5 Things Blockchain could Change the Face of the Education Industry
As you’ve landed on this blog, you probably know what Blockchain is. But if you don’t know, just click here for its super-easy explanation. In the previous blogs, we covered the industries that are set to be revolutionized by the mighty force that is Blockchain technology. We were thrilled to get amazing response from our readers. Taking our previous posts further forward, in this blog, we’re going to talk about the disruptive effect of Blockchain could have in the Education sector.
Let’s see the five distinct ways of Blockchain for education industry.
Indestructible Paperless Records
The thing about Blockchain is that once you store data using keys, it cannot be deleted/modified by any unauthorized entity. In other words, it’d stay there forever. This characteristic of Blockchain could prove to be highly beneficial when it comes to storing student records. Instead of storing it in a centralized system, Blockchain could help securely store data such as degrees and certificates.
In some parts of the world, such data is still stored in hard copies. This is harmful from an environmental point of view as well as from the security point of view. What if the whole record-keeping building gets burned down? It sounds funny, but it could happen. If the records are stored cryptographically through Blockchain, such disasters could be avoided.
Verification of Records
Remember Mike Ross from the TV Show ‘Suits?’ Well, had the Harvard University stored all the records via Blockchain, Mike Ross wouldn’t have got the job and the show wouldn’t have been created. Jokes aside, bogus degrees or bogus certificates are certainly a reality. Even with the stupendous rise of technology, we haven’t been able to deal with such forgery of degrees.
Enters our hero, Blockchain.
With Blockchain all the data can be stored cryptographically in a centralized database and the verification of degrees and certificates could be done in a second. Institutions and companies could potentially verify a person’s degree with a single click.
And you know what? This is already happening.
Sony Corporation and Sony Global Education, with the use of IBM Blockchain, have made a system in which they’ve stored data of students from different schools. The recruiters can verify the details of the applicant with a single click. That’s the power of Blockchain, my friends!
Decentralization of Education
In the past decade, the education industry has moved leaps and bounds. If anyone wants to develop a new skill, he/she just has to Google it and can get tons of options to choose from. As good as this system is, there are still flaws in it.
Most of the courses have one teacher per course. It means that one teacher teaches the class from start to finish. But that teacher has to enroll for that particular website the same way a student does. The student pays the fees and a good part of his/her fees goes to the website – the middleman. This increases fees considerably. With Blockchain, this middleman can be eliminated up to a great extent.
There is an idea called ‘On-Demand Education Marketplace (ODEM)’ floating around. This idea/technology, using Blockchain, could potentially remove the gatekeepers in the middle, allow the students to contact the teachers directly, and decrease the fees significantly. Sounds awesome, doesn’t it?
E-portfolio of everyone
If you’re an employer, there must be a concern in your mind regarding the legitimacy of a candidate’s achievements and credentials. Sometimes, a candidate can list a thousand things on his/her resume and there is no way to verify them. Using an e-portfolio, a student’s credentials apart from graduation could be updated. Details such as extra courses, projects, internships, volunteer work, etc. could be uploaded to a centralized database and verifying them could become a piece of cake. Interesting, right?
This might seem a bit far-fetched and rightly so. But there is a strong possibility that cryptocurrencies will become a reality. If they do, they could make the entire payment process much easier for the students.
If the institutes start accepting payments in cryptocurrencies, the intricacies of opening a bank account, and currency rates could be circumvented. For international students, this could turn out to be a boon.