Education is a vital sector for the economy and the future of the nation. The sector is as important as finance, healthcare, and agriculture. With advancing technology, our digital world is progressing from Internet of Things to the Internet of Values. With a more value-oriented economy, the adoption of technologies like Blockchain has surged in every sector from goods & services to monetary policies or vital information exchange.
Governments across the globe view educated citizens as an asset and spend a hefty amount on education facilities and ed-techs. It is predicted that the ed-tech market will reach $93.76 billion globally by 2020. Many smart tools like virtual reality and personalized learning with AI are helping students to improve learning outcomes at all levels. Soon Blockchain would be an integral part of classrooms, assisting in everything, from tracking absences to managing homework deadlines.
Potential of Blockchain in Education System
Blockchain holds the potential to transform education at the individual, institutional, group, national and international levels. Every organization including schools, colleges, universities, MOOCs, CPD, corporates, apprenticeships, and knowledge bases are in dire need to incorporate Blockchain to ameliorate education system. Let us see some of the revolutionary impacts of Blockchain in Education system.
Proof of Ownership and Copyright Protection via Blockchain – The inherent features of Blockchain technology have the ability to manage and protect digital content. Blockchain is immutable and transparent which assures that data is shared and accessed by approved individuals and authorities only. It also assures that the owner is rewarded based on the use and reuse of any materials owned by him/her.
Storing Transcripts and recording Credentials – Blockchain can solve the long-time issue of fake degree and credentials. The recruiters need students to prove that all Academic credentials are universally recognized and verifiable. Blockchain offers exceptional provenance, enabling students to own a transparent work portfolio.
MIT along with a Blockchain company Learning Machine have developed a Blockchain credential platform, Blockcerts. This platform enables students to store their official university documents on Blockchain ledger. Thus, the students are in control of their own records and the documents can be viewed by all lectures or future employees.
Protecting students against Data Breaches – Unfortunately, the Education System is a victim of Data Breaches. In 2017, after finance and healthcare, education sector experienced the most data breaches, comprising to about 13% of all data breaches. Due to many loopholes in traditional networks, they become easy targets for hackers.
It has been seen that hackers target student records and steal information that can be used to create fake identities or be sold by hackers. As Blockchain is a decentralized system, the data breach attack becomes ineffective, protecting students’ identities and ensuring student privacy.
Blockchain for Student Employability – Blockchain has proved its utility in almost every sector of the economy including computer science, law, commerce, cryptography, economics and many more. Therefore, many universities and colleges are accommodating Blockchain into their curriculum so that students can study the potential of Blockchain and research its development.
With the prominence of Blockchain in almost every sector, an increasing number of employers are looking to hire people who have exposure to Blockchain. MNCs like Microsoft, Goldman Sachs, IBM, among others, are funding on Blockchain at a large scale and in turn offering hundreds of new jobs.
Making Library and Information Sharing more efficient – Blockchain with its decentralized nature along with immutability and transparency can enhance library and information sharing services in the Education System. With Blockchain, knowledge can reach any part of the globe, without any central authority restricting access. A Blockchain-enabled Education system means that Global information sharing is more accessible, broader and cheaper.
A Tokenised Education System – A Blockchain-enabled tokenized Education system would eliminate the intermediaries on education platforms. This would significantly reduce the cost of education while giving students the freedom to pay securely from anywhere in the world for their college course.
Also, the issue of geographical entry barrier and high currency conversion fees would be eliminated with Bitcoin and other cryptocurrencies payment. In a tokenized economy, students will earn more for sharing their knowledge. This would alleviate the looming crisis of student debt in the future.
Blockchain has a lot to offer to the education sector and transform it as it did for the other sectors. It has the potential to alter the course of the education sector.