The blockchain technology has challenged the traditional business models. It provides a decentralized approach to different tasks. The blockchain is basically an enormous database that has no central control. The database is controlled by the general public. It eliminates the need of any third parties. The tasks become more transparent and simple. There is no need to worry about security issues as data is always encrypted. The blockchain technology can have a huge impact in the education sector. This technology can be adopted by educational institutions for making the educational system more efficient. Blockchain can be used in education in the following ways.
8 Benefits About Blockchain In Education
1. Checking Credentials
It can be very time consuming and costly to check and verify the credentials of students and prospective employees. Using the blockchain technology, students’ achievements can be recorded easily and with great security. This information will be available publicly and no one will be able to tamper the information. Academicians and employers will be able to check the person’s credentials without spending any money on third parties.
When a person applies for a job, the certifications achieved in all levels of education are verified by the employers. The blockchain technology can keep a record of all these information for a lifetime, so there won’t be any need for transcript validation. So, if an employer needs to check out a candidate’s educational qualification, he or she can just log into the computer and check it instantly.
Schools can check their prospective teachers’ backgrounds this way.There is no need to waste time in asking the candidate to submit his or her certificates. This technology also reduces the chance of fraud activities. Students won’t be able to submit any false certificates.
Many educational institutions use a third party to certify the institutions’ courses. The blockchain technology will eliminate the need of third parties for certification purposes. The Holberton School of software engineering, located in San Francisco, is already using this technology. The school has started sharing their certificates on the blockchain.
So, the employers won’t need to call up the candidates’ universities or any third party to confirm the applicant’s credentials. They can easily look up online using blockchain technology. Fake certifications can be prevented this way. Placing the certificates in blockchain requires two-factor authentification and encryption. So, there is no way the fake certifications can be placed in the blockchain. MIT and the University of Nicosia are also adopting this technology.
3. Shared Database
The educational record of a student keeps on increasing. Imagine the pile of files you will have if you recorded everything in the traditional database system. So, the blockchain technology provides a centralized database that anyone can access from any part of the world. So, if you are going to study or work abroad, you won’t need to carry your certifications. It’s all up there in the blockchain. This technology will reduce paperwork and save money and time.
4. Provide Micro-courses And Micro-Credentials
Educational institutions can provide micro-courses online using the blockchain technology. No third party is required to validate the coursework. There are many institutions now that provide free courses, like the Khan Academy. If you take up a lesson there, for example, there is no proof that you had visited the site and taken the lesson. But you have actually learned something new without having anyone to appreciate it.
Blockchain technology will be able to recognize these learning experiences and add them to your list of credentials. When you go to an online business journal site, you read articles and papers and gain knowledge. These learning experiences go unnoticed. But these can provide a valuable contribution to your academic credential. For example, you are applying for a job in marketing and if the employers look up your database in blockchain and find out that you have read lots of journals and articles on marketing then it will make you stand apart from the other candidates.
You will have a better chance of getting a job. The blockchain technology will actually track everything you have learned using units called Edublocks. One Edublock means one hour of the learning experience. You can keep on earning Edublocks from formal or informal institutions. So, you actually get credit for each of your learning experience.
5. Financial Transactions
You won’t need to pay any third party for courses or accessing any educational resources. You can make micro-payments using the blockchain technology. Tuition fees to schools or universities can be paid using cryptocurrency. This will reduce the hassle of paying tuition fees, especially if you are studying abroad. You won’t need to worry about currency conversions and other complications associated with making payments abroad.The King’s College in New York, the University of Nicosia and Simon Fraser University have already started accepting cryptocurrency.
There are many organizations that provide funds to schools. These organizations will be able to use smart contracts for this type of dealings. If there is any private investor then that person will get his or her share of the profit quickly without going through any bureaucratic steps. The student loan process will also become easy. Students will be able to choose different repayment schemes with the help of smart contracts.
6. Career Planning
The blockchain technology will allow you to see which school subjects are in demand now and how much students are earning. You can then decide which career you want to pursue and find investors in education using distributed ledger technology. Although not an investor specifically in education, there are other leading platforms using the blockchain from which you can invest and grow in agreement with your career goals. Platforms like these include USI-tech, allowing you to invest in packages, promising returns of a portion of your initial input as an investment to passively generate more (aka money working for itself). But it is buyer beware, there have been some complaints about USI Tech bitcoin packages from numerous media sites indicating that all of their cryptocurrency mining and trading contracts need to be verified and reflected on the blockchain.
7. Tracking School’s Assets
The blockchain technology can help schools to keep track of their assets, like the furniture, textbooks, buses, technology, etc. Once this technology is in place, the school will never lose track of these important school assets. Even smart contracts can be used to insure the schools’ assets.
8. Provides Control To Parents
As academic information can be shared on blockchain, parents will be able to view their children’s results all the time. They will always be up-to-date with their children’s progress in school.
The blockchain technology will make the education system more flexible and transparent. It will be easy to keep track of assets, students’ progress and other information related to this sector. There won’t be any need to have a third party for transcript or certification verification. Students will be able to make the most out of their learning experience and increase their chances of securing a good job. This new technology will streamline many processes that still take a long time to process. This technology will eventually improve the entire education system.