The importance of blockchain technology and some of the most significant ways through which this great technology will contribute to the university of the future in the ever-changing technological world.
There is no doubt that technological advancements have significantly transformed students’ lives. On the same note, it is anticipated that more changes will still occur in the future. From the encryption of various documents in certificates, diplomas, and degree programs to the documentation of different students’ experiences, it is vital to note that blockchain technology is significantly being used in the 21st century.
In a blockchain, data is normally divided into various blocks protected using cryptography algorithms that ultimately ensure security and privacy are upheld. Technology has helped students calculate the GPA using this link https://peachyessay.com/free-college-gpa-calculator/.
Notably, in high learning institutions, securing students’ sensitive information, such as the student’s profile, data transactions, and certification is important.
Although blockchain technology is in its infancy stages, several high learning institutions have already started experimenting and deploying the technology to move towards the university of the future. The first significant move has been verifying students` academic credentials with the primary objective of getting rid of counterfeit academic certificates. In the current generation, one of the main concerns is the forgery of diploma certificates. One of the vital uses of blockchain technology in higher education is eliminating the intermediary that will be used to verify student documents’ authenticity. Most importantly. Blockchain technology can replace paper-based documents and the processing of manual transactions.
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According to the researchers, blockchain technology is actually the future of high learning institutions. Surprisingly, a couple of learning institutions in various parts of the world are already accepting tuition fees to be paid using bitcoin. Fortunately, the bitcoin trend will see more learning institutions begin adopting the bitcoin currency in a couple of years to come. Researchers have proposed the Edu Chain, a heterogeneous data management system in the education sector, used to leverage the benefits of consortium and private blockchains. The system will also aid in eliminating malicious academic cases, such as the high cost of document verification, low cost of diploma fabrication, and other forms of tampering that could lead to academic cheating. This paper will discuss how blockchain will contribute to the future university.
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Blockchain and the future of higher education
Improves record-keeping
Among the many benefits of blockchain technology in the education system is that it will perform a significant role in record keeping, especially regarding certificates, diplomas, and degrees. On the same note, the technology will aid in making digital credentials and verifying documents without the need for an intermediary. Since blockchain technology will help in record keeping, it is vital to note that it will also be a natural fit solution for intellectual property cases.
Blockchain technology enhances various business processes.
The technology will aid in creating a virtual transcript that would record almost all academic achievements and qualifications throughout an individual’s lifetime. The verifiable transcripts generated by the technology will help lessen the burden of moving between countries and states, minimizing the overhead concerned with credential verification, streamlining student transfers between learning institutions, and reducing CV frauds. In essence, the technology will significantly aid in streamlining various processes, such as record keeping and verification of student documents.
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Bitcoin technology aids in creating a ready market for various digital assets
In most cases, processing students’ academic fees is usually a time-consuming, labor-intensive, and very tedious process. It is vital to note that sometimes, it could involve the student and the parents. Other cases could involve educational institutions, government institutions, and scholarship granting agencies. In essence, there are significant ways blockchain technology could be incorporated in high learning institutions to create and trade various digital assets.
Rewarding students will become easy
One of the cornerstones of blockchain technology is tokenization. One of the good things about this technology is that it will aid learning institutions in incentivizing learners to clear their student loans on time. On the same note, lecturers and other tutors will have an easier time motivating students by rewarding them with cryptocurrencies if they score excellent academic grades or complete their projects within the estimated duration. According to the researchers, the aspect of tokenization has significantly proven effective when it comes to motivating students to achieve their goals and objectives.
Blockchain technology will aid in increasing visibility
The technology will aid in producing an accurate record of real-time events, which will significantly aid in checking transcripts, keeping students up to date with their academic performance, and showing a complete report card, among many other benefits. In the past, there were incidents where assignments would get lost even after the student submitted them. The good thing with blockchain technology is that students will not lose their assignments or claim that the lecturer lost them.
Smart contracts will ensure there is accountability.
Blockchain technology will soon make smart contracts available to teachers, students, and university officials. For instance, teachers and students can sign a digital agreement outlining the limitations for a particular assignment and the instructions regarding grading and due dates. Similarly, students can use smart contracts to clear their student loans.
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Blockchain technology will aid in reducing the cost of education.
Transactions will be safer
The use of money to transact usually impose students to many risks. For instance, the money could be misplaced, stolen, or land in the wrong hands. With blockchain, issues of insecurity will be minimized.
It is vital to note that blockchain technology, shortly, will be used to enable universal access to various educational resources like films, podcasts, and books, which are usually available in the public domain and can be distributed freely. Thanks to blockchain technology, all these studying resources will be distributed easily, securely, and inexpensively.
In conclusion, technological advancement has significantly transformed the educational sector. Although blockchain technology is in its infancy stages, several high learning institutions have already started experimenting and deploying it to move toward the future university. It is anticipated that more changes will still occur in the future. From the encryption of various documents in certificates, diplomas, and degree programs to the documentation of different students’ experiences, it is vital to note that blockchain technology is expected to transform students’ lives.
