Transforming Education With Blockchain Technology

Transforming Education With Blockchain Technology: Safeguarding Data and Credentials

Blockchain is most usually associated with digital currency such as Bitcoin. Data added to a blockchain is stored in systematically linked blocks, making it relatively easy to track the data"s original sources and establish its legality. One of the major reasons why blockchain technology in education is being widely adopted is due to its decentralized nature. The use of blockchain technology in education has the potential to transform it. The global blockchain technology market was valued at $11.14 billion in 2022. It is estimated to expand to $469.49 billion by 2030, from $17.57 billion in 2023. (Source: Fortune Business Insights)

A prime example of a blockchain application is Bitcoin, which is a cryptocurrency. A blockchain is an electronic asset that may be given to a third party only with the authorization of the owner. In 2014, King"s College in New York City was the first approved U.S. university to accept bitcoin as payment. This eliminated the credit card transaction fees that had previously been imposed on students. This is an excellent example of the application of blockchain in education to create and trade new digital assets. (Source: Gartner)

Blockchain has already made a significant impact on the banking and finance industry. This technology has the power to transform education through secure academic record keeping and sharing, enhancing security, and offering students lifetime access to their academic records.

Here is how blockchain technology in education may be used to safeguard credentials and data.

Privacy and security of data

Blockchain technology in education enables a distributed and decentralized data storage solution. This improves educational data security and privacy.
Personal information of students, academic records, and other confidential data may be encrypted and kept on the blockchain.
This ensures that the data is only accessible to authorized persons or organizations.
This reduces the chances of data breaches while also offering users more control over their own personal data.

University curricula

A blockchain-based approach for maintaining digital syllabi at universities can substantially simplify the procedure.
Institutions commonly employ hard drives to hold digital syllabi, although they are concerned about security.
Blockchain in education provides safe storage for digitized curricula and assignments.

Smart contracts

Smart contracts on blockchains might potentially make instructors" work simpler.
A smart contract is made up of lines of code that are written into a blockchain and are executed automatically when specific criteria are satisfied.
A teacher, for example, might program courses and lessons into a blockchain, assigning tasks to pupils, and the blockchain"s smart contract would automatically check completion of each work and then assign the next assignment to the student until all tasks were completed.
Teachers may utilize the identical smart contract technology to help with grading as well.
With blockchain technology in education, educators may create full tests, complete with questions, responses, and scoring settings.

Secure and unchangeable credentialing

Blockchain technology in education may be used to build a decentralized, impermeable system for granting and validating educational credentials such as diplomas, degrees, and certifications.
Each credential may be recorded on the blockchain as a unique digital token, giving an accessible and credible record of an individual"s accomplishments.
The use of blockchain removes the potential of false or counterfeit credentials and enables organizations and other stakeholders to easily verify them.

Prevention of fraud

Fraudulent activities are on the rise, especially when it comes to securing jobs.
Consider a situation where an individual applies for a job and gets selected using fake academic qualifications.
Digital certificates can be issued directly by the educational institutes on the blockchain.
These academic certifications on the blockchain will be completely secure and encrypted and cannot be modified or tampered with.

Hassle-free verification

Verifying academic credentials is quite tedious and a time-consuming process.
In case of exchange programs, one educational institute has to call the other institute to verify certain information.
With the implementation of blockchain technology in education, the process of verification of academic records can become seamless and streamlined.
The data stored on the blockchain can easily be shared with another institute, thus saving time, efforts, and cost.

Decentralized learning

Learning institutions often have distinct criteria for their study programs, which frequently results in inequitable course material.
Furthermore, students seldom have an input in what they are taught and instead sit passively during lectures that are recorded.
With the application of blockchain in education, the possibility of real-time data sharing and conversations among students and teachers increases.

Reduced expenses

Many of the tasks carried out in educational institutes are tedious and require manual operation.
However, with the use of blockchain in education, automation of these tasks is possible.
This results in reduced costs for colleges and universities, which could result in savings for students.
Schools and universities might also save money by eliminating intermediaries in various processes and saving on file storage space.

Financial accounting

Financial accounting plays an important role in academic institutions, and blockchain technology in education can be used in novel ways. Blockchain technology can be utilized for handling teacher compensation and student scholarships, resulting in a more transparent and equitable funding process for scholarships and initiatives.

There is no doubt about the scope and potential of blockchain technology in education. However, its use in the education field still remains in the niche stages. To enable compatibility, normalization, and widespread deployment of blockchain technology in education, many different stakeholders, including institutions of learning, policy makers, companies and service providers for technology, must collaborate.