The blockchain industry is mostly associated with non-fungible assets & cryptocurrencies. Blockchain technology is a futuristic technology with which the data is stored on blocks and is linked together in chronological order. This makes data tracing and verification of data authenticity become easy.
The features, when included with decentralization, have led to blockchain’s rising popularity, especially in the financial industry. As per International Data Corporation, worldwide spending on blockchain in all sectors is projected to grow from 2020 to 2023 considerably. The sum of 4 billion dollars is expected to reach 14 billion dollars by 2023.
The industry where blockchain can deliver the maximum impact is the education industry. Presently only a few educational institutions have adopted this technology. Website Gartner conducted research in 2019 where it was revealed that about 2% of the higher educational institutions are already using the power of Blockchain, and almost 18% are planning to do so.
Are you an education industrialist looking for a pathway to adopt blockchain technology in your institution? Then you have reached the right place. We at Suffesom have a seasoned team of Blockchain experts with the best Blockchain Education Development Solutions that are ready to guide you at every step.
To understand how blockchain technology can totally revolutionize the education sector, let us carefully go through this blog.
Educational institutions use blockchain to store and share data of students, like academic records and their credentials. The research that has been conducted on data based on blockchain technology has concluded that blockchain will surely transform the education sector by providing lifelong learning and creating a safer and more efficient education system. Only some things come with just the benefits; the same goes for this revolutionary technology, but it has some challenges as well. The scalability issues and cost structures are certain concerns that have to be dealt with while adopting blockchain for education.
Now let us first focus on some of the advantages of blockchain technology in the field of education:
One of the Blockchain Use Cases in Education is that it can maintain the student’s records in a very digitalized way and can make the assessment of grades very easier and the grades can directly be updated on those records itself.
The use of blockchain technology in the education sector is that the school won’t be the owner of the student data anymore, and the student will be the owner of their data. This will evade the need for them to stand in for paying extra charges to obtain their results.
The university or college can use blockchain technology very well to issue degrees and send them directly to the student on their profile. This can also be needful with recruiting the staff of the organization as the process of hiring becomes easier and more efficient.
In the year 2017, MIT university in the US issued digital diploma documents that were made by the power of blockchain technology.
Blockchain-based cloud services can be of great use in storing the necessary information, such as records, curricula, and other needed documents.
Smart Contracts are the backbone of blockchain technology and can aid teachers in the completion as well as the automation of many day-to-day tasks that will take more cost and time if conducted manually. If the student completes their task on time, the smart contract will verify them, and they can be awarded certain credit points for the completion of the tasks.
The Blockchain Use Cases in Education will enable the students to switch from zoom calls to a new pathway that guides them to an overall 3D experience of Web3’s Metaverse.
While giving this exam, students will have to go through the blockchain identity management system and verify themselves with their biometrics. The BIM will identify the gaps in the education system in many ways and save student time on a large scale. The educational institutions will have to look beyond the horizons and grade students based on their normal responses to activities through blockchain and not just depend on annual assessments.
Every year, a large number of students shift to exchange programs, and with the powers of Blockchain technology, this can be done easily with just access granted.
The General Data Protection(GDPR) is implemented in Europe, and similar guidelines are adopted in the European Nations that are raising concerns regarding the implementation of the usage of blockchain for educational institutions. The major obstacle here will be if the student's info is personal before being transferred to the distributed ledger. The usage of Blockchain in education sector will also open the gateways for the students to use crypto assets and NFTs. Any interesting image or content they create can be embedded in the blockchain in the form of NFTs; they can leverage an option of learn-to-earn.
Education institutions can create content for students who can earn rewards by learning from the content offered to them. This can later be added to their credits as well. This kind of strategy for educational businesses to excel will not only motivate the students to learn but also increase the overall revenue of the educational institution.
Thus Blockchain Use Cases in Education are quite a lot and can totally promise a bright future. Now let us have a look at some of the challenges faced in this sector and how blockchain can be implemented to solve them.
A recent survey conducted by Gartner states that the advantages of blockchain in the education sector still stay limited. About half of the students in the survey conducted by Gartner were disinterested in the blockchain. We still are in a transitionary phase of the internet, modern society is still aloof from the wonders of blockchain technology, and they just label it as an expensive technology set with no scope for scalability. Let us have a look at some challenges that blockchain faces today:
Security is the most important factor that one demands from technology. The universities need to be focused on what information they share. To resolve this, privacy measures shall be introduced along with the usage of private or permissioned sets of blockchains.
