4 Ways Blockchain Can Transform Education
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A report of the European Commission’s Joint Research Centre (JRC) has some case studies carried out at European Universities, and it has some specific ways blockchain can impact education, but these use cases are in its “infancy”.
The blockchain technology for data management uses networks of nodes, which means that this distributed technology uses many computers at the same time to store its transactions (blocks). Blocks are sets of transactions. So, everyone in a community has a copy of the information and all community members validate updates collectively. Furthermore, the technology can create a self-checking network, which cannot be corrupted. So, blockchain technology promises no transaction errors and the highest degree of accountability.
1) Blockchain can help eliminate paper because it can store all records in a secure and permanent way. So, blockchain technology can be used to issue reliable certificates and awards, transfer credits and keep track of learning achievements across a whole lifetime.
2) There is no need for a central authority to validate certificates. Then, there is no need for the Ministry of Information. Then, the college or university won’t have to send you a copy of your transcript and prove to the job recruiter that you have your degree. Then, the diplomas are publicly available and verifiable.
Furthermore, intellectual property management would also be simplified because the blockchain will record publications and citations. Actually, this can also help the author of the cited work to get paid automatically.
3) Educational institutions will save money. Actually, the people participating in the blockchain have ownership and control over their own data. So, the colleges would “significantly reduce” the cost of data management as well as legal costs arising from liability issues.
4) Blockchain-based cryptocurrencies will simplify payment systems in institutions. So, you won’t wait for your financial aid to be approved and transferred because blockchain can do those transactions in minutes. Furthermore, custom cryptocurrencies may be created to fund grants and vouchers.
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