Blockchain is a modern technology for digital transactions accessible worldwide. In the coming future, it looks like to play a vital role not only in the global economy but also in every individual’s life. As per an estimate from the World Economic Forum (2015), the blockchain technologies will contribute at least 10 percent of the world’s GDP (USD 100 trillion) and 5 per cent will be managed via digital assets.
Simply, a blockchain is a book of records (or units of value) shared among a community. Every member in the community has the ease of maintaining his/her copy of the information, which is kept as a set of transactions (a currency or other unit), contracts (agreements to move assets, funds, or information) or anything in a digital form. Any sorts of alteration or addition made to this shared copy are added as a new “block” at the end of a “chain”.
How can blockchain change the face of education?
Blockchain technology, for your information, is a chain of endless records and does not allow deleting of records. It is highly secure with immutability.
In education, it can be used to store endless records of students, as their attendance, courses, grades, payment toward tuition, coursework and much more. With blockchain, not only the school but also the students can have an eye on their records and transactions. If any record has been saved once, no participant can make alterations. For any error in records, a new record will be added to rectify it and both the incorrect and correct records will be visible to participants.
The blockchain benefits through an open implementation of the technology as computer software. The copyright holder of the software has the rights of assigning permissions and responsibilities to others.
The blockchain-based technology organizations in education will be networks of educational organizations finding new ways of educating and informing their students.
Blocklogy developed by KMPARDS is one such innovative step in the direction of making blockchain education much more accessible to the masses. It is an e-learning app that enables anyone to join and learn through formal blockchain courses and become an expert in it.