Blockchain, the underlying technology that drives the functionalities of cryptocurrency, comes with versatility and flexibility. This makes both technologies adaptable for different purposes across various industries and sectors. Interestingly, while we hear a lot about blockchain in those sectors, we rarely hear about its adoption in education. That does not mean that the educational sector has not started integrating blockchain in its infrastructural operations. There are different ways that blockchain can be applied to academics, and some schools have begun to adopt the technologies. Educated geniuses came up with the technologies, and it is only normal for the educational sector to embrace them.
The Versatility Of Blockchain
After more than a decade, you probably already know what blockchain technology is and what it does. However, if you do not know, blockchain is a decentralized distributed ledger technology that was created to drive Bitcoin. The decentralized tech that is transparent, immutable, and secure, has come a long way and has evolved tremendously.
Blockchain developers discovered that blockchain was more than just an underlying technology for cryptocurrency. Further exploitation of blockchain revealed that the versatility of the tech made it perfect for any data and record-centric system.
There are different use-cases of blockchain that you’re tempted to ask “where have you been all my life?” Education is one of those sectors where blockchain plays a really important role because it’s a data and records-centric industry.
Blockchain’s Role In The Educational Sector
There are several ways that blockchain helps to improve the educational sector, and they include:
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Record Keeping
This is one of the major use cases of blockchain in the educational sector. There is the need to keep records of students, including their bio-data and certifications. Blockchain makes it easy to save data in a transparent but immutable way. It can also be used to verify the credibility and authenticity of the records.
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Improved Business Processes
Blockchain can be used for the creation of digital and virtual transcripts of a person’s educational journey. It will mitigate the occurrence of fraudulent practices with frauds, and reduce the time needed to verify credentials.
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New Use Case for Cryptocurrency
The future of payments is through digital currencies, and that is why cryptocurrency is here. Student payments can be tedious and demanding, considering that there are several 3rd parties involved, as well as verification processes. With crypto payments, the whole payment process becomes faster and easier. King’s College, New York started accepting Bitcoin payments back in 2014.
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New Infrastructural Operational Models
Away from the record-keeping and credential verification use cases of blockchain technology in education, there’s something else. New business models can be created, for instance, Woolf University is the first university that is powered by blockchain. The university takes away all the delays and processes associated with the traditional universities. It is like the Airbnb of universities.
MIT, Central New Mexico Community College, Southern New Hampshire University, Columbia University, University of Melbourne, etc. use blockchain. It is thrilling to see educational institutions adopt emerging technologies. In a world where the United States is attempting to maintain education dominance, adapting to emerging technologies like blockchain will be crucial moving forward.
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