- Gartner cited Blockchain as one most disruptive technologies for 2020.
Education today is no stranger to hybrid learning, big data, STEM, AI and ML. These are integral technologies of the educational landscape. Students can think beyond the classroom. Physical boundaries no longer constrain the dissemination of knowledge.
We are at the edge of exploring a whole new world in education. Blockchain development technology can offer the educational ecosystem accountability, transparency and decentralization.
This is revolutionary for education and learning continuity.
Market Data for Blockchain Technology
Market data is essential to assess the growth of a sector. It gives an insight into the potential and allows us to make better business decisions.
So, let’s look at the predicted data for blockchain technology. This will enable enterprises to understand its importance and act upon its implementation.
The revenue of the global blockchain technology market is estimated to touch $20 billion in revenue by 2024.
As per market forecasts, Blockchain will augment global GDP by $1.76 trillion by 2030.
(Techinjury, findstack, MarketWatch)
Why blockchain development technology?
Blockchain has become synonymous with cryptocurrency. However, there are many applications of blockchain technology. As more and more sectors are leveraging the technology as they seek the services of specialized blockchain development companies.
Benefits of Blockchain Technology
- Better Security- Can offer better protection of business processes and data and reduce hacking.
- Trust and Transparency – Promotes trust between unknown parties.
- Cost-Effective- It is a decentralized platform, taking away the need for intermediaries.
- Effective – Enables real-time data sharing and allows enterprises to conduct faster transactions.
- Traceability- can track the origin and supply of goods like medicines and cosmetics to check for counterfeits.
Why Blockchain Development for Education?
The digitization of education will increase at a rapid pace. There is a corresponding need for enhanced data protection and tracking of academic credentials. This will enable institutions to ensure fool proof hiring and admissions. Education metaverse is an advanced technology for decentralization and democratization of education.
Let’s assess some of the significant benefits blockchain development can offer educational institutes.
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Data Safety
Blockchain works on a decentralized platform. Blockchain works on distributed ledgers that exist on a network of nodes. Cryptography and sequential saving of data enhance security. The time is also recorded. Each node checks and verifies information with each other.
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Record Keeping
Verifying academic credentials is a compulsory but time-intensive job. Universities invest time and money into this exercise. Record keeping and verification is more accessible, with blockchain technology, due to digitalization.
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Making learning accessible and engaging
Blockchain Development technology works on a decentralized, open-source system. It can offer scope to improve the current learning experience.
Blockchain Development Companies like EDIIIE apply this powerful technology to create meaningful learning experiences. The technology can help ed-tech companies track achievements and offer commensurate rewards and tokens. The gamification of the learning process provides engaging experiences and motivates learners to explore and innovate.
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Designing syllabus and curriculum
Blockchain technology is helpful for designing curricula and storing digital syllabi. Block chain enables educators to automatically track student performance. They can help assign new tasks once the previous ones are done. It is a valuable tool for conducting exams as well. The question sheets and grading parameters can be programmed and exam papers assessed.
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Issuing Certificates using a Blockchain
A recent use case of this in India was when IIT Kanpur awarded graduating engineers their degrees in a blockchain-based digital form in December 2021.
A certificate comes in the form of a token. The information relating to the certifications is stored on the Blockchain or linked to the entry. Hence, private data can be kept separate from public data.
Consult EDIIIE for Educational Blockchain Development
Blockchain development technology offers great promise in the educational world. Its applicability can transcend learning centers of all types. Blockchain can take learning to new frontiers and quality institutes can harness its potential to offer more value-added educational benefits. EDIIIE is one of the most versatile blockchain development companies on the radar. Consult EDIIIE to learn more about the applications of blockchain development in education.
