Blockchain and the EduTech Industry
In today’s era, most people turn to technology for smoother processes of their day-to-day lives; may it be in the business industry, the food industry, or even the education industry. One of the most recent technological advancements today is in the Blockchain technology.
“A blockchain is a database which stores permanent blocks of information, such as a transaction history, to be shared within a particular community.” (Briggs, 2018) Blockchain ensures continuous listing of public records and transactions online, often involving cryptocurrency — may it be buying or selling. Generally using one, single platform, all users are allowed to keep a list, add and edit them accordingly, encouraging a public ownership of the entire system, preventing the tendency of monopoly from a single entity.
Blockchain technology generally plays a vital role in the Fintech industry, as it is basically the skeleton of cryptocurrencies. These digital currencies such as Bitcoins and Ethereum employs this technology that effectively secures transaction online, by creating a list of all codes. These codes are inputted by everyone in a public source, which encourages counterchecking and authentication by other miners. This way, no one has complete ownership over a set of chain, which, as in fiat currencies, basically sets off economic manipulation in its spectrum.
And while directly related to Fintech industry, blockchain is also a technology that may be applied to different platforms. In Education Industry, for instance, it could serve countless opportunities in terms of records support and real-time status and credentials checking.
Experts see that the blockchain technology will be very useful for Student Progress Tracking. These records, transcripts, and diplomas are usually released by schools as a paper or similar. However, there are instances where these items are either misplaced or lost. With technology, these credentials may now be stored in the cloud. To ensure privacy and protection of these files, schools may implement encryption on the data using blockchain to ensure that only those authorized will have access to it.
blockchain could also be an alternate approach to rewards system through blockchain-based knowledge score system. An ICO that will soon launch aims to do this by rewarding participants points through tokens to high achievers of the program, which in turn may be used by these participants to purchase products in the ICO’s marketplace and with their merchant partners.
In an obvious way, schools, in the future may consider using cryptocurrencies as a way to pay for tuition and other transactions. Several establishments, industries, and facilities now accept cryptocurrencies such as Ethereum and Bitcoin as a mode of payment. In the near future, schools may look into considering these digital currencies as well to settle student tuitions and other financial transactions needed for education. Apart from the protection that these files receive, the students are granted immediate access to their credentials readily and easily, and may be able to download their files wherever and whenever they need it.
In truth, blockchain technology is a useful digital archive of all transactions and records — May it be financial, academic or others. Its functions vary from user-to-user, extending to a vast majority of fields. The Education Industry will find a good partner in the blockchain, ensuring the student progress tracking, among many other possible uses of this technology, making the usual processes in the industry much easier, much faster, and much more efficient than before. Adding blockchain into the mix will most definitely be a good idea to pursue, with many great possible outcomes.
At Õpet, we identified that much time and resources are spent by admission offices of colleges globally to verify and validate students’ high school records. Furthermore, they are often subjected to much manipulation where the privileged and wealthy, particularly in emerging countries may acquire “admission counsellors or placement agents’ service” to write essays or forge extra-curricular records or testimonies for their clients, rendering the class-divide present in so many countries today even wider. We at Õpet, seeks to address this pain and need by deploying the latest blockchain technology, to Record students’ profile and academic + ECA records and learning progress accurately and reliably such that colleges or verification/validation agencies globally will not have to contest with such pain and manipulation in the future.
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