You must be wondering that isn’t Blockchain the same platform responsible for powering Bitcoin, the virtual currency that took off last year for all the right reasons and wrong?
Then how can it be a platform that will revolutionize many significant industries of the world, including education?
Will the schools start getting their fee through Bitcoin?
The answer is no. Blockchain would have started it’s not such humble beginnings through Bitcoin, but it is a truly ingenious invention and a genuine product of the digital age. The technology would have started as the base for virtual currency kinds, but it has quickly proven to be much more than just that.
According to the statistics published on Statista about Blockchain technology, the global spending on Blockchain solutions is estimated to grow to a whopping approximate of 16 billion by 2023. These figures clearly suggest that every company has already started to embrace the many benefits that the adoption of Blockchain technology has. And it is only a matter of time that many major industries like education fully embrace this global phenomenon for their advantage.
If we talk about higher education, specifically, the opportunity for Blockchain is endless. Challenges like accessing credentials, cutting course costs, online enrollment, and transferring evaluations all can be easily done and used more efficiently, given the introduction of Blockchain in the domain.
Ten Ways Blockchain Can Revolutionize the Education Industry
Here are the top ten ways Blockchain can efficiently revolutionize the education industry for its own good.
1. Improved Business Processes
According to Hitarshi Buch, who is a lead architect in service transformation at Wipro, he envisions Blockchain to be the business process management or BPM tool for the next generation. He says that the increased security, agility, and efficiency that Blockchain has to offer for ways of conducting business is the best the human race would ever get to acquire and practice.
2. Completely Transformed Business Models
The open-access movement for the education industry has drastically changed how students view and receive an education. Assets in their education careers like credentials and curriculum are up for a complete innovative turnaround from the traditional ways of education. Thus, it is safe to assume that by the time schools, colleges and universities undertake Blockchain, the business models for the conventional education systems and mediums would be highly reformed to integrate something as efficient as Blockchain.
3. Bitcoin as a Fee Payment Option
Back in 2014, King’s College New York became the very first educational institution in the US to accept Bitcoin as a fee payment option. Not only did it give the students the benefit of safety regulation for payment, but it cut down the credit card transaction fee charges that were previously charged off of the students.
4. Better Record Keeping
There are undeniable record-keeping benefits when it comes to Blockchain. We have already seen how well the platform works to keep Bitcoin secure with all its relevant data in one place without any third-party intrusions. It is safe to say that in particular, the registration office of an educational institution which is responsible for managing the data and information of its student body. Like the records of registration data, transfer evaluations, courses, personal statement writing service UK payments, and other details, etc. It can help in not only keeping them secure in one place but guarantee you easy access and protection for intellectual property to reduce the risk of fraud, cheating, and duplication.
5. Digital Certifications
Back in 2017, one of the most prestigious institutions MIT issued its virtual diplomas to its graduates through smartphones. Other than being physically different from a paper diploma, the digital diploma has a point over it for never being lost or falsified. No matter what part of the world you take it to, it will be valid, acceptable, and stay with you forever. Digital certification will not only ease the problem that arises with issuing these degrees but also ease out the issues that arise before graduation to transfer accreditations between different universities.
6. Mass Adoption of Online Courses
MOOC or Massive Open Online Courses have been recently on the rise. Many professionals prefer to polish their skills further, given the option of studying from their own timings and not having to wear winter soldier jacket but studying from the comfort of their own homes. Blockchain technology offers a considerable measure of value to such courses as they make the universal accessibility of courses, certifications, and legitimacy criteria of the lessons being taught. It even makes transactions more effortless and secure.
7. Talent Management
Colleges may be taking their rightful fee, but they provide much more than just that into their students for them to come out as valuable professionals who go on to take bigger and better degrees from prestigious universities. But it is hard for a hefty college data to be maintained to keep track of every student who went where and became what in their lives. Some technologies aid talent management as software for institutions. However, they are much vulnerable to cyber-attacks and are not particularly safe. Blockchain will definitely be the way to go and become a new base for talent management in the near future.
8. Better Library Services
Because it will become extremely easy to store information and data analytics for the library books as well as Blockchain can be used to digitalize the library completely. No need of stacking up piles and piles of books and outsourcing their read and risk losing an old classic valuable book to a student. Now you can easily make a digital copy and rent it out for a few dollars making it safe, easy, and efficient all at the same time.
9. Transforming School Transportation Services
One of the biggest challenges that students face in this modern-day and age is the conveyance issue. People don’t pay that much for their college tuition as much as sometimes they have to pay for transportation. Blockchain can be a game-changer in this aspect as well by connecting on-campus students to share a ride and agree to carpool based on the mutual areas and neighborhood if they share any.
10. Making Education Affordable and Accessible
Last but not least, the main change that Blockchain would readily bring would be of making education affordable overall. According to Forbes, the US student loan debt alone is $1.52 trillion. The student loan debt crises have increasingly become the bane of people’s existence quite literally. They spend their entire lives trying to pay off that debt, and even after a lifetime of getting paid are unable to pay back. Thus, Blockchain will revolutionize the concept of student loan debt. It will be a mighty savior for the students of the future who will not have to take debt, to begin with as it won’t cost that much at all, making education accessible to all students who aspire to study.
Blockchain is the most genuine product of the digital age. Blockchain was conceived in the last decade for an industrial revolution. It is sure to bring about one in the next ten years to come. With many other technologies paving their way in our lives and making it more tech-savvy and efficient, we are surely headed for a more fast-paced future in every aspect of our lives.
John William is currently working as a Data Scientist at Crowd Writer, ideal place to buy research papers. He has performed apprenticeship under many prominent figures of the field, giving him significant experience in this regard. You can check out his online blog forum for further reading about his opinions and interests.
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