One of the most significant technologies of the past ten years has been blockchain technology, which some predict will have an even greater influence than the internet. What was originally intended to shake up the banking and financial sectors has now transformed into a far more varied movement. Blockchains are only now beginning to gain traction in industries like supply chain management, transportation, and even education. Here are some of the key changes that Blockchain Technology will bring about in the education sector.
Online education is one of the industries that blockchain technology has boosted. Nowadays, the educational training industry includes institutions and a wide range of outside vendors. This new educational paradigm is more safeguarded and protected thanks to blockchain technology. There are a few factors and possibilities that are crucial for online teachers, institutions providing online education, and private sector blockchain development in order to increase the quality of educational processes and outcomes. This article explains how blockchain technology might enhance online education.
Here are 5 ways Blockchain technology can transform Online Learning;
1. Digital Degrees and Certifications
False degrees are far too simple to create, and professional forgers are continually coming up with novel methods to make sure that their work is undetectable. Blockchain technology may be used to create one-of-a-kind digital assets that authenticate e-learnings, academic qualifications, and certificates. Potential employers would find it simpler and more cost- and time-effective to validate the degrees in this way.
A startup called Learning Machine has been attempting to solve this issue for more than 10 years. The Blockcerts toolset, which will offer an open infrastructure for developing, issuing, accessing, and validating blockchain-based certificates, has recently been launched in collaboration with the MIT Media Lab. Projects like Stampery and Gradbase compete in this market as well. When fully functional, these technologies may render the human process of record verification obsolete.
2. Tuition Payment via Cryptocurrencies
When Bitcoin was invented, its primary purpose was to enable direct payments between two parties without the use of an intermediary. Following in the footsteps of that mindset, a number of universities, including Simon Fraser University in British Columbia, the University of Nicosia, and King’s College in New York, have begun accepting payments in cryptocurrency.
It makes sense to accept cryptocurrency payments from college students since they are more accustomed to utilizing cryptocurrencies than people in other age groups. Additionally, by doing this, institutions may avoid paying middlemen’s fees and speed up the money clearing process.
3. Student Records and Credentialing
Personalization is becoming more prevalent in education. What are the qualifications, skills, and abilities of each individual? In actuality, both inside and outside of the classroom, learning happens a lot. Over the course of their lives, people learn from a wide variety of sources. Your academic record, which you do not own, does not come close to capturing that process of lifetime learning. All of your competency indicators, including academic records but also badges, diplomas, citations, letters of reference, and the like, may be collected and shared securely using the blockchain paradigm.
Consider it a permanent, updated, and verified online portfolio of your learning-focused experiences. For the same reasons, blockchain will be crucial in preventing fraud by offering a reliable way to confirm that you are who you say you are. MIT is a pioneer in blockchain-based credentialing and has collaborated with Learning Machine to create an open standard for verified digital records. A blockchain platform was used by Central New Mexico Community College in Albuquerque to start issuing “student-owned digital credentials” last year. The college intends to make this platform available to other educational institutions in the state.
4. Innovation Learning Platform
Many students see their educational prospects through the prism of entrepreneurship. Many students regard blockchain training as preparation for the next generation of entrepreneurs.
Carolina FinTech Hub, a community association representing businesses in North and South Carolina, has completed its Blockchain Generation Challenge (sponsored by Oracle). The organization, which invited student teams from local universities to submit suggestions for blockchain-based applications, got 31 submissions from 29 teams comprising 68 people. Judges from Bank of America, Wells Fargo, EY, Ally, and Oracle, among others, selected 10 finalist teams that designed apps for the energy, banking, education, and healthcare sectors. Don’t be shocked if one or two of those blockchain applications are adopted by Carolina firms in the near future.
5. Copyright and Digital Rights Protection
The potential of blockchain technology to manage, exchange, and secure digital material makes it perfect for assisting researchers, faculty members, and other higher-ed principals in creating intellectual property, sharing it and controlling how it is used. Professors, for example, may be compensated based on the actual usage and reuse of their instructional materials, similar to how citations in research articles and journals are awarded.
Blockchain will also play an important role in the future of “community content repositories”—what we presently refer to as libraries. The Library 2.0 initiative is led by San Jose State University. Blockchain technology might be used to curate digital material and defend digital rights, among other things.
Blockchain technology in eLearning is a fantastic advancement. Traditional verification mechanisms might be altered with the aid of blockchain. It would be entirely secure and safe. There are several blockchain development firms that provide blockchain-based eLearning platforms.