Chaining Education: How Blockchain Is Paving The Way For The Future Of Edutech
Blockchain, a decentralized digital ledger that stores information across a network of computers, is upending the education industry by revolutionizing how information is managed and distributed. Given its focus on decentralization, real time processing, immutability, transparency, and security, it is no surprise that blockchain is a burgeoning topic of discussion in this field.In fact, as per a report by Business Research Insights, the demand for blockchain in the global education market is expected to touch $1,055 Mn in 2028, a steep jump from $118 Mn in 2021.
Imagine you are a student who has just graduated from college. You are eager to start your career, but when you go to apply for your first job, you are met with a problem: your potential employer asks to see your original documents including your degree and marksheets, but you have misplaced your documents or don’t have these readily available and cannot get a copy from your college immediately. This is a common scenario, and it's just one of the many areas where the current education system needs improvement. But with Blockchain technology, such scenarios could be a thing of the past.
Blockchain can simplify the loan management value chain & enhance the experience of the stakeholders, saving administrative costs, & even bringing down the total cost of education
Transforming the Future of Learning
By using Blockchain to store student records and certificates, educational institutions can ensure that the information is trustworthy, always available, and easily accessible, even if the institution itself is no longer in operation.
Blockchain's ability to provide student educational data in realtime and make it always available, while safeguarding the data, is a principal advantage for the education sector. Since there is no single point of failure, thanks to the technology's decentralized design and security, data breaches and record manipulation are practically unheard of.This not only protects the privacy of students but also ensures that their academic achievements are accurately recorded and easily accessible to potential employers and other institutions. This goes hand in hand with the creation of digital credentials, transcripts, scorecards, letters of recommendation, and the like, creating a verifiable e-portfolio for students. These credentials can be preserved in a tamper-proof manner, allowing students to easily update and share their achievements with others.
Blockchain can also be deployed to develop a more efficient and effective student learning and grading system. With this technology, instructors can better maintain and protect student scores, thereby reducing the potential for errors or manipulation of grades. Parallelly, this system allows professors to curate and share their intellectual property as digital content with the student population, thereby creating a knowledge repository that can be accessed on the go. This supports lifelong learning by making open educational resources such as books, podcasts, or videos widely accessible in the public domain.
Thus, by creating new, more accessible learning avenues, blockchain can positively disrupt the education landscape. Student loan management is a time-consuming procedure that involves multiple stakeholders, including students, parents, scholarship foundations,financial institutions, and even the administration of educational institutions. Blockchain can simplify the loan management value chain and enhance the experience of the stakeholders, saving administrative costs, and even bringing down the total cost of education.
Hariprasad BK, Strategic Business Practice Head - Digital Business Services
Hariprasad holds global responsibility for the creation and delivery of innovative digital solutions on a Software plus Services 'Humanware' model, leveraging technologies such as Automation, AI, Machine Learning, Analytics and Domain Expertise to re-imagine how Enterprise and Industry Business processes are delivered, led by Customer Experience and Business Outcomes.
The Roadblocks to Blockchain
Despite these applications, the adoption of blockchain in education is not without its challenges. One of the biggest hurdles is the lack of standardization and interoperability between different blockchain platforms. This can create difficulties for institutions and students who may need to transfer data from one platform to another.
Additionally, even though security is the USP for blockchain, that does not make the technology impenetrable. Educational institutions must adhere to data protection laws to ensure maximum safety and complete privacy. Furthermore, as these institutions work with a vast amount of data on a daily basis,adopting a scalable model can be a slow and costly affair.
The Way Forward
Despite these challenges, Blockchain has the potential to revolutionize the education industry by providing a secure and transparent method of educational information management and dissemination of learning content, verifying credentials, and enabling decentralized learning. This technology can eliminate many of the challenges faced by traditional education systems, such as fraud and poor information management. As the technology continues to evolve, we can expect to see more innovations in the education industry.