Blockchain is supposed to be the base technology on which bitcoin is built and today it has proved to be more than that. Blockchain is immutable, eliminates fraud, and provides transparency to the system. It is emerging as a new wave in various sectors may it be healthcare, supply chain, banking, or education.
The Decentralised Ledger Technology gives ownership to students by providing easy access to those seeking credentials. Till now, blockchain is used to issue digital certificates to students. For example, Central New Mexico Community College became the first community college to issue blockchain diplomas in 2017. Later, the Massachusetts Institute of Technology (MIT) began offering blockchain digital degree certificates. But the scope is much beyond that.
There are ample pros to the technology but there are still many hurdles for it to reach the mass adoption state. The reasons why still companies are indecisive about its adoption range from the expense associated with training staff and incorporating the required technology, risks associated with immature technology, to accepting decentralized power. But the risk of not investing is higher than the risk of investing in this technology.
“The most promising use cases address problems that have proven difficult to solve using traditional technologies, are uniquely digital, and represent key barriers to scalability,” says Terri-Lynn Thayer, Vice President, Gartner.
The few ways that we have identified in which DLT can be used to improve the higher education system include:
• TRANSACTION: The network allows faster and cheaper transactions. While it assures low tuition fees for students at the same time, it increases remuneration for teachers by automating administrative tasks and reducing overhead costs.
• TRANSCRIPT: DLT ensures universally recognized and verified transactions.
• SECURING RECORDS: It helps to maintain better recordkeeping by making credentials digital and under the user’s control.
• LIBRARIES: Another use case is expanding libraries by building an enhanced metadata archive. San Jose State’s School of Information received a $100K grant from the Institute of Museum and Library Services to fund a year-long project exploring the potential of Blockchain technology for information services.
• HUMAN RESOURCE: It also enables easy background checks by streamlining the hiring process for HR managers and move forward quickly.
• DIGITAL BADGES: It helps to verify and communicate skill assertion through a digital badge.
Businesses and colleges are collaborating to uncover more ways that blockchain innovation can transform higher education. In July 2018, IBM and Columbia University reported a new partnership, the Columbia–IBM Centre for Blockchain and Data Transparency, which will research more approaches to utilize blockchain on campus.
Furthermore, following MIT’s accomplishment of digital credentials, nine post-secondary institutions have united to “develop a free service through which students can store and share academic credentials from various sources; thereby creating a global infrastructure anchoring academic achievement,” according to EdScoop. In the year 2021, Blockchain is no longer considered a fad, it’s a leading technology trend to drive digital transformation.
Its scope in higher education is vast and it’s all set to dismantle the tedious, paper-based industry. To reap the rewards of blockchain on campus, universities will need to adapt their IT departments and infrastructures to realize blockchain’s full potential. This, in turn, will improve the student experience and overall campus efficiency, allowing colleges to remain competitive in an increasingly volatile market.
We at Admantium, encourage and support such startups which are the vision of tomorrow. A lot of research is done before bringing the project to investors to ensure the right data is provided at the right time. We focus on helping blockchain companies from the initial phase of developing ideas to preparing documents and finally the fundraising. We’ll help you to resolve and find a solution to your specific tech problems. Mail us at – email@example.com
About the Author – TWINKLE MITTAL
Twinkle Mittal is a Financial Analyst at Admantium Crypto Advisors, an Investment banking and consulting firm focused on blockchain technologies. We help early-stage entrepreneurs and startups in Building Business Models and Developing Business Ideas take a 360-degree view of how to build a sustainable business using blockchain technologies, translating concepts into clear cut plans. We also help raise external funding to kickstart or grow your business.