How Is Blockchain Dominating The Education Industry? Top Use Cases for Higher Education
Blockchain has made a significant impact in the education industry. Today, many Edutech startups and MSME have blockchain-based solutions to offer to education institutes and universities in India and globally.
According to a report by HolonIQ, the global blockchain in education market is expected to grow from $129.8 million in 2018 to $3.4 billion by 2025, at a compound annual growth rate (CAGR) of 53.5%.
IITs and other top institutes and universities, and Edutech companies like Simplilearn and TalentSprint, in collaboration with IITs and IIITs, have launched full-fledged courses on AI and blockchain to prepare students for market opportunities. A survey conducted by the Learning Machine in 2019 found that 53% of respondents believed that blockchain technology would have a significant impact on education within the next five years.
What is Blockchain?
Blockchain is a decentralized and distributed digital ledger that records transactions in a secure and transparent way. It is essentially a database that is distributed across a network of computers, and each computer has a copy of the same database.
In a blockchain network, each block contains a record of transactions, and once a block is added to the blockchain, it cannot be altered. This means that the data stored on a blockchain is immutable and tamper-proof, making it a secure way to store and share information. IT is revolutionary for education institutes and universities to keep the data of students secure and reduce the administrative cost to a great extent. It builds trust and transparency between educators, management, and students.
Blockchain And Use Cases in Education
Blockchain technology can have a significant impact on education in several ways.
Credentials and Certificates:
Blockchain can help verify credentials and certificates by creating a tamper-proof record of achievement. This could help prevent fraud and enable people to verify their educational qualifications quickly and easily. Students would be able to store their certificates on the blockchain, making them accessible to potential employers or educational institutions at any time. .
According to a report by IBM, blockchain technology can reduce the administrative costs of managing student records by up to 50%, while also reducing the time needed to verify student credentials by up to 80%
Blockchain’s transparency can allow educational institutions to create a publicly accessible record of their students’ achievements. This could include course completion, grades, and any other relevant information. By doing so, educational institutions could increase transparency and accountability.
Blockchain technology could enable the creation of micro-credentials that recognize smaller accomplishments, such as completing a course module or attending a workshop. These micro-credentials could be accumulated over time to build a more comprehensive portfolio of achievements.
Related Read : Breakdown Of Blockchain In Indian Education Industry
Learning Management Systems:
Blockchain can be integrated with learning management systems (LMS) to track and store student data in a secure and decentralized way. This could provide a single source of truth for all data related to student performance, making it easier for educators to analyze student progress and provide personalized feedback. In 2019, the European Commission announced the launch of the European Blockchain Partnership for Education, which aims to explore the potential of blockchain technology in education and promote the development of blockchain-based solutions.
Blockchain in International Universities
Since blockchain has become a critical technology for advancing the education. It is now considered to be the economical, transparent and secure way to store the digital diploma certificates and records of the students. According to data from the U.S. Bureau of Labor Statistics, as of 2019 college graduates with a bachelor’s degree earned on average about $500 more per week than those with only a high school diploma, and the unemployment rate for degree holders was 2.2%, compared to 3.7% for those who only completed high school.
Digital diplomas have emerged in recent years as the leading illustration of how blockchain might be applied to education. The implementation of blockchain transcripts and certificates by Maryville University in 2019 made it one of the first universities to give students and graduates ownership over their academic credentials. The smartphone app Blockcerts Wallet now allows students to maintain their digital credentials. The programme uses blockchain technology to offer a verifiable, tamper-proof diploma that is simple to distribute with other institutions and potential employers.
In 2020, the University of Bahrain became the first university in the Middle East to issue digital diplomas using blockchain technology.
Overall, blockchain technology has the potential to transform the education sector by enabling secure, transparent, and verifiable records of student achievements, improving the efficiency and effectiveness of education delivery, and enhancing the learning experience for students.