In recent years, there has been a lot of buzz around blockchain technology. But this doesn’t come as a surprise as blockchain is the technology behind cryptocurrencies and Non-Fungible Tokens (NFTs). Although we are already feeling the effects of this disruptive technology in the finance industry, it has been projected that it will have significant impacts on other industries including the education sector.
In this article, we will explain how blockchain technology is going to change the education industry.
Decentralized learning system
Currently, learning relies on a central authority to function properly. However, with the introduction of blockchain technology into the education sector, we are bound to witness decentralized learning. This means that schools and teachers will not have absolute control over the process of learning as students can determine what, how, and when they want to learn.
It is noteworthy that decentralized learning will likely involve encryption of educational records. This encryption will simplify the learning journey for students and also make it easy for others to follow the journey.
Educational record verification and certification
Physical certificates, transcripts, report cards, attendance sheets, etc. are often easily destroyed by various things. In many cases, students will have to go through stressful processes to retrieve the physical documents. But blockchain technology is going to change this experience soon. Since blockchain technology can be used for creating an immutable chronological record of events, schools will soon start offering digital transcripts, certificates, and lots more through the technology.
Using the immutable record, everyone can keep track of the paperwork without worrying about the possibility of losing them. This doesn’t only make the recordkeeping less cumbersome and more organized but also ensures that educational records can be verified easily and quickly.
Streamlined fee payments
Today, it takes lots of time and effort to pay tuition in many situations. Besides, banks, students, parents, schools, and other parties may be required to approve the loans, scholarships, etc. before the completion of tuition payments. Nonetheless, as the educational industry adopts blockchain technology, fee payments will be streamlined for students.
The use of blockchain technology will guarantee that tuition payments can be completed within a short period. Also, there will be lower administrative expenditures. Over time, certain schools may reduce tuition rates because of the streamlined payment structure.
The use of smart contracts for assignments and courses
One of the common elements of blockchain technology is a smart contract. Once learning facilities start utilizing blockchain, many tutors will start taking advantage of smart contracts to create lessons and courses. With the aid of smart contracts, the students will access the lessons on the blockchain. The technology can also be applied to assignments. Similarly, educators can use smart contracts to show grading, deadlines, and limitations of assignments.
Transparent funding and handling of resources
There have always been issues with school funding, school admissions, and how resources are used by school administrators. But the adoption of blockchain technology in the education industry may bring more transparency into the sector. This disruptive technology will make it easy for everyone to keep track of how funding and other resources are used. For instance, if school administrators get through cryptex.net on behalf of their institutions, everyone can follow the transaction via blockchain. Therefore, it will be difficult for administrators to mishandle or misappropriate the funds.
In addition, blockchain will play a key role in increasing accountability as school admissions, grading of exams, and lots more will be done transparently. As a result of this, they can be easily monitored by any interested party.
Lower cost and universal access to education
Despite the significant increase in accessibility of education in the past few years, many individuals and communities are still underserved. Furthermore, the high cost of education is another factor inhibiting different people from accessing education. Nonetheless, blockchain technology may go a long way in dealing with these issues as it will get rid of certain barriers associated with location and finance.
The technology will make books, movies, podcasts, and other educational resources available to everyone. Not only will the resources be more accessible but will also be more affordable. In fact, students will be able to use several learning resources for free. As a consequence of this, learners from remote and underserved regions can access quality education with ease. What’s more, learners can take advantage of blockchain technology to take tests digitally.
Provision of rewards for learners and tutors
Last but not least, blockchain technology will also help schools and tutors to reward students. This will be achieved through tokenization and crypto. Instructors will be able to use rewards to motivate high-performing students. Even academic institutions can utilize crypto to reward instructors and/or students.
In a nutshell, blockchain technology will usher diverse changes in the education industry. Therefore, it is crucial for key players in this important industry to embrace this disruptive technology.