For most people, Bitcoin is the most popular application of blockchain. Certainly, that’s true, but what about other sectors except the finance? What about the education sector? How can blockchain help it become more efficient and effective? Here’s what a leading cryptocurrency development company would like to suggest you.
What exactly is Blockchain?
Maintained by digital ledger technology (DLT), blockchain uses nodes to store data in its network. Once someone initiates a transaction, the network automatically verifies it. If the transaction is valid according to the network, a block gets generated along with a unique identity called the hash. The first block is the genesis block followed by subsequent blocks holding the address of the preceding block. As a result, the entire phenomenon creates a chain of linked blocks, which is named blockchain.
With the help of an experienced cryptocurrency software development company, let’s dive deep into this article and explore the five most exciting ways blockchain can improve the education sector!
- Resolving Security Concerns
Unfortunately, the education sector is not much behind finance and healthcare when it comes to cyber-attacks and data breaches. Don’t believe us? Just look at the report, which states that the education sector experienced 13% of all data breaches in 2017. This means student data has become a hot commodity among hackers and cybercriminals. As a result, security and verification have become a major concern over the past few years.
Cybercriminals target student records and steal information to create fake identities. However, blockchain is a great technology to protect records and make these attacks ineffective. As more schools and institutes are becoming digital, this technology could be perfect in ensuring privacy and data in the future.
- Better Record-Keeping
Taking care of student records and academic transcriptions is one of the most time-consuming, labor-intensive tasks in the education system today. Before issuing a record or certificate, each entry and certificate is manually verified to ensure accuracy, making it a complex task to handle.
Here, blockchain can be used as an ambitious solution to transform the record-keeping of degrees, certificates, and diplomas. This will make credentials more digital and precise as there will be no need for an intermediary to verify them. Also, blockchain can be used for the accreditation of educational institutions, which is still a complex process in many regions of the world.
- Easy Payments
The best thing about blockchain is its immense potential to facilitate payments between two entities without the need for any middlemen. Institutes and universities where student fees and payments involve a lot of manual processing, blockchain-based payments might be the right solution as these payments can eliminate the need for a third party for processing the fees and loans.
In fact, there are already some institutions, such as the University of Cumbria and the King’s College in New York City, accepting cryptocurrencies as a mode of payment. It really makes sense to offer crypto payments for students as they may tend to be more comfortable with it compared to other demographics. Doing so also helps institutes avoid time-consuming traditional payment methods.
- Verified Certification
Verifying a diploma or degree is a nerve-racking task for most education institutes as it takes a good amount of time and effort. It requires employers and graduates to request confirmation from colleges and universities. Some universities, such as MIT, are trying to experiment with their programs where graduates can have their diplomas available on a blockchain-powered app.
Graduates can share their credentials with whoever they want and the data remains indisputable because of the distributed ledger technology. Such blockchain-based solutions would eliminate the need for verifying graduates’ certifications manually.
- Cloud Storage
Education institutes and universities are known for their extensive online cloud storage. But these existing cloud storage platforms, such as DropBox and Amazon Cloud are quite expensive. As a result, the cost of these platforms and subscriptions is generally passed on to the students in the form of high tuition fees.
With Blockchain-powered file storage, this issue can be easily resolved. This will automatically bring down the price of cloud storage. For instance, projects like SiaCoin and Filecoin are known for their lower costs compared to traditional file storage platforms.
Blockchain is known for its transparency, security, and decentralization. The impact of this technology is world-changing. With endless possibilities of how it can be leveraged for optimizing payments, certification, record-keeping, and student security in the education sector, many innovative blockchain-based educational projects have already begun.
If you would like to be a part of this thought-provoking technological wave, take advantage of a cryptocurrency development service to bring your ideas to life.