Blockchain in Education- Learn How It Impacts

The blockchain revolution in the market is constantly growing as individuals or businesses are now aware of how it can help decode market opportunities. The way it is evolving the different sectors of the economy and brushing up the traditional operating models across industries is noticeable. Cross-border payments and settlements, and lot lineage and provenance are popular use cases of technologies. 

Today, several sectors have already started experimenting with this fastest-growing technology to enjoy its perks in the long run, spanning from the financial sector to manufacturing, banking to finance. Even the education sector no longer resisted the blockchain impact. 

If you’re new here and don’t know what blockchain is, let’s skim through what this technology is. 

What is Blockchain?

If we explain the term concisely, Blockchain is an effective system for recording information. 

Blockchain is a digitally distributed, encrypted, decentralized public ledger that is shared by several parties in a network. Any transactions in this network are recorded, verified, stored, and broadcasted to all network participants in a digital database. It’s an immutable ledger. It means no one can change, hack or cheat the system. 

Now you have gained a basic knowledge of this fastest-mushrooming technology, let’s delve into how blockchain gives an edge to the education sector. 

Is BlockChain Ruling the Education Sector?

The traditional education model has several pain points, hindering its expansion and growth. The introduction of blockchain-based software in the education sector has easily solved major issues related to academic records, accessing credentials, etc., and has kicked off a new and improved era of learning.  

Blockchain technology has brought a huge change and introduced several solutions beyond financial and cryptocurrency talking points. This knowledge transfer and study sector has always been active in adopting new technologies to improve the whole educational structure. Blockchain solutions for education will help institutions to work effectively, providing several benefits, including greater transparency, cost savings, enhanced security, and more. 

However, at the same time, it is crucial to note that this technology’s use in education is at the dawn. 

A Gartner survey in 2019 revealed that only 2 percent of higher education institutions were leveraging the blockchain; on the other hand, 18 percent were still planning to adopt the technology in the future. 

The latest stats showcases a huge surge in blockchain integration in education globally-

“The global blockchain in education market size was valued at USD 118.73 million in 2021 and is expected to rise at a CAGR of 43.94%, touching the new milestone of USD 1055.98 million by 2027.”

Although technology has a long way to go in this sector, the stats point to better growth.

How Education Sector is Evolving with Blockchain Introduction

Blockchain is giving a new direction to the education sector. From replacing textbooks with technologies to speeding up the record-keeping process, blockchain solutions are positively impacting the education sector.  

• Smart Contracts for Courses & Assignments

If you know about blockchain, there is a high chance you might have heard about smart contracts. A smart contract is a computer code that executes, controls, or documents events automatically as per the terms mentioned in the agreement or contract. 

With the smart contract, educators can build several courses on a blockchain. Such an agreement will include different terms and conditions. When the necessary conditions are met, the course will automatically be taught. A smart contract between students and educators will cover the due date, grading deadline, and more. 

• Streamlining Fee Payments

Student fee payments are a hectic process that also eats up a lot of time. Above all, it also involves a number of parties, including parents, students, teachers, banks, and several university departments. Such a cumbersome process needs a better solution. Blockchain is the ideal solution as it helps streamline the fee payment process in a better way. 

• Universal Access And Lower Cost

With blockchain technology, one can expect the affordable and secure sharing of several educational resources, such as books, podcasts, etc. Students can take courses and examinations through blockchains. 

• Degrees, Report Cards, & Other Paperwork

As we all know, blockchain is an immutable distributed ledger technology, so it can help teachers to maintain a record of student transcripts, report cards, attendance, and any other events. Blockchain for education helps students simply access assignments or other important documents. It will also eliminate the fear of replacing assignments. 

• Incentivization of Education

Cryptocurrency is a big buzz in today’s market. What if it will be integrated into the education sector? Crypto and tokenization are one of the most common uses for blockchain. We will soon experience professors or educators rewarding their students’ cryptocurrencies to motivate them and perform well in a specific area. 

What’s Next for Blockchain in Education? 

While blockchain is advancing, the majority of institutions hesitate to try their hands at this technology because of a few technical hurdles, such as scalability and data privacy. Today, these limitations are highly addressed on a serious note. However, continued investment in blockchain technology can help you look ahead to the next innovation and in the coming years, blockchain will become a commonplace technology. 

How can Antier Help?

The perks associated with blockchains, such as greater transparency, cost-savings, and enhanced security, are evidence that it has the potential to disrupt the traditional education models and serve a better system. 

Antier army can help you leverage the blockchain advantages, streamline your record-keeping, improve security, and support the hiring process. Partnering with a reliable expert Blockchain development service provider can assist you to bring this revolutionary change to your institution. 

Well-versed with the blockchain in education, Antier can craft incredible solutions to fill the gaps your existing education system lacks. The company is backed by proficient blockchain developers you can hire for your project. Get in touch with us today!