Blockchain technology is the underlying system of almost all decentralized crypto ecosystems. However, what might come as a surprise for some is that it’s not just the crypto world that blockchain can revolutionize, but also some traditional industries of the physical world. Education is among the sectors that have been fundamentally unchanged since its early days, but blockchain technology might just be the force that manages to truly reform this old-school industry—let’s see how.
Blockchain technology is a versatile concept that has the potential to enhance a given set of general features of almost all products and systems. First and foremost blockchain can improve security thanks to its cryptographic encryption via the infamous SHA256 hash function, decentralization, and immutability. Thus, blockchains can record any kind of data in a transparent, verifiable, decentralized, and unchangeable manner, which is unprecedented among conventional systems.
Another aspect that blockchain can improve is identity verification, be it in any kind of industry. Thanks to fungible, and non-fungible tokens (NFTs), blockchains can be used to grant individuals or organizations exclusive rights that are anonymous, yet verifiable by anyone at all times.
With that said, let’s see whether these traits can be implemented to change education for the better.
Before jumping to the solution, let’s have a brief word about the actual problems education faces in general. First, the credential verification of degrees issued by institutions that went out of business is an issue many graduates face worldwide. Without the institutional backing, losing credibility of degrees is often the case, which should not happen to anyone.
Second, students of all kinds are rarely involved in the decision-making of the organizations that they attend. Such lack of involvement discourages students, and prevents the creation of the most optimal environment for growth.
Lastly, most universities and high schools lack any form of universal student incentives. Scholarships are extremely exclusive, and as such, only reward the best of the best, without regarding the inequality of born skills, talents, backgrounds, and everything in between. All in all, less talented, but hard-working students should also be entitled to receive some form of monetary recognition for their efforts, which is not the case currently.
Blockchain technology can help fix all the above-mentioned flaws and transition education to an entirely new, safer and more inclusive era. First off, by simply issuing and registering degrees on a blockchain as a non-fungible token (NFT) undergraduates and graduates would have an anonymous, yet fully transparent and verifiable way of proving their qualifications, irrelevant of the status of the original issuer organization.
Moving on to the lack of involvement in decision-making, blockchain technology and governance tokens can be the solution. By delegating a certain amount of non-transferable tokens for the duration of studies to students, universities could listen to the anonymous contribution of their members, and aggregate them in a decentralized autonomous organization (DAO).
Last, but not least, incentivizing students by fungible crypto tokens officially issued by universities on a blockchain could be a solution to the overly exclusive compensation programs around the world.
Overall, it’s clear that while education is functioning, most of its ways and practices are stuck in the past, while the world would demand them to be one step ahead of everyone. Blockchain technology and crypto tokens can be the way out, as they truly have the potential to change education once, and for all—for the better.
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