The education industry has gained similar weightage as other industries like finance and healthcare. However, this industry possesses many areas that need improvement using advanced technologies. This is especially important when the education industry is proliferating, which is estimated to reach $93.76 billion globally by 2020. When we talk about the latest technology amalgamation in the education industry, Blockchain will become an integral part of education bodies worldwide in a few years. Also, the benefits of Blockchain in education are unquestionable which we will discuss in this blog.

If you are new to Blockchain technology, then it is the foundation technology for cryptocurrencies. It is also used as a promising data storage technology that benefitted industries like manufacturing, supply chain, healthcare, and last but not least -the education industry.

In my previous blog, I have described what Blockchain and its fundamentals are. – What is Blockchain technology: An overview

Why Blockchain application in education? 

Blockchain comes into mind when there is a security concern. Similarly, education is not far when it comes to data breaches. Student data with limited financial information has become a hot commodity for cybercriminals. Simultaneously, student verification is becoming a major concern at education premises, which are breached to create fake identities and records. Hence, the more digitization of student information, the more concern to ensure student privacy.

The verification process is limited to the school or college level, and there are other uses. For example, defending employers against people who claim to have a degree but really don’t. Blockchain can be used as a strong weapon against fake qualifications and degrees at the workplace.

Benefits of Blockchain in education

Self-acquiring learning data by the learners

When student data like credentials, skills learned, etc., are stored by the Blockchain and not owned by any central administrator like the university, the student can store those data lifelong as well fully own and control them. This, on the other hand, also proves that the information provided in their resume is accurate and establishes credibility towards the employers.

Enhancement of security and efficiency for educational institutions and learners

Blockchain has the potential to ensure the identity, privacy, and security of students’ data. Through its immutability and hash function, Blockchain provides security and validity. As a result, the students cannot alter their past educational data stored on the Blockchain, which is very easy in the case of paper records. You can ensure the privacy of data by not storing it instead using a hash. Or you can encrypt the data before storing it on the Blockchain. 

Integration of trust and transparency between job seekers and employers

By using Blockchain, students cannot alter their creditability like grades, degrees, and certification, thus guaranteeing the employers that the job applicants have the necessary skills for the job post. This helps employers to find better matches for the position the job seekers have applied for. This particularly happens through distributed ledger technologies.

Increased efficiency in existing business processes

Blockchain-based university diplomas are virtual transcripts or records of all educational achievements throughout one’s entire lifetime. This is the ultimate benefit of Blockchain in education. This variable transcript, which is lifetime value, reduces CV fraud and reduces the overhead related to credential verification in every industry sphere.

Generates a new market for digital assets

Blockchain has been utilized for the student payments process, which is another crucial area. Streamlining the payment process is another labor-intensive that involves the student, parents, financial institutions, scholarship-granting agencies, governments, and educational institutions. It is expected that cryptocurrencies will take a key role in this area in the future as a student payment method. Many institutions like King’s College in New York city are accepting bitcoin as payment.

Establish your additional credentials

Degree or certifications are not only the limitation for student records. You may know many more things like multiple languages, soft skills, technical knowledge, or any specific ability you can store in Blockchain and later provide the link to establish your credentials. Since these skills are not easy to verify, the Blockchain records of such are beyond question. Services like Open Badge Passport are the first step in this direction.

Blockchain File storage 

An institution deals with many records like digital curricula, degrees, and other information, records that will use a lot of file storage space. If they store that to a local drive, then it could be a question of centralizing information. Secondly, they can store it on the cloud, which may charge extra costs. Here Blockchain could be a possible solution that acts as decentralized file storage. A possible solution would be blockchain-based cloud storage services like Filecoin.

Executing Lessons and courses 

You can execute automatic lessons and tasks using smart-contract-capable blockchains. That means that lessons and courses can be programmed into the Blockchain and executed automatically when certain conditions are met. For example, a teacher could set up tasks for students. The Blockchain’s smart contracts could automatically verify the completion of each assignment. Upon completing all tasks, teachers could receive payment with crypto tokens, and students could be awarded credits. Entire courses could be laid out this way.

Publishing in the research area

Lots of quality materials are generated every day in the research area. But publishing them on time is a big issue. But publishing on a blockchain could help new writers, researchers, and many others break into the industry. Blockchains could also help with rights management and protection against piracy.

Benefits of Blockchain in Education lower costs 

The applications mentioned above, many of them are time-consuming and labor-intensive processes. But by implementing Blockchain, we can automate them. This leads to lower costs for educational institutions, which in turn could translate into savings for students. Schools and universities could also reduce expenses related to file storage space and by cutting out middlemen in many activities.

Final Verdict

Blockchains have already changed the economic landscape through cryptocurrencies. Let’s have an analyzing view on how blockchains could impact education in 2021 and beyond. In this respect, distributed ledgers and smart contracts will definitely draw a whole new picture. The above points mentioned in the blog just barely scratches the surface of some of the benefits of Blockchain in education. Since the necessary technology already in place, so it is achievable in the short term. 

If you have more thoughts on it, please share that!