Introduction


Most people think about blockchain when they think of cryptocurrencies like Bitcoin. As the material is kept in blocks linked together in chronological sequence, tracking its sources and establishing its legitimacy is a pretty simple task. Now, what is blockchain technology all about? Blockchain innovation is characterized as a decentralized, disseminated record that records the provenance of a computerized resource.
 
Due to these characteristics and the fact that it is decentralized, blockchain technology has been used by many businesses, including the financial industry. According to the International Data Corporation (IDC), investing in blockchain technology is expected to rise from more than $4 billion in 2020 to over $14 billion in 2023. 
 
Education is one field where blockchain has yet to make an impact. Only a small number of educational institutions have embraced blockchain technology. There are just 2% of higher education institutions now embracing blockchain, and another 18% expect to do so in the next two years, according to a Gartner poll in 2019.
 
Academic data and certificates are a primary use case for the universities that have used blockchain. Research suggests that smart contracts and other features might improve efficiency for instructors and give students more control over their academic records. Constraints such as data security, scalability, and cost will have to be overcome before blockchain can be widely used in education.

Role of blockchain technology in education


Blockchain is expected to play a more significant role in education as technology develops. A bachelor's degree in computer science is necessary to grasp the numerous applications of blockchain in education and other businesses, a bachelor's degree in computer science is necessary.
 

Inquiry on the use of blockchain technology in education


Despite these numerous hurdles, groups like the Education Blockchain Action Network and the American Council on Education's Education Blockchain Initiative (EBI) are actively studying the application of blockchain in education and how it might change the sector. 
 
The Education Blockchain Action Network (EBAN) brings together educators, administrators, students, and technology developers to examine how blockchain might alter the educational landscape of the future. Open-source project creation and debate are facilitated by the network's role as a "shared community-driven environment" for the blockchain industry's key players and stakeholders.
 
EBI is primarily investigating how blockchain might ease the exchange of records between institutions and companies. With the use of blockchain, the EBI aspires to offer students more control over their digital identities while also facilitating lifelong learning and enhancing economic mobility around the globe. 
 
It recently gave $900,000 to firms including Student1, which offers complete and transferable educational records for Nebraska K-12 kids, as well as UnBlocked, which is developing an open market to facilitate college credit transfers.
 

Benefits of blockchain in education


Through the use of cryptocurrencies, blockchain is already transforming the financial services sector. While streamlining record-keeping and information exchange, increasing security, and fostering more trust, this technology has the potential to revolutionize the hiring process, as well as give students control over their academic records for the long term.
 

The importance of Blockchain in reducing the cost of education

 
By opening up new, more affordable learning options and disrupting the current connection between schools and students, blockchain can alter the educational environment. Many parties are involved in keeping track of student tuition payments, including the students themselves, their parents, scholarship funds, and private lenders, as well as the many departments inside universities tasked with keeping track of the often-massive paperwork that goes along with it. Using blockchain technology, this process may be streamlined, resulting in decreased administrative expenditures and perhaps cheaper tuition rates.
 
Pay-as-you-go courses and other open learning scenarios have already been implemented utilizing the technology, which relies on smart contracts and cryptocurrencies as a payment mechanism. Several institutions, both in the United States and internationally, now accept cryptocurrencies in payment of tuition. A college education may be more accessible and cheap for millions of individuals given the $1.7 trillion in student loan debt that currently exists in the United States, according to the Federal Reserve.
 
There are several ways that blockchain technology might be utilized for educational purposes. For example, it can be used to enable broad access to open educational resources, which include books, podcasts, and films. In a public network, these resources may be shared at a minimal cost and in a secure manner.
 
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