Emerging as one of the most disruptive technologies, the blockchain has already minimized security issues in various types of industries. A series of blocks that record data in hash functions with a timestamp and link to the previous block. These blocks are stored anonymously with other stakeholders in the network and able to eradicate any threats and vulnerability which cybercriminals can exploit. The blockchain can also transform education making the availability of high-quality teaching and tuition to all, irrespective of location and wealth.
The technology can prove to be a boon to education. Students and job seekers can identify themselves online and also maintain control over the storage and management of their personal data. It empowers individual learners to own, manage and share their details of credentials without the need of calling an educational institution as a trusted intermediary. The blockchain will allow only a selected few, namely those who are responsible for verifying the student’s identity to access that data. This will also save various resources that are spent in strengthening against data breaches, training staff on data-protection and managing access rights.
Blockchain also allows educators to publish their work openly, keep track on its re-use and put limitations on the source material. The educators will be able to announce the publications of their resources and link the other materials used in creating that material. Coins can be awarded to the educators according to the number of times those resources have been used. Students can now pay their educational fee through Cryptocurrency, eliminating barriers like restrictions in accessing bank accounts and also credit cards. Various universities have already started to implement blockchain technology and utilize its benefits.