What is the Role of Blockchain Technology in Education?

The Role of Blockchain Technology in the Education sector allows institutions to secure the data

Blockchain is most frequently linked to digital currencies like Bitcoin. Material entered on a blockchain is kept in chronologically linked blocks, which makes it relatively simple to trace the data's origins and confirm its legitimacy.

These characteristics, together with the technology's decentralized structure, have caused it to be adopted by several industries, most notably the financial one. Global spending on blockchain technology is expected to increase from more than $4 billion in 2020 to more than $14 billion by 2023, according to the International Data Corporation (IDC). Education is one sector where blockchain technology is only now starting to gain traction. The article enlists how Blockchain Technology in Education is beneficial.

With only a few institutions utilizing the technology, blockchain adoption in education is still in its infancy. Only 2% of higher education institutions were adopting blockchain, according to a 2019 poll by the research firm Gartner, while another 18% expected to do so within the next two years. During the epidemic, the education industry quickly reacted to digitalization.

Blockchain technology has the power to transform this industry. The collaboration and management of academic records between students and teachers can be substantially changed by blockchain, first and foremost. Blockchain's distributed ledger technology has the potential to have a positive, major impact on the transparency and accountability of the education sector. Let's investigate how blockchain can impact education.

The application of blockchain in the education sector can be accomplished in a variety of ways. First of all, blockchains frequently incorporate smart contracts. This can help teachers create blockchain-based courses and classes. The course will automatically start teaching once the prerequisite requirements have been met and can then proceed at its speed.

A smart contract detailing the parameters of an assignment, along with the due date and the grading deadline, might be signed by students and teachers.

Second, one of the most important use cases for blockchain is to tokenize cryptocurrency and encourage education [1]. Shortly, professors will be able to encourage students by offering them cryptocurrency rewards if they perform well or complete a particular major. Academic institutions will be authorized to provide incentives for students to make on-time student loan payments. Also, the teaching-learning process may be permanently altered by the gamification element of the tokenization teaching style.

Last but not least, it can be used to generate a chronological record of recent occurrences thanks to Blockchain's immutable ledger technology. This can be effective for giving a thorough report card, tracking attendance, and updating students and stakeholders on their progress. With blockchain, students may submit their assignments without worrying about losing them. Also, rather than receiving them on fragile paper, students can now obtain their certificates and degrees digitally. The advantages of digital degrees and certificates include their convenience, organization, and lack of burden.