employment opportunities. The industry has been undergoing major changes and is getting more digitalized further driven by new formats, patterns based on the latest technological innovations.
The global education sector is the second largest industry and the segment is rapidly increasing with high growth potential. With globalization, the sector is experiencing a strong expansion with several private participants coming into the scene. This shift of global education along with the expansion of “education to all” has pushed more collaboration between education providers and industries. Automated systems that deliver distance learning, e-learning, online-learning etc are proving to be a big welcome among the youths. The future workplace demand can be for specific skills and transferable skills.
These changes demand quality and value from education institutes.
Ranked and reputed institutes too face severe challenges irrespective of transforming the teaching and the learning process. While focusing on the Student experience, not many young generations are happy with the way the education system functions. Students are no more ready to face issues in right from submitting their scores to following the deadlines. With loopholes in the admission systems, many a time, a deserved candidate fails to gain entry to the best of the Universities.
Miss-management of all the process-driven functions; slow and inefficient administration along with the complex mechanisms can be the major hindrance to the worthy candidate.
With the growing enrolment ratios, there can be more issues related to;
- Data leakage
- Privacy
- Security
- Transactional errors
- Lack of Information
Gartner (News - Alert) recently highlighted Blockchain as one of the top technologies impacting higher education in 2018.
Education plays a crucial role in supporting the economic strength, pulling together the political and social status, productivity and in general the overall development and accomplishment. It has the power to bring a change.
Blockchain phenomena can change and shape the future of education
These on-going changes in the global economy, demographics, and with the independence of language structure etc., Blockchain can prove to be the most capable technology that can serve to strengthen the whole sector.
In a blockchain transaction, all data are stored in the form of blocks. Every block is connected and the chain of these blocks forms a record of transactions. Every block is cryptographically secured. Information stored is unalterable. Any attempt to modify the content can have severe repercussion in the remaining nodes too.
- Secured cryptographic record – replacing paper
- Smart digital implementation of policy
- Operate a global context
- Storage and retention of student data
- Smart contract and communication
- Smart learning
- Storage and retention of certificates
- Cryptocurrency payment
- Cryptographically defined operation models
- Transform the student experience
- Widen possibility
- Widen Admission and future employment
- Reform strategies and functionalities
- Students, teachers, employers, accreditors, validators, institutes, testers, can all connectively work through blockchain.
Blockchain for education can sound to be a new concept. But, looking at its myriad of possibilities, it can surely transform the centralized education system to a decentralized distributed arrangement that can ensure the security of data and maintenance of privacy.
About the Author:
Sophia Jayden is a senior writer and a content marketing specialist. She has 10+ years’ experience in content writing and marketing. Currently, she is a staff writer at GoodFirms, a pioneering B2B research, review and rating platform. For more information about her work, you can reach out and start a conversation with her at [email protected].
