The issues encumbering the traditional education system have long been known, discussed, and dissected. From obsolete curriculums and teaching methods, which are often rigid and ineffective, to limited access to quality education, high tuition costs, and the prioritization of theoretical knowledge over practical application, there are plenty of shortcomings and challenges facing conventional education.
The increasing integration of tech tools and solutions within the field and the subsequent rise of EdTech, which continues to make rapid progress, has been able to address some of these challenges and give the education system a much-needed upgrade. It has increased accessibility, flexibility, personalization, and engagement and has made the learning process a lot more efficient overall. However, the digitalization of education, although highly beneficial, is not enough to fix all the issues affecting this sector. A lot more needs to be done, and the solutions that could facilitate the necessary changes might come from the crypto and blockchain sphere.
As two of the biggest innovations of the past decades, with massive transformational potential, crypto and blockchain can be put to good use in the education environment and become fundamental to its development. Many still mistakenly think that crypto is all about tracking Bitcoin’s shifting values or the current Ethereum price, something that is exclusive to traders and investors, and don’t realize how this new asset class and the technology that enables its existence could make a difference.
However, a more in-depth look at this correlation is going to reveal some really interesting possibilities and use cases for crypto and blockchain that might become game-changers and even usher in a new era in education.
From paper-based to blockchain-based records
The education sector has customarily relied on paper-heavy practices and procedures in terms of administration and management. Students have always had to fill out physical application forms, take tests, and hand in assignments on paper or receive paper certificates and diplomas attesting to their academic attainments. Apart from making these processes rather cumbersome for all parties involved, taking up more space and time, and damaging the environment, paper-based documents and records can be easily lost, damaged, or forged, and verifying their authenticity is also quite challenging.
With the introduction of blockchain technology in education, these issues can become a thing of the past. By resorting to blockchain’s capabilities to store and share academic credentials and records, students can prove their documents and achievements are genuine, while educational institutions and other organizations can sidestep time-consuming verifications. This ensures easy accessibility and tracking of education competencies and credentials, and the whole document management process can become a lot more transparent and sustainable.
The solution has already been successfully implemented by the Massachusetts Institute of Technology (MIT) since 2017 when they partnered up with Learning Machine, a blockchain-powered credentialing startup, and started using the Blockcerts open standard to offer certain students digital degree certificates recorded on the blockchain and secured by cryptographic protocols, thus guaranteeing they are authentic and tamper-proof. Various other educational institutions, such as the University of Texas and the University of Nicosia, followed MIT’s example and leveraged this tool to advance their credentialing procedures.
Improved privacy and security for students
Blockchain platforms have no single point of failure being made of a network of nodes, each of them holding an identical copy of the entire ledger, which ensures the highest levels of security and privacy. In an education context, the decentralized quality of blockchain technology can be used to keep student data safe and prevent it from being altered or falling in the wrong hands.
By contrast, conventional education structures that employ other methods to store student information are prone to data breaches and other types of cyberattacks. From personal identifiers to educational transcripts or projects and assignments, blockchain can store all types of student data securely and eliminate the risk of unauthorized access or alternations.
Covering education expenses with crypto
Funding academic pursuits is another obstacle that many students face in conventional education settings. Even if they have the necessary financial resources to pay for their courses and associated expenses, they can still come across bureaucratic barriers, high fees and long processing times when making transactions, especially in the case of cross-border payments.
That’s where crypto can step in and offer an alternative payment solution that’s much faster, more secure, and has lower fees than transactions facilitated by third-party intermediaries. Although crypto payments are only accepted by a limited number of universities at the moment, several prominent institutions such as the University of Pennsylvania, the University of California Berkeley, and the National University of Singapore have already started offering this option to their students, and many other educational organizations will likely do so in the future, enabling the free flow of funds in the academic landscape.
Streamlined learning experience
The integration of blockchain and crypto into learning structures can also lead to a departure from the conventional institutionalized education facilitated by public schools, universities, trade schools and other similar establishments. With the help of these innovative technologies, students have the possibility to connect directly with teachers, trainers, instructors and other education providers and completely bypass middlemen.
Blockchain-powered decentralized platforms propose a new type of learning venue where courses and educational resources are easily shared with people from all over the globe, wile crypto can be used to cover course fees and other expenses on these platforms. This could result in the emergence of a more flexible and dynamic learning environment where students are encouraged to take charge of their academic trajectory.
There’s no denying that blockchain and crypto can be a very powerful duo in the world of education and might even produce fundamental transformations in the sector. Nevertheless, one should not ignore the challenges that come with innovation and the lengthy process it involves. In the end, the union of crypto, blockchain and education is going to require time and patience to ensure the best outcomes.
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