Blockchain in Education Sector: Advantages and Disadvantages

Blockchain can be used in a variety of industries, including healthcare, land documentation, and education, because of its decentralized and secure nature.

 

A few years ago, the term "blockchain" was not widely used. We hear a lot about it these days, as well as its application in the financial sector. In some cases, the terms blockchain and cryptocurrency have been used interchangeably. Blockchain and Bitcoin, for example.

 

Is there a place for blockchain in other industries, such as education? Yes, it is correct. The benefit of utilizing blockchain in education is the data security it provides, as it can secure data even if one or more nodes are corrupted.

 

Advantages of Blockchain in the Education Sector

 

Some of the areas in the education industry where Blockchain could have an impact on how things are done include:

 

1. In the Field of University Research

 

Higher education has two goals: to pass on knowledge to future generations of students and to expand present knowledge through new research. 

 

Professors devote a significant portion of their time to conducting original research and publishing their findings, pushing the frontiers of their fields and revealing study topics that will take us into the future. 

 

Importantly, the reach and impact of those papers can have an impact on academics' capacity to acquire major funding to support future research. Authors have a vested interest in keeping track of how their work is utilized and preventing flagrant piracy. 

 

Researchers would be able to publish without restrictions, but in a way that would allow them to track their research's reuse, such as how often work is cited and used as teaching materials, allowing them to track its impact in the field, which is important because it can lead to accolades and future funding.

 

2. Learning should be rewarded in some way

 

Tokenization has become a cornerstone of blockchain technology. Academic institutions will soon be able to incentivize students to pay off their student debts on time, and professors will be able to motivate students by rewarding them with cryptocurrencies if they perform well or complete a specific major. Tokenization's gamification aspect of teaching has proven to be extremely effective.

 

Although it is still in its early stages, blockchain in Edtech has already been recognized as "the appropriate technology" for overhauling an outdated system.

 

Also Read | How AI can be used in Early Childhood Education

 

3. Increased visibility

 

The immutable ledger technology of blockchain produces a chronological record of real-time events. This is excellent for checking transcripts, displaying a complete report card, and keeping students up to date on their progress. When a student submits their assignment via blockchain, they can't "lose" it or claim it was lost by the teacher.

 

4. Accountability with smart contracts

 

Smart contracts will soon be available to teachers, university officials, and students. Students and teachers, for example, could sign a digital agreement outlining the limitations of an assignment, as well as the due date and grading deadline. Smart contracts can potentially be used to pay off student loans.

 

5. Lowering the Cost of Education

 

In addition to its potential to support lifelong learning, blockchain technology might be used to enable universal access to open educational resources, such as books, podcasts, and films, which are available in the public domain and are free to use redistribute. In a public network, blockchain allows these resources to be shared inexpensively and securely.

 

By opening up new, more affordable avenues to learning and disrupting the existing connection between schools and students, blockchain has the potential to alter the education landscape.

 

Managing student tuition payments is a time-consuming procedure that involves several stakeholders, including students, parents, scholarship foundations, private lending businesses, federal and state organizations, and university financial departments' often-massive bureaucracies. Blockchain can streamline this process, decreasing administrative expenses and, as a result, potentially cutting tuition costs.

 

Using smart contracts and cryptocurrencies as a payment method, the technology has already been deployed for pay-as-you-go courses and other forms of open learning scenarios.

 

(The New Normal has called for a huge change in the Education Sector. Learn about - The transition from traditional to online Classrooms)
 

Watch this video of TEDX by John Domingue, on - A Blockchain-based decentralized university

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Drawbacks to adopting Blockchain in Education

 

Despite the potential benefits of blockchain, its adoption in the area is still restricted. Much of this apprehension may be due to the difficulties of deploying the technology, which include issues of security, scalability, adoption rate, and cost.

 

1. Rate of Adoption

 

Blockchain, like other technology before it, can only succeed if enough institutions and employers trust it; graduates will only benefit from ownership of their credentials if the schools or firms to whom they are applying accept their legitimacy. 

 

However, with hundreds of institutions currently issuing and recognizing blockchain credentials, as well as a network of job sites like Upwork and ZipRecruiter advocating their use, they may soon become the norm rather than the exception.

 

2. Scalability

 

Educational institutions have a lot of data about their students and graduates, which might make blockchain scalability a problem. Because each transaction requires peer-to-peer verification, the number of blocks required grows as the breadth of data involved grows. 

 

This slows down the speed of transactions on the blockchain. This can be a substantial impediment if implemented widely. Permissioned blockchains, on the other hand, have a higher transaction rate per second than permissionless blockchains.

 

3. Cost

 

Although it can save money in other areas, adopting and implementing new technology is expensive. The cost of computer power and the cost of modifying current infrastructure can quickly pile up. 

 

Furthermore, many institutions may lack the knowledge and skills required to manage student data on a blockchain platform, necessitating the expenditure of both money and time in training school administrators on how to use the technology.

 

4. Security

 

Though one of blockchain's distinguishing characteristics is security, this does not imply that it is impenetrable. Because the information saved on the blockchain is so sensitive - students' educational records and academic credentials — institutions must be careful what data they store and how they preserve it. 

 

It can be difficult to comply with state and federal data protection rules. Universities may need to use private or allowed blockchains, or encrypt data on the blockchain, to adopt greater privacy safeguards.

 

(Explore What is Cybersecurity Mesh and how does it help businesses?)
 

Watch this: Blockchain for Education, by Infosys

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Bottom Line

 

Cryptocurrencies are already creating a huge revolution in the financial world thanks to Blockchain. This technology has the potential to change the education sector as well for good, by streamlining record keeping and sharing, simplifying the hiring process, improving data security and trust, and giving students lifetime ownership of their academic records.

 

Adaptation of Blockchain in Education increases the efficiency of the school ecosystem and optimizes the utilization of resources. Concerns like data privacy, cost, scalability, and interoperability with older systems will have to be addressed in the process. 

 

It is well worth the money since it will help usher in a more secure, transparent, collaborative, creative, and future-ready educational system that can handle increasing enrolment.