Despite scepticism surrounding cryptocurrencies, the technology behind it, Blockchain is garnering the attention of the world. The impact is so massive that almost all the industries around the globe. The Blockchain is one of the most impactful technological development in the last decade. We have seen many nations and big names in the industries focusing on using Blockchain and developing Blockchain-based applications.
When it comes to Blockchain application, then we have names like IBM, Microsoft, Amazon, Facebook, etc. trying to explore Blockchain and its application. Education is yet another sector where we can use Blockchain for various purposes. In this blog, I will be highlighting how Blockchain will transform higher education and what are the various areas of application of Blockchain. Before heading further, let us understand, what is Blockchain?
Blockchain Quick Recap
The Blockchain is a digital revolution when it comes to data exchange and storage. Although the technology started off as the base for cryptocurrency exchange, later it went on to become a self-sustaining platform that can aid any kind of information exchange including monetary transaction.
The financial transaction remains one of the key areas of focus as far as Blockchain is concerned. But, its features make Blockchain as a cornerstone for transformation across various sectors.
Key Features Of Blockchain:
- Decentralization – Blockchain works on the principle of decentralization, it means that the information is not stored on a central server, rather, its distributed.
- Provenance – This is yet another important feature of Blockchain wherein it becomes easy to track the origin of the product. This feature is very useful in supply chain management.
- Immutability – This feature of Blockchain makes it difficult for anyone to change or alter the data. Once the information is fed in the ledger, it gets time-stamped and changing this information becomes nearly impossible.
Well, Blockchain offers many other features, but we will be focusing on these three features and how it can be used in higher education.
Blockchain And Higher Education
It might sound a bit astounding to some that Blockchain can be used in higher education as well. But, the question arises, how is this possible?
There are various areas in academics where Blockchain and its key features can be used. Let us analyze them.
- Data Management – Every year there are thousands of students that enroll in college and universities. Though we have a digital system nowadays still most of the work remains in the paper. Thus, finding particular data from the pool of so many data not only becomes time-consuming but also a tedious task. But having all the information fed on the ledger will make it easy for people associated with it, easily extract any piece of information without any delay.
- Digital identity – with the changing times, there is a huge demand for digital identity. With the help of Blockchain technology, we can give complete control of one’s personal data to individuals and this would lower the cost of the data management system and personnel. Basically, Blockchain will bring a huge transformation from a paper-based system to a paperless system.
- Data Verification – This is another area where Blockchain can prove to be extremely beneficial in this sector. With the help of Blockchain, we can easily verify data. Once the data or information of student is entered in the ledger it gets time-stamped and then altering the data is not possible. Since every information or block is associated with another, changing one data would require the hacker to change 6 other blocks which are a nearly impossible task. Thus, the Blockchain based system in higher education can be used for data verification. This becomes even more important in times like today when we need system from where we can easily track the data and also ensure that the information is authentic.
- New Job Prospect – Another key area where Blockchain can prove beneficial is introducing it as a part of our curriculum. We know that the world is slowly realizing the importance of Blockchain and with companies like Facebook creating a spate division for Blockchain based development, the future holds a lot of opportunities for students. Many institutes have introduced Blockchain as a part of regular education.
- Smart Contracts – Well, whenever we talk about Blockchain, then often smart contracts are associated with payments but, its application is huge. Institutes can use this technology to hand over certificates and degrees once the student successfully clears the exams on the parameter set by the institute.
The Blockchain is a whole new world in itself. It has many things to offer us, from development to innovations. Every industry is undergoing this change, and many of these changes are triggered by Blockchain. Whether it is higher education or any other sector, the need for an efficient data store and management remains a priority, and with the help of Blockchain, we can easily achieve the desired output.