Value of Blockchain in Education Industry

Blockchain technology is spreading its effect beyond the field of digital currency to other areas. This is because it’s now seen as the new internet and digital currency is just a component within it. If in any case, cryptocurrency fails, blockchain would not.

This technology has been taken seriously by many industries, especially the financial industry due to its superior cyber security capabilities. However, the current uses of blockchain are just fragments of its huge potential. It can extend beyond these uses, and if properly tapped into, it could make a much needed difference in our education industry.

The education industry is as important as any other industry because most of the other industries are also dependent on the education industry, while the blockchain technology is capable of improving a lot of areas in the education industry. As reported in a conducted research, the market for Edtech is predicted to reach $93.75 billion by the year 2020, and in a world where tools like VR and AI are already being used to improve learning results for all level of students, then in a scenario where the blockchain technology is implemented in the education industry, a ‘smart classroom’ where the modern technology is used to ease learning process for all students isn’t far off.

Understanding the values of blockchain in education industry is important as students are not the only participants involved in the education industry, there are also educators and administrators.  While these values are endless, there are a few that are most exciting.

Education Credentials, Records, and Certifications Storage and Authentication

The incontestable value of blockchain technology in the education industry is that it has the ability of ensuring data is not at the risk of loss or being falsified.

In the current system of education, credentials, records, and certificates of students get lost and sometimes the original can’t be recovered. However, once these data are published on the blockchain, these information can’t be lost or tampered with. These information can also be accessed at anytime from any location. There will also be no need of authenticating students’ documents over a long period again. Once it is on the blockchain, Employers will be able to save time spent on verifying their employees’ certificates and credentials.

Expenses on papers will be reduced and the burden of institutions ensuring the safekeeping of their students’ records and providing them on demand from external authorities will be removed.

Through storing certifications and credentials on a unified blockchain network, credentials are easily verified and become more accessible, minimizing the level of fraud that has penetrated the existing diploma marketplace.

Blockchain Based Financial Transactions

With blockchain technology, it’s practical to manage finances and transactions of institutions due to its transparency and security. Verifying the credibility of online transactions also become easier as it greatly reduces the time institutions spent on automating agreements, payments as everything can be set in a smart contract where agreements are automatically reached when certain conditions are met.

Education sector systems for calculating scholarships for students, and salaries for teachers will also improve and a more transparent and fair mechanism will be provided for grants and projects funding.

Blockchain is a revolutionary technology, and after years of implementing it as the basis for digital currency, it’s proving itself as an open source network with possibilities in variety of fields.

The key interest of this technology lies in its potential to move away from the traditional centralized data logging educational system to a distributed system which ensures information is not altered, while maintaining privacy and quality.

Utilization of blockchain technology in the education industry is new and is still not fully harnessed, but it is clear the potentials are endless. As education administrators and shareholders look forward to the future they would do well to consider tapping into this technology to actualize it values.