Blockchain, a revolutionary technology that spans industries and is a relatively new development in the technological field, is anticipated to drive the expansion of the global economy over the course of the next several decades. The Blockchain lends a helping hand for users to perform a transaction without trusting the third party. The blockchain technology ensures that there is transparency between the two end users and as a result the transactions are performed without the help of intermediates such as banks and companies such as Paypal and directly link the user with the end service person.
Blockchain technology offers advantages in the Education field. However, currently the development in the Education field is considered to be in the embryonic stage as per the study of the Joint Research Centre (JRC) by the European countries. It has researched the potential impact of this “incorruptible” system in areas like training and digital credentials using either academic appointments or copyright protection.
The Education Sector & Blockchain Opportunity:
There are virtually daily announcements on how blockchain technology can be used in everyday life. Blockchain being the distributed, decentralized structure and including features like the permanence of the blockchain record and the capacity to run smart contracts, it is often considered to offer best services. With a few minor exceptions, these characteristics set blockchain technology-based products and services apart from earlier internet-based commercial developments and make them especially appealing to the education sector.
A distributed ledger known as a blockchain enables a community to record and exchange information. Each participant in this community keeps a copy of the data on hand, and any revisions must be approved by everyone. The data could represent anything that can be defined in digital form, including transactions, contracts, assets, identities, and so on. The Blockchain provides the Community members to access complete transaction histories because entries are permanent, transparent, and searchable.
Principal Benefits of Blockchain Technology
The blockchain technology opens up a wide range of opportunities for society that go beyond what is now possible. Some of the benefits are considered below:
- Self-sovereignty, helps users to identify themselves while also maintaining control over the storage and management of their personal data;
- Trust, which enables a technical infrastructure to inspire enough confidence in its operations for people to carry out transactions like payments or the issuance of certificates;