The Impact of Blockchain on the Education Industry

The term “blockchain” wasn’t prevalent a few years ago. These days, the financial industry uses it a lot. The phrases blockchain and cryptocurrency have occasionally been used synonymously. Does blockchain have uses in other sectors, including education? Yes, it has. Blockchain is most frequently linked to digital currencies like Bitcoin. Data entered on a blockchain is kept in chronologically linked blocks, which makes it relatively simple to trace the data’s origins and confirm its legitimacy.

Blockchain can be used in the fields of healthcare, land documentation, and education because it is a global ledger that is also safe. Data security and data protection are two advantages of using blockchain in education. 

During the pandemic, the education industry quickly adapted to digitalization. Blockchain technology has the power to transform this industry. The collaboration and management of academic records between students and teachers can be substantially changed by blockchain, first and foremost. Blockchain’s distributed ledger technology can potentially have a positive, major impact on the transparency and accountability of the education sector. 

5 Ways blockchain impacts the education industry in the near future 

We have benefited from the EdTech sector over the past 20 years. The modernization of education has advanced due to this pattern. Now is the time for blockchain technology to drastically speed up the process. Technologies like the distributed ledger of the blockchain, Artificial Intelligence (AI), and Machine Learning are increasingly replacing textbooks. Kenznow investigates how blockchain can impact education.

1. Smart Contracts for Assignments and Courses

Blockchains frequently use smart contracts. This can help teachers create blockchain-based courses and classes. The course will automatically start teaching once the prerequisite requirements have been met and can then proceed at its own speed. A smart contract detailing the parameters of an assignment, along with the due date and the grading deadline, might be signed by students and teachers.

2. Degrees, Certificates, and Paperwork

The immutable ledger technology of blockchain produces a timeline of recent events. This can be effective for giving a thorough report card, tracking attendance, and updating students and stakeholders on their progress. Using blockchain, students may submit their assignments without worrying about losing them. Additionally, rather than receiving them on fragile paper, students can now obtain their certificates and degrees digitally. The advantages of digital degrees and certificates include their convenience, organization, and lack of burden.

3. Storage of Information

To store important data including curriculum, records, required regulatory documents, and other information, institutions and universities can adopt blockchain-based cloud services.

4. Lower Costs and Universal Access

In addition to promoting lifelong learning, blockchain technology can provide universal access to publicly available, freely usable, and redistributable educational resources like books, podcasts, and movies. Blockchain makes it possible to share these resources on a public network in an affordable and safe manner. Blockchain also enables remote students to take courses and exams digitally, and teachers to grade students directly on the blockchain.

5. Making Fee Payments More Simple

Paying for a student’s tuition is a laborious and time-consuming process. Students, parents, banks, foundations or governmental organizations for scholarships, lenders, and other university departments are among the parties involved. Blockchain, on the other hand, can streamline this process, leading to decreased administrative costs and perhaps even lower tuition rates.

While the above lists potential uses for blockchain in the education industry, there may be issues with data ownership that colleges and universities must deal with. 

With the advent of cryptocurrencies, blockchains have already begun to alter how the financial sector has been conducting business.

The possibilities for how blockchain can change the educational system in the future are simply the tip of the iceberg in the area of education. The use of blockchain in the education space appears to be very promising.