What Is Blockchain? Benefit Of Blockchain In Education Industry

Before a decade people were not aware of “blockchain”. However, blockchain is commonly associated with cryptocurrency like Bitcoin, Ethereum, etc. the data which is entered in the blockchain are stored in blocks which are digitally linked together in chronological order. 

Blockchain is also known as Distributed Ledger Technology (DLT). Other than cryptocurrencies, blockchain has covered healthcare and education industries. Education industry is getting major benefits from blockchain technology. 

Research of International Data Corporation shows that worldwide the spending on blockchain technology increased from more than $4 billion in 2020 and will grow more than $14 billion by 2023.

Blockchain technology is evolving the market. It is assumed that blockchain in the education sector will play a major role.

How can Blockchain be used in the Education Industry?

There are various benefits and applications of blockchain in the education industry. Let’s discuss few of them

1. Student Records

To store the students’ records manually is time consuming and takes more effort of administrators. Before you issue the receipt of student records make sure that you’ve verified each entry to ensure its activity.

There is no end of students’ record, with blockchain tech one can maintain the assets like attendance sheet, types of courses, tuition fees, coursework, and also their diploma can be the part of personal blockchain record. These records cannot be deleted, it is highly secured there is no chance that it can be hacked or leaked. In fact no students can tamper with the records after it has been saved.

2. Implementing Lessons and Courses

Automatically you can assign tasks, lessons and courses to the students by using blockchain technology. This means that lessons and courses can be programmed from scratch into the Blockchain and can execute it automatically if it matches with the guidelines or criteria of blockchain.

There are super smart features in blockchain. Blockchain smart contracts can easily verify the completion of an assignment which is assigned by the teacher. With the completion of each task teacher receives the payment with crypto tokens, and students are awarded with credits. 

3. File Storage

Institutes and Universities have thousands of files in their record which includes degree certificates, information of each student, records of past students, and much more. These things need more space in the rack.

All the records can be easily stored in the cloud, which might charge extra cost. Can also save in local drive but here the best way is to choose blockchain as it acts like decentralized file storage. Blockchain storage has also given the services like Filecoin.

4. Payment Process

Blockchain technology has given the chance to institutes and universities to streamline the payment process. Streamlining the payment process is involves the student, parents, institutions, universities, scholarship granting agencies, government and educational institutions. It is assumed that the payment process will play a key role in the area of education. There are institutions like King’s College in New York city that accept bitcoin payment. 

5. Publishing

Generally teachers, professors, professionals and researchers constantly generate quality material. Still the road to publication is hard. In blockchain technology the research is not done as the science does, so it was completely rejected by scientific journals. 

But publishing the journals, articles, blogs could help writers, researchers and others to break into the industry. Blockchain helps with right management and protection against privacy.

6. Trust and Transparency

With the help of the blockchain facility, students cannot alter their credibility like grades, degrees and certifications also guarantees the employer that the job seeker should have the necessary skills for the job post. This may help employers to find the better job for the position the job seekers have applied for. And this could be possible only with distributed ledger technologies.

7. Lower cost

Currently educational institutions are paying more on labor cost. Many of the above mentioned applications might be time-consuming with a long intensive process. But with the help of blockchain we can automate that process. This can ultimately lead to lower cost for educational universities and institutes, which in return could save for students. Schools , universities and institutions can help to reduce expenses related to file storage space and by also cutting down middlemen in various activities.

Final Thoughts

Cryptocurrencies and Blockchain have completely changed the landscape of economic activities. Today we’re experiencing the benefits of blockchain in the education and banking sectors. 

The education industry has various other systems in which they deal on a daily basis. These systems come at the same page to groom students for employment. The blockchain technology also tackles the problem of bespoke learning and also ensures honesty in the academic qualification. 

The points mentioned in the blog just barely scratches the various benefits of blockchain in the education industry. Blockchain technology is already at a peak place, so it is easy to achieve in a short time. 

Author Bio

Vedant Darji is Digital Marketing Expert at OneClick IT Consultancy, an mobile app development company based in the USA and India. He has 3+ years of experience in Digital Marketing. He is passionate about the Travel Technology Industry and On-Demand solutions for your next business. He likes to travel and spend time living in cities around the world.