What exactly is it?
The blockchain system records data in a way that prohibits any change, hack, or cheat to alter data in the system. Within the blockchain, there are data structures that store information while constantly authenticating newly recorded data.
Image source: Unsplash
Blockchain technology is now one of the fastest growing technology in this decade capable to drive digital transformation. Information is shared with full transparency and can only be accessed by permissioned members of the network.
Due to its high-security nature, the blockchain system is capable of warding off hackers from compromising its data. When one block in a single chain is altered, it is evident that something was tampered. Thus, a hacker would have to change the blocks in all versions of a chain to corrupt a system.
So, why does it matter so much in education?
With so many benefits – enhanced security, efficiency, easier access to credentials, records, and workflow, and better visibility – blockchain is predicted to take over the traditional record-keeping methods in higher education institutions that were usually paper-based and time-consuming.
Here’s how blockchain will benefit the higher education industry in 2021 and beyond.
According to an article from Getting Smart, people who use blockchains to verify education-related matters can receive rewards in the form of points or tokens.
“The computer nodes that constantly verify the integrity of the information stored on a blockchain receive rewards in the form of digital tokens like bitcoin or ether. This is what is called cryptocurrency mining,” the article explained.
Universities can create a blockchain community for students and staff to interact on the platform, such as leaving high-quality feedback for a university or individual’s personal development.
The community then decides if a person’s contribution is valuable by deciding how much ‘points’ the contributor or user gets. This encourages students and staff to be more involved in the university’s efforts to improve their higher education experience.
These points can be traded for cryptocurrency rewards or used to pay for education-related goods and services. For example, universities can encourage students and staff with blockchain accounts to use their points as payment for the cafeteria, bookstores, and tuition.
Just like online payments, cashless college funding through blockchain means that university administrators no longer need to handle a staggering amount of cash and cheque.
This means no more awkward banter between the administrators and parents who insist that they’ve paid!
Image source: Unsplash
Through blockchain, the audit trail is clear. The university and parents will able to keep track of the dates and amount of money that was paid. Management of college funds will be an efficient process, with improved transparency and trust among all parties involved.
Moreover, blockchain users save a significant amount of transaction cost as they are excluding the involvement of a third party to help them process the transaction. The traditional cross-border transfer fee for small-amount transactions can go up to 7% after adding in intermediary fees on both sides.
King’s College in New York City, USA had executed this practice well. In 2014, the college became the first higher education institution to eliminate traditional transactions and replacing them with Bitcoin payment.
Everyone wants to do their part in going green and saving the environment. It’s 2021, duh!
Many higher education institutions send students their grades via e-mail, so it will be easy for universities to issue and store academic certificates on a blockchain. Issuing and certifying paper copies of these certificates may result in fraud cases among some fresh graduates.
To prevent people from sending fake degrees to employers, employers can ask job-seekers to provide a link to their digital certificate issued directly by their schools. In fact, this is already being practiced in 2017 by the Massachusetts Institute of Technology (MIT) that provides blockchain-stored diplomas and degrees to students’ potential employers.
Blockchain can be used to keep track of achievements and badges that you accumulated throughout your studies and allow potential employers to view them.
Your resume may contain additional skills and information that employers look for. The question is, how many of them are actually verified?
You can get a third party to verify your skill and grant you a skill ‘badge’ stored on a blockchain. Potential employers can easily verify the skills from your resume with these badges.
This practice can begin as early as your schooling days. Some students develop very specific and important skills at a young age such as writing, math, and even computing. Teachers and industry professionals can verify and acknowledge these skills through badges that will be stored in the student’s blockchain account.
With blockchain, budding researchers can publish their works without going through the lengthy and uncertain process of publishing them on print media.
When used correctly, blockchain also helps students and researches with rights management and to protect their work against piracy. The process is also transparent, efficient, and trustworthy.
Image source: Unsplash
Universities constantly generate high-quality research materials thanks to student thesis and research from professors and lecturers.
However, not many are officially published. The road to publication is complex and time-consuming.
Over the years, there are plenty of worthy science-based research that weren’t published for some reasons, which is a huge waste especially for the researcher and the industry itself. This can be curbed with blockchain.
With all the benefits above, imagine what the implementation of blockchain in education can do in the future. As of now, we’ve only just scratched the surface!
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Jocelyn Cheng (JC) is an INFP writer seeking to spread inspiration and spark connections through her words. Her dedication to writing has gifted her with an ability to write for multiple platforms (e.g., website, social media, newspaper, magazine, etc) in different fields, namely Education, Travel, and Healthcare. JC personalizes her works by adding a touch of her own experience into the mix whenever she can to relate to her readers. A self-proclaimed poet and currently a freelance writer, she's working on an untitled poetry book at home while juggling between writing for Eduloco, dancing, and keeping her only plant alive.
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