Essentially, blockchain technology is a distributed ledger technology more well-known for being the technology backing cryptocurrencies like Bitcoin. However, blockchain tech can find extensive applications in diverse sectors, including education, financial, healthcare, and security.
Blockchain is a distributed ledger technology that offers a transparent, supportable register of transactions that can help change the education sector. One crucial perk of blockchain is that it is a decentralized tech that makes documents safe and not vulnerable to fraud. For example, once you store an educational document like a certificate in a blockchain encrypted QR code, you can be sure that your record is immutable.
Many stakeholders have already deployed blockchain inside the education ecosystem for diverse reasons, encompassing improving learning opportunities. Have a look at various ways of blockchain changing the education sector
Good Level of Trust & Transparency
Blockchain technology averts students from changing their creditability, such as grades, degrees, and even certification. It promises the employers that the job seeker has the essential knowledge and skills for the job post. It even helps employers recruit better for the role the job seekers have applied for. It takes place through distributed ledger tech of the blockchain.
There can be the use of blockchain to enhance the scholarship opportunities available for students. It will make it possible to save applicants’ information and track their academic growth securely. Such a thing will promise that only the deserving students get rewards for their hard work and dedication. It will also ensure that the whole process is transparent for all the involved parties.
Growth of Security & Efficiency
Blockchain technology can promise the identity, privacy, and security of the database of students through its immutability. Blockchain offers protection and validity, averting any student from changing the previous data saved in the blockchain.
This technology is much more secure than the conventional methods of paper records. The privacy of the information is ensured by not saving it rather than using a hash. You can encrypt the data before you store it on the blockchain. For example, once you have a blockchain encrypted document, you can be sure that it is safe, transparent, and immutable. Moreover, one can quickly check the authenticity of the education documents like certificates, diplomas, and more.
One area that blockchain technology can streamline is the registration procedure for public and private education institutions. You can store the student data using a private key accessible only to parents, students, and school faculty members. It lessens the chance of having sensitive information leaked or stolen and even ensures an immutable record that stays with the student until adulthood.
Helpful with Student Loans
Once students apply for loans, several different organizations verify their applications. Sometimes, this procedure can take up to a month before the money reaches the envisioned recipient. Blockchain technology will help loan companies transfer funds instantly with less charges and less hassle for everybody involved.
The Bottom Line
Blockchain is already bringing a change in the world of education. Gradually, the extensive use of blockchain technology in education will introduce significant revolutionary changes that will transform the education industry to a great level. You can also get started with securing documents with QR code today in your education institution with ProofEasy.