Blockchain is a system of keeping all the information or data more safely, and it is impossible to hack, cheat or change the system or the data. No one can change the data or cannot do anything with that; a lot of data can be stored without any problem. The data is collected in a digitalized form, which is why it is very safe and has positive consequences for many industries. It is pretty clear from the term that block and chain mean that various blocks make up the chain, and every block contains some information, and when more information is added to the league, it forms a chain. In simple terms, we can say that it is a record-keeping technology. It is a type of DLT (Distributed ledger technology).
Blockchain has been in considerable effect over the past few years, especially during the covid 19 time when the hype about the stocks also went high. That’s where the focus of the attention also went towards the blockchain or blockchain technology. We might assume it is prevalent now in the Bitcoin currency system, but that’s not true. It is a commonplace in all industries, and this system can be applied to all sectors. Most people combine it with only cryptocurrency. It can be instrumental in all the industries like finance, food, education, and much more. But in today’s article, we will mainly focus on how blockchain disrupts the ed tech industry.
Ed-tech industry & the blockchain
The ed-tech industry is an extensive sort of industry that needs to have a large amount of data and information to be contained, recorded, and processed in a large number in all the schools, colleges, and universities. Overall, it is a very time-consuming and bone-cracking process, but to make it easy, blockchain is the perfect technology to be used in this field. Most foreign universities have also started to use this technology in great numbers, proving very advantageous for them. With this technology, one can easily collect the data of many students, can easily record that, and make changes within the data.
An institution accepting a transfer student could use blockchain to verify their record and the courses they took with a few simple clicks. This clearly shows blockchain’s ed-tech potential. Educators use blockchain technology to review transcripts and report cards, complete digital agreements, and help students repay loans. Blockchain benefits education by increasing transparency, improving accountability through intelligent contracts, and incentivizing learning. It’s time for blockchain technology to speed up the process significantly now. Textbooks are quickly being replaced by technologies like the distributed ledger of the blockchain, Artificial Intelligence (AI), and machine learning (ML).
84% of the organizations are actively involved in blockchain activities. Blockchain would be projected to add a business value of more than 176 billion USD by 2025The most crucial aspect is it is likely to exceed more than 1.3 trillion by 2030. More than 50% of those individuals or organizations cited regulatory uncertainty as a hurdle in blockchain technology.
Where blockchain can be used in the Ed-tech industry
In the Education sector, most of the work is directly or indirectly based on paperwork, and blockchain technology can convert it into a simplified paperless manner.
Blockchain for Student Academic Data Storage and Verification
Student academic data like marks obtained in particular examinations, leaving certificates, and Course completion certificates are issued by the university or authority of a specific institute of the education department.
Students usually get photocopies of those documents, which are being issued on request to various entities for job applications, admission to another institute, scholarship applications, etc.
To tackle the misplacement of Academic Documents
There are quite a few incidents where students misplace their academic certificates. In such a case, they need to apply to educational institutions or authorities to issue those certificates after making payment of specific fees. It is a manual activity. If a student requires those certificates or documents urgently, then getting duplicate copies of the certificates becomes impossible.
Re-issuance of Academic Documents to Students
Most of the time, educational institutions or authorities receive thousands of requests from students to re-issue their academic certificates and mark sheets. Based on a permanent registration number or photocopy submitted by the student, the university needs to extract information from its database and issue a fresh copy of the certificate or mark sheet.
It is quite a tedious, laborious, and time-consuming job for the education institute.
Verification request by an Authority for Student Academic Data Verification
This is a typical case where the student has submitted individual mark sheets or academic certificates for various scenarios.
It has a lot of advantages, as it will ease the document verification process with blockchain. It becomes very time-saving and very effective as well. There will be no issue with storage as well as it has a large storage capacity where a large amount of data or information can be easily stored. This is no issue of storage capacity. There will be no issue of cheating or any other wrong kind of behavior with the data. The data will remain safe and secure. Records can be easily maintained, and there are no security issues.
It will help to deal with the obstacles more efficiently and make the process simple, secure, and smooth.
One thing is for sure, and that is that blockchain Or blockchain technology will surely disrupt the ed-tech industry but in the positive change Or in a positive way, not the negative one. It will make the documentation recording, collection, and everything more straightforward. It will help the ed tech industry of the country to reach greater heights, and this way, the development of the ed tech industry is undoubtedly to come. Blockchain can certainly help to eliminate many barriers to make the process simpler and better.
It cannot be just confused and combined with cryptocurrencies only; instead, its proper implementation should be done in every possible industry and gain the most out of it, especially in developing countries like India; this will help a lot, and this can bring revolution in the ed tech industry of the country and not only in this but in all possible sectors.
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