It wasn’t long ago that Blockchain was a buzzword, and every company was scrambling to hire Ethereum developers (Ethereum being one of the most popular Blockchains). However, as time passed, people and the industry matured, and now organizations prioritize complete Blockchain consulting services before investing in solution development.
Blockchain is a network of distributed ledgers in which information is kept in groups (called Blocks) as cryptographic hashes. A cryptographic hash function can transform any size of data into a unique fixed-length alphanumeric string. The cryptographic hash of two separate information elements can never be the same.
Even minor changes to the information will result in a different cryptographic hash. Different types of Blockchains gather a specified amount of hashes into a block, and each block contains a reference to the previous and next block, establishing an immutable chain of hashes linked together.
Issues in the education business and how Blockchain can help solve them
The education industry is fragmented, with information housed in silos. It is primarily reliant on information released in print. As a result, the information is susceptible to duplication and tampering. The following are some of the significant challenges:
1. Certificate verification
A paper-based degree or certificate can be easily replicated or changed with the abundance of professional image editing software available. It is nearly impossible to distinguish between a doctored/fake document and the original. Despite the fact that the majority of certificates/degrees contain a unique identification number. The capacity to audit and verify this unique number is limited or non-existent.
Businesses pay a third-party verification services provider to confirm these certificates/degrees. The verification process is lengthy and time-consuming, which causes unnecessary delays in the employment process.
Educational institutions can use Ethereum development to create a blockchain-based network of institutes. You can hire a Blockchain Software Development Company in Dubai to help you with the process of developing a platform on Ethereum.
This network can be joined by other corporate businesses with access permissions only. Every transaction in such a network is timestamped, and the transaction details are saved in the form of a cryptographic hash, making alterations to the recorded information very difficult.
A Blockchain-based network is ‘write-once only,’ meaning that new information may only be appended, not deleted or changed. Even the owner of the information can only add to it, and it is simple to track who and when made the modifications. This network can be used to digitally publish degrees and certificates.
All information about a person’s profile can be saved in the form of a smart contract, which is a feature of the Ethereum Blockchain. Educational institutes can post certificates/degrees on the network and include the information in the smart contract. When new information (such as a new certificate or degree) is uploaded to the smart contract, the person must verify the information. It becomes a permanent record of the person’s profile after verification.
Every network member, including companies, will receive automated alerts triggered by the smart contract for new additions or adjustments to the person’s profile. This simplifies the verification process by removing the requirement for third-party verification services. However, in the actual world, third-party verification companies can use such networks to deliver superior services.
2. Evidence of original work and authorship
Research work is very significant in higher education. Postgraduate students and scholars frequently publish their research findings. Furthermore, many of these studies are funded by corporations. Universities and periodicals use online plagiarism techniques that cost thousands of dollars to determine if the work is original or duplicated.
Each research article can be kept with a unique identification in a Blockchain network (as previously mentioned). In addition, the text file containing the study work can be passed into the SHA-256 (Secure Hash Method) algorithm, which generates unique 256-bit hashes for further security. As a result, making copies of the information is impossible, and only those with the appropriate credentials can access it. Furthermore, proving ownership of the work is simple.
3. International payments
Many students cross borders to further their studies. They confront numerous challenges when transferring funds across borders to cover tuition and other educational expenses. International transfers include substantial transaction costs and there is no way of knowing when the funds will be delivered to the recipient.
Education establishments can settle payments more quickly by inventing a cryptocurrency that can be used for numerous educational services and fee payments. Furthermore, this cryptocurrency can be used to automatically award outstanding performing students via smart contracts when they reach particular milestones, and the monies earned can then be used to pay fees or enjoy other educational services.
The education industry is primed for Blockchain adoption. The benefits of deploying Blockchain much outweigh the costs involved in development. However, in order to fully exploit this technology, a technical partner capable of providing comprehensive Blockchain consulting services is required.
Author Bio: Suzanne Dieze is not merely a technical writer but also a lifelong learner who has an ongoing enthusiasm to learn a variety of new things. She used to combine her curiosity with her experience while writing about the most valuable businesses. She focuses on assisting B2B tech companies in telling their unique stories and engaging their audience by delivering content to solve their problems. Besides, she is also well-versed in writing for cyber security professionals, NFT Minting Website, and more to assist companies in addressing prospects & customers for a new generation of marketing.