Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Education in almost all parts of the world has achieved the same prominence as other businesses such as in the health and finance sector. There are quite a number of sectors in this industry that may benefit from improved technology. This is especially crucial in the education market, which is expected to grow to about $94 billion in global revenue by 2020.
Blockchain will become a fundamental element of education bodies worldwide in a few years, according to the newest technology amalgamation in the education business. Furthermore, the advantages of Blockchain in education are undeniable, as we will explore in this article.
If you're unfamiliar with Blockchain technology, it's the backbone of Crypto-currency. It has also been used as a potential data storage solution in areas such as manufacturing, supply chain, health care, and, last but not least, education.
Lauren Bradshaw, an expert academic essay writer from CustomWritings, has meticulously done some research on this topic, and she came up with concise facts about the benefits and the future of Blockchain. Based and in addition to her research, blockchain can be used in a range of areas, including health care, land documentation, and education, because of its decentralized and secure nature.
The name "block-chain" was not frequently used a few years ago. These days, we hear a lot about it, as well as its use in the financial industry. The phrases block-chain and Crypto-Currencies have been used interchangeably in some circumstances. Consider Blockchain and Bitcoin.
Question – Is block-chain applicable to other industries, such as education? Of course yes, you are correct. The data security provided by block-chain in education is a benefit, as it can secure data even if one or more nodes are corrupted.
We are going to discuss why blockchain is applicable in education. This will bring more insight into how significant and useful blockchain can be when introduced into the educational sector.
Why is Blockchain Applicable in Education?
When there is a national threat (such as security issues), blockchain pops up. When it comes to data hacks, intrusions, or breaches, education is also not far away. Сybercriminals have been interested in student data with limited financial information.
Concurrently, student verification is becoming a serious concern for educational institutions, where phony identities and records are created. The greater the digitization of student information, the greater the need to protect student privacy.
There are other purposes for the verification procedure, which are limited to the school or college level. For instance, defending employers against those who falsely claim to hold a degree. In the workplace, blockchain can be a powerful weapon against forged credentials and degrees.
Educational Advantages and Benefits of Blockchain
It helps in keeping student records
Record keeping is one of the most common uses of blockchain in education. The quantity of student records is practically infinite, and establishing academic qualifications can be time-consuming, requiring extensive paper documentation and case-by-case verification.
Making reference to a well-known study by Credential Engine in 2019, there are more than 738,000 unique learning credentials, including degrees, certificates, digital badges, and apprenticeships.
When it comes to things like transfers across schools or states, blockchain can minimize much of the overhead associated with this method and improve verification procedures, saving educators and management time. With just a few clicks, an institution enrolling a transfer student might verify their record and the courses they took. The same principle applies to sharing records with an employer.
Furthermore, blockchain also appeals to schools because of its inherent resistance to deception. When data is added to the blockchain, it is recorded and kept consecutively and given an exact timestamp. Previous information on the chain, such as an educational certification, cannot be changed; only new blocks can be added. This makes faking an academic record or tampering with a transcript difficult. However, blockchain's immutability can be a double-edged sword, as it makes it impossible to change a student's record for genuine reasons.
Security and efficiency improvements
Blockchain technology holds the potential to protect student data identification, privacy, and security. Blockchain guarantees security and authenticity because of its immutability and hash function.
As a result, pupils are unable to change their previously saved educational data on the Blockchain, which is quite easy to do with paper records. You can protect data privacy by not keeping it and instead utilizing a hash. Alternatively, you can encrypt the information before saving it on the Blockchain.
Generation of a new market for digital assets
Another critical area where blockchain has been used is in the student payment process. Another time-consuming task is streamlining the payment procedure, which involves students, parents, financial institutions, scholarship-granting agencies, governments, and educational institutions. Crypto-Currencies are expected to play a significant role in this field in the future as a student payment mechanism. Many organizations, including New York City's King's College, accept Bitcoin as payment.
Reduced cost of education
Aside from its potential to facilitate continuous learning, blockchain technology might be used to permit universal access to open educational resources such as books, podcasts, and videos that are freely redistributable and available in the public domain. Blockchain enables these resources to be accessed cheaply and securely in a public network.
Smart contract accountability
Teachers, university authorities, and students will soon have access to smart contracts. For example, students and teachers could sign a digital agreement describing the assignment's boundaries, as well as the due date and grading deadline. Smart contracts could be used to pay off student loans in the future.
Future Technology
In 2021, the worldwide Crypto-Currencies market cap surpassed $3 trillion, a new milestone. Crypto-Currencies like Bitcoin and Ethereum are built on blockchain technology. Block-chain adoption, as well as the technology and products it enables, will continue to have a substantial impact on business operations.
Block-chain technology, on the other hand, is much more than a secure mechanism to send and receive Crypto-Currencies. Health care, insurance, voting, welfare benefits, gaming, and artist royalties are examples of applications outside of finance. The global economy is poised for the blockchain revolution, with technology already having a significant impact on business and society. If the word "revolution" sounds exaggerated, consider that eight of the top 10 global firms are working on blockchain-based solutions.
Through Crypto-Currencies, block-chains have already altered the economic environment. Let's take a look at how blockchains might influence schooling in 2021 and beyond. Distributed ledgers and smart contracts will undoubtedly change the landscape in this regard. Some of the benefits of blockchain in education are barely scratched by the topics presented in this blog. Because the essential technology is currently in place, it is feasible in the near future.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.