How Blockchain Will Disrupt The Corrupt Education System and Student Loans
3 min read
Blockchain (a Distributed Ledger Technology, DLT) is the technology used to create and run cryptocurrencies, of which Bitcoin is the first known. It uses cryptography to ensure secure and seamless transactions. Created by Satoshi Nakamoto in 2009, blockchain was assured to be a more secure, time and effort saving, and efficient way of managing transactions but few years after the emergence of blockchain, the cryptocurrency, Bitcoin was still the main focus, not the technology behind it.
Today, there is more light on the diverse use of blockchain which has made individuals and organizations embark on further research and this has led to groundbreaking innovations and development of the technology to improve business transactions, educational systems, governmental systems, and other industries in a secure and transparent way.
The Corrupt Education System
Students have always depended on educational institutions to manage their learning achievements data. The management of these data is centralized and thus, creates a great burden for institutions and also for students to access. This has also resulted in students requesting a transcript (which represents their academic recognition, the credits, and honors they earned while studying) from the institutions where they completed their previous qualifications whenever they are applying for new postgraduate degrees.
Another traditional problem of the education system is the use of manual processes (paper system and case-by-case checking) to verify academic credentials which is time-consuming, expert-requiring, and subject to loss and fraud.
How Blockchain Can Disrupt The Corrupt Education System
The current education system is being operated in a centralized way which is no longer sustainable. Blockchain technology could transform the traditional processes used in the education system by distributing students' records across the network thereby making them accessible, transparent, verified, and secure without the need for intervention by intermediaries (educational institutions). Blockchain when greatly applied in the area of accreditation records would help greatly as students would be able to access and control their educational data. Students would have access to and control over their education data in a secure place that is accessible to anyone who needs to verify it.
Blockchain can also be used to store and deliver institution-issued certificates. The certificates would be created and placed into the blockchain database using encryption, this would help in stopping fake certification claims. Even if the whole educational system of a country becomes closed down or the institutions that issued the certificates close down later, the certificates would still be verifiable and secure.
Another great impact blockchain would have is the provision of education with an easy method of micropayments. Third parties have always been involved in financial transactions and they charge high fees. use expenBlockchain allows free transactions between parties. blockchain technology could possibly be used to simplify administrative tasks, decentralize learning materials to make them more accessible, create a network for parents to share experiences, and store learning-related data.
Some educational institutions in the world are beginning to implement blockchain technology and are reaping the benefits. The University of Nicosia currently uses blockchain for education, including accepting crypto for tuition, offering courses on cryptocurrencies, and issuing academic certificates on the blockchain. Sony Global Education has developed a new educational platform in partnership with IBM that uses blockchain to secure and share student records.
It's all up to a country to make a headway with success in the use of blockchain, then others will follow suit.