How Franchisors Can Use Blockchain In Their Education Business
Blockchain technology is a decentralized public ledger that allows market participants to keep track of digital currency transactions without central recordkeeping. It was the core technology used to create the cryptocurrency, Bitcoin.
The technology is expected to revolutionize various industries such as commerce, education etc. It can be used to promote the rapid development of a knowledge-based economy on a global scale. Here are the 3 major ways of using Blockchain in the education industry.
Verifying a diploma today requires time and potential employers and graduate programs to request confirmation of credentials from universities. However, it can be avoided by employing Blockchain in granting and managing student’s degree now.
The data matched with users’ ID stored in Blockchain is checked, validated, and maintained by miners from all over the world. Blockchain distributed ledger is immutable and trustworthy. Thus, the reliability and authority are both ensured, which will significantly reduce degree fraud.
A key challenge that educational institutes face is to keep academic and workmanship records. Blockchain helps to record detailed information about the users’ learning experience and follows the development of their knowledge and skills.
All of them can also be transformed into a sort of digital currency and stored on a blockchain network. Students will gain rewards through their efforts on studies. It can be used to measure learning outcomes and stored in a virtual wallet. Moreover, students who have trouble getting a copy of their school records can benefit from blockchain-encrypted credential.
The very essence of education is to share knowledge without tampering with its value. Introducing blockchain in education can be used to create data banks. Students, teachers, entrepreneurs and leaders across the world can use these data banks to contribute their learning experiences for future generations.
There is lesser risk of data loss in case of blockchain based systems. Any tampering with the knowledge bank will set off alarms for all stakeholders entrusted with the security system.