The use of blockchain technology in academic settings is still in its infancy, but there is a significant amount of exciting research and development taking on in this space.
Blockchain’s Impact on the Education Sector
Before these recent years, few people were familiar with the word “blockchain.” Today, there is a lot of conference regarding how it may be used in the financial industry. There have been various instances where the words cryptocurrency and blockchain have been used interchangeably.
Does blockchain technology have any uses in other industries, such as the educational sector? The correct response is “yes.” The fact that a blockchain is a decentralized ledger that is also safe enables it to have potential applications in education, healthcare, and land documentation. The protection that blockchain offers to data and the fact that it can preserve that protection even if a single node in the network is breached are two benefits that educational institutions use the technology.
During the pandemic, the education industry swiftly reacted to the rise of digital technology. This industry is ripe for disruption by blockchain technology’s disruptive force. To begin, blockchain technology has the potential to significantly transform how students and professors engage as well as how academic records are managed. The distributed ledger technology that blockchain employs can potentially have a major and beneficial influence on the education sector regarding accountability and transparency. Let’s investigate how teaching and learning may be affected by blockchain technology.
The Impact That Blockchain Is Having On The Education Industry
As the world continues to become more technologically savvy, the education business is in a position to experience upheaval. We have been better off due to the education technology business over the last twenty years. The process of educational modernization has been sped up as a result of this trend. The moment has come for distributed ledger technology to quicken the process greatly. Technology such as the distributed ledger of the blockchain, artificial intelligence (AI), and machine learning are rapidly emerging as viable alternatives to textbooks in the classroom (ML). Let’s investigate the potential impact that blockchain technology may have on educational practices.
The Use Of Intelligent Contracts In Academic Courses And Assignments
On blockchains, smart contracts are a common form of transaction. Educators may find this useful when creating courses and classes based on blockchain technology. When all of the essential criteria have been met, the class will be taught automatically, and students are free to go through it at their leisure. Students and instructors may sign a digital contract outlining the parameters of an assignment, the date by which it was due, and the date by which it would be graded.
Degrees, Grade Reports, And Documentation
The unchangeable ledger technology of blockchain enables the creation of a chronological record of recent happenings. The presentation of student transcripts, the display of an exhaustive report card, the monitoring of attendance, and the notification of students and other stakeholders of their progress may all operate well with this method. Students may hand in their homework utilizing blockchain without the risk of losing their documents. In addition, students can receive their certificates and degrees online rather than on paper, which may easily be damaged. The convenience, orderliness, and lack of complication offered by digital versions of degrees and certificates make them the superior option.
The Provision Of Rewards For Studying
Applying blockchain technology to cryptocurrencies and tokenization is one of the most important use cases. Soon, teachers will be able to encourage their pupils by offering cryptocurrency prizes as incentives if the students achieve a certain level of academic success or fulfill the requirements of a certain major. Students will be incentivized to make on-time payments of their student loans by the academic institutions where they are enrolled. To add insult to injury, the gamification aspect of the tokenization teaching style has the potential to alter the teaching and learning process fundamentally.
Streamlining the Process of Paying Fees
Making payments for a student’s tuition is time-consuming and laborious. Several people are involved in this process, including students, parents, lenders, banks, foundations or government organizations providing scholarships, and different university departments. Blockchain technology, on the other hand, simplifies this process, which in turn leads to reduced costs associated with administration and maybe even lower tuition prices.
Access for All for a Fraction of the Price
In addition to enabling lifelong education, blockchain technology may provide global access to open educational materials such as books, podcasts, and videos in the public domain. These resources are free to use and redistribute, and anybody can access them. Blockchain technology facilitates the efficient, low-cost, and risk-free distribution of these resources over public networks. In addition, students in far-flung locations may participate in classes and tests digitally via blockchain technology, and teachers can record their grades directly on the blockchain itself.
The most complex part of the procedure would be deciding whether or not the information about the students can be considered personal data. This is particularly important if the data is kept on a distributed ledger. Blockchains have already started altering how the financial industry performs its operations because of the advent of cryptocurrencies.
Regarding the use of blockchain engineering in education, the options mentioned above may represent the tip of the proverbial iceberg regarding how blockchain may influence the education system in the future. Applications of blockchain technology in the educational sector look to have a lot of potentials.