As discussed earlier, Blockchain is not accepted by the masses because of being a fresh technological masterpiece. The human belief in relying on traditional sources is still what has to be fought to carve a technology-inspired future. Still, many countries have adopted blockchain for education, and sites like Upwork promote its adoption. Who would have imagined the world we live in today will be advanced to the core? In the same way, blockchain will surely create a new world for educational reforms.
Blockchain technology has the potential to revolutionize the education industry in a number of ways. One of the most significant ways it can do so is by creating a more secure and transparent system for storing and sharing student records. Blockchain technology allows for the creation of tamper-proof digital records that can be easily shared between institutions, making it easier for students to transfer credits and for institutions to evaluate the qualifications of prospective students.
Another way blockchain can revolutionize the education industry is by creating a more efficient system for verifying credentials and accreditation. Blockchain technology can be used to create digital badges and certificates that employers can easily verify, reducing the need for traditional transcripts and making it easier for employers to verify the qualifications of job applicants.
Blockchain can also be used to create new forms of digital educational content, such as e-books and online courses, that can be easily tracked, monetized, and shared. This will reduce the cost of education and increase access to educational content for students all over the world.
In addition, Blockchain can also be used to create decentralized platforms for online learning, where students can earn rewards for their participation and achievements. These rewards can be used to pay for further education or can be exchanged for other forms of currency.
Finally, Blockchain technology can also be used to create a more equitable and efficient system for distributing educational grants and scholarships. Smart contracts can be used to automatically distribute funding based on predetermined criteria, reducing the potential for fraud and ensuring that funding reaches the students who need it the most.
Overall, blockchain technology has the potential to revolutionize the education industry by creating a more secure, transparent, and efficient system for storing and sharing student records, verifying credentials, creating and sharing digital educational content, enabling decentralized platforms for online learning, and distributing grants and scholarships.
Who remembers the amount of stress caused by incomplete homework? Students all around the globe, in thousands, end up their lives due to academic distress. With the introduction of blockchain and engaging activities like learn-to-earn, students will get motivated by rewards and not be stressed in return.
Along with that, parents will also be advised to treat children cautiously and not overburden them with extra stress.
Blockchain Education Development Solutions Business Models
Using blockchain in schools will help in data management and also undergo difficult admission processes with true credentials without any security concerns. Schools can switch to automation of tasks from manual ones and concentrate on students more.
The usage of blockchain, with its distributed ledger technology and streamlining of admission processes, brings the need for comprehensive academic support to be provided to the students. Blockchain in universities can make the students owner of their own content. The system of management will get decentralized and pave an entirely new pathway for education.
Suffescom is ready to promote studies beyond borders with easily accessible education data for both the teacher and the student. The framework will fall into being decentralized. Thus, the educational institutions will not remain as the owner of educative documents.
Another great technology of the Web3 world is the Metaverse. Metaverse is now used in education to deliver a virtually immersive experience to students. We also create personalized avatars of students, even the teachers; with cart management, your students can pay only for the e-book her/she likes.
The revenue model can be used for doubling ROIs in the form of premium subscriptions, and students can get access to e-books that are rare. This subscription mode can be used in gyms, libraries, and events.
Students can use the smart learning space that the blockchain creates to sharpen their skills. They can further research the possibilities of Blockchain with respect to their field of study.
One more benefit of Blockchain in education is the identity management system at the time of assessment. In the education system of today, blockchain can provide a hassle-free entrance of students into examination halls through its biometric scan. This will decrease the inconvenience faced by students during their exams.
Most students today lack motivation, so while developing a Blockchain E-learning Platform, you need to have a source to keep your student army motivated and ever willing to learn.
Blockchain technology can be used to manage and handle student records. The traditional norms of paper documentation have to evade as it cannot completely store thousands of students' information right from the institute's foundation. With Blockchain, student records from years ago will be available in seconds.
Suffescom has been delivering quality products for more than 13 years with blockchain. It has a huge team of seasoned experts who will provide the best post-possible product.
We are active listeners, and we listen to all of our client's demands and understand their vision before even starting the project.
Our blockchain enthusiasts are available 24*7 for the assistance of our clients. Our clients are our first priority, and we are ready to solve their smallest of queries.
We are completely transparent in our work and encourage our employees to excel in all of their endeavors.
We use cloud services or amazon, depending upon the client's choice, to provide them with accessibility without servers.
We use the Internet Of Things to increase interoperability and transparency to conduct smart education.
To begin your Blockchain E-learning Platform development, contact Suffescom Solutions Inc.; they will be with you from the start to the end of the development journey. Contact us now; we will get back to you at the speed of light.
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