Blockchain, the brainchild of Satoshi Nakamoto, is one of the most ingenious inventions of modern times. Blockchain is a public ledger that automatically records and verifies transactions. All transactions that are recorded to the blockchain are final and unable to be tampered with.
Blockchain first came to light when Satoshi Nakamoto presented the world’s first cryptocurrency, Bitcoin, to the world. Since then, blockchain has continued to disrupt some of the world’s longest-standing industries. Its ability to streamline age-old processes and provide increased security has made blockchain one of the most exciting developments for the education system. In this blog post, Coin Cloud talks about 10 different ways blockchain can and will improve education in the coming years.
- Transcripts. Transcripts must be universally recognized and validated in order for them to hold any true value. Blockchain ensures that all transcripts are final and unable to be tampered with. Transcripts recorded to the blockchain will provide a track record of all activity that was done, providing it with the credibility needed for verification processes.
- Infrastructure Security. Ensuring school data is a very serious matter. In order to do this, schools utilize various services that help protect their networks from hackers. Currently, there are a few different blockchain specific services that allow schools to share data across networks without making it susceptible to hackers.
- Cloud Storage. As learning and education institutions begin to store more data in the cloud, blockchain technologies will provide a more secure and cheaper way to do this. Companies like Filecoin provide users with the ability to use excess storage space to store other people’s data. It’s kind of like the Airbnb of cloud storage.
- Smart Contracts. Blockchain can be used to automatically execute agreements without the need of a third party. Smart contracts are agreements coded on the blockchain that execute once a predetermined set of criteria are met. These smart contracts have the ability to decrease paperwork and increase efficiency when education institutions enter into agreements with students, faculty or other institutions. A good use example of smart contracts in education institutions would be validating attendance and assignment completion. Turning in a paper could be as simple as clicking a button, but on the backend, the clicking of this button may return a micro credit to the student due to the smart contract that was placed on the blockchain.
- Learning Marketplace. The core value proposition of blockchain is that it removes the need for a middleman. With that said, various learning marketplaces will be deployed that allow users to both upload and receive lessons. From test prep to scuba diving school, anything is possible on a public ledger educational marketplace.
- Records Management. Blockchain will decrease paper-based processes, minimize fraud and increase accountability between authorities and those they serve. Because transactions recorded on the blockchain are final and unable to be tampered with, the risk of record fraud is nearly diminished. For education institutions, ensuring that all records are accurate is necessary for one’s credibility.
- Campus Stores. Blockchain is able to connect buyers with sellers in a public and secure platform without the need for a middleman. This same concept can be applied to campus retail stores and student stores. This will ensure that all payments are secure and tamper -free.
- Human Resources. Conducting background checks and verifying past employment history can be a time-consuming and costly process. If employment history and criminal history were stored on the blockchain, this process would be expedited, allowing HR professionals to spend more time focused on hiring the best candidate for the position.
- Libraries. Blockchain-enabled services can help libraries enhance their offerings by building a metadata archive, developing a protocol to support more community-based programs and facilitating more effective management of digital rights. Some schools have already begun exploring how blockchain can be used to better their services. In fact, San Jose State’s School of Information was granted $100,000 to fund a year-long project that explores how blockchain can be used to better their facilities.
- Energy Management. For educational institutions that run on renewable energy, blockchain can help with removing the need for a middleman to use these types of energy sources. Companies like Transactive Grid allow users to generate, buy and sell energy from their neighbors.
Education Is Big, But Blockchain Is Bigger
Educational systems are one of the most important aspects of a thriving society. With technology like blockchain continuing to grow and mature, the opportunities to take education to the next level is only beginning. Blockchain has already disrupted many of the world’s longest-standing industries and will only continue to do so as the years go on. Look out world… it’s only a matter of time before blockchain-enabled systems begin to creep into every aspect of our lives.
What Is Coin Cloud?
Coin Cloud is a Bitcoin ATM company headquartered in Las Vegas, Nevada. With over 627 locations nationwide, Coin Cloud boasts one of the largest and fastest-growing networks of two-way Bitcoin ATMs in the world. Our network has helped more than 144,000 customers buy and sell cryptocurrency since opening our doors in 2014. To find your nearest Bitcoin ATM, please visit CoinCloudATM.com.