Can the modern and ever-changing field of fintech meet with higher education and share common ground? Predictions and some research into higher education trends will tell us that yes, it is indeed possible. Universities have constantly been looking for innovations in the field to apply to the discipline and bring something new to the environment.
The adaption of blockchain technology in higher education has allowed for greater cooperation between the two disciplines, paving the way for a seamless connection. Blockchain systems allow for secure transactions among entire groups of people, which is why it would be highly useful in the education sector.
A very important area where blockchain technology could impact education is record keeping. Handling big data and fairly new avenues like cryptocurrency, artificial intelligence, and more is made possible with blockchain. Along with these benefits, there is a whole new world of possibilities within reach. Here’s how blockchain will transform higher education:
As mentioned above, record-keeping has always been a little complicated for universities, schools, and other educational institutions. This is understandable as schools process thousands of new applications and students every academic year and the amount of paperwork that is a part of every new enrolment is overwhelmingly large. With a new student comes their high school degrees, certificates, and previously held diplomas.
Along with these, there are usually government records and documents as well as other official papers. Processing and storing such a large amount of paperwork is often complex but can be simplified using blockchain technology. The verification and recognition of these documents can also be completely digitized with this technology, reserving human labor for important tasks. Blockchain can also assist with solving IP-related and copyright problems.
Apart from storing important documents within blockchain systems, one can also record all of their educational achievements in a single place. The technology is capable of recognizing fraud and can reduce the overhead costs of maintaining these records. This makes it easier for students who are hoping to move or transfer to a new school.
The processing of payments, especially college fees, scholarship deposits, and more, is usually labor-intensive and takes a lot of time. This process involves multiple parties, including the students themselves, their parents, banks, scholarship agencies, governments, financial institutions, and more. What if you could eliminate all these third parties and process the payments of your semester fees easily?
With blockchain technology, students can convert real money into cryptocurrency and store it in their own crypto bank accounts. Each fee payment is automatically scheduled and deducted without the involvement of third parties if authorized by the student. This eliminates a lot of the time and human efforts that go into making fee payments as well as extra charges incurred during the process. While most educational institutions are hesitant about incorporating crypto, a few acclaimed schools have already begun doing so.
Storing teaching materials and more
Space has always been a challenging area for educational institutions to deal with. Lessons, assignments, tests, and good essay example can all be stored and used by students of a classroom over blockchain storage systems. Storage space is highly essential for schools, especially shared spaces where important learning material and other documents can be accessed by authorized parties like professors, supervisors, students, and more.
Due to its high versatility, blockchain technology can be used for a variety of complex tasks like storing all these materials through code, which makes them smaller in size and easier to store and transfer. Evaluation of a student’s work is also possible with blockchain. Cloud storage solutions are often expensive and can take up a lot of space within the systems of students and colleges. Blockchain allows you to seamlessly store compressed files without losing data.
Increase overall efficiency
Creating virtual transcripts of student documents is one of the smartest innovations to come out of the last decade of technological advancements. This saves space, both physical and digital, and the costs that are incurred by the university to do the same. Universities are easily able to access records whenever they need to with the help of blockchain technology.
You no longer have to wait for days or weeks to get your transfer certificate from your college. If they use a blockchain system, they can access original, verified documents in seconds and make your life easier. This saves time, human labor, money and paves the way for innovation and focus in education which is the primary function of an educational institution.
Create a disruptive business model
Existing higher education institutions have always followed a traditional business model. However, making use of blockchain has benefits that can change the entire system you operate your school with and improve the overall condition of education. Education is power, and with blockchain, universities can share this power with more students than ever. Blockchain allows schools to create smart and efficient relationships among students and teachers.
Education platforms powered by blockchain can even lower tuition fees and make it affordable for everyone to attend college. A lot of blockchain-powered colleges also offer free educational resources to students. Since the technology assists with secondary tasks and other menial duties that schools can save funds on, the redirected funds may be used to pay faculties well and improve the overall quality of education. The saved funds can also be used to procure better educational materials and equipment for students. Woolf University is a school that has been working towards becoming the first blockchain-powered global, non-profit university.
A careful analysis of the world of blockchain technology can tell you that it is the future. Blockchain can provide businesses with value unlike it has ever seen before and transform the industry for the better. This applied to the education industry just as much as it applies to others. Making use of technology to make education more accessible is one of its most noble and efficient uses, and it must be utilized by as many institutions as possible.