In its initial stages of development, Blockchain Technology is predicted to top $2 billion in three years. We’re living in an era of super-smart intelligent machines, rather, now, our future lies in being more human and less like a machine. This is how the consequences of this inevitable rise of technology are engraved in our daily lives.
By 2022, it is anticipated that global investment in the blockchain would have increased by more than five times from just a year or two ago, to $11.7 billion. IDC anticipates that this increase will carry on after 2022, averaging 73.2% yearly growth. The previous several years have shown that it has already exceeded all expectations. Spending on a blockchain has increased significantly from the previous year, indicating that this prediction may even be conservative.
Talking of technology blockchain is already becoming an integral part of our lives and schools all over the globe today. Well, smart classrooms will not be far away, bringing a change to the administrators and students, etc.
Blockchain technology is already revolutionizing sectors like NGOs and government to help create customer trust, reducing transactional costs, and cutting down on counterfeit goods to reach emerging markets. Although these sectors have already started using this technology in varied ways, it is still challenging to acquire these skills and compete in this fast-paced work environment.
Upwork, one of the world’s largest freelancing websites, ranked blockchain as the hottest technology in their quarterly skills index. Though cryptocurrency has been limbering down, there has been no change in the demand for job skills in the blockchain industry. Blockchain is needed not only in technology companies but also in real estate, banks, non-profits, and the education sector.
The early bird in the field of education initiatives
Recent research says that 42% of the top 50 universities across the globe have offered at least one course on cryptocurrency and blockchain technology.
Education, on the other hand, is just as equal and important as the real estate or healthcare sector is today. There is a lot of domain that this technology could be improved in the education field. The potential of this technology has extended far beyond its current applications and can make a huge difference in the education sector one day.
By 2020, the tech sector is set to reach $93.76 billion globally. It already seems that tools and technologies like virtual reality and artificial intelligence improving learning outcomes for students at every level.
Though it is still far off, how will blockchain pave the way in the education sector?
Security concerns and degree validation on campuses
Regarding breaches, the education sector isn’t far from the banking and healthcare sectors. Besides these two sectors, next comes the education sector, which has experienced huge data breaches making up to 13% of breaches in the year 2017.
A Russian platform called Disciplina is the first of its kind to be dedicated solely to education and recruiting. TeachMePlease, an app, is used in the higher education marketplace for teachers and students to gather together. Other settings include a library, information services, and transportation.
Pave the way for better data security
It is obvious that people are scared about their data being breached. In most cases, parents are protective of their child’s data. Schools have now taken data breaches seriously, as data can be easily collected through different sources. Schools can now easily use blockchain to safeguard students’ data.
The blockchain space is moving rapidly. If you’re looking for a faster transition, blockchain certification is ideal to stay prepared for the careers of tomorrow.
Lowering costs for various processes
Blockchain technology can save costs by creating accessible learning opportunities. It will necessitate less manual intervention, lowering the demand for additional staffing for procedures. The technology has been powering digital currencies like bitcoin and is already used in the banking industry.
Challenges in using Blockchain Technology
In addition, security is one of the main difficulties in using blockchain technology. Even with improved security, blockchain is still susceptible to attack. Additionally, it makes changing student records for a good reason impossible. Beyond a certain point, scaling the system has limitations as well. As more blocks are added to the network, transaction speeds will decrease since each transaction needs peer-to-peer verification.
The usage of blockchain in education could assist increase the ecosystem’s effectiveness and maximize the use of the resources already available. The benefits of doing so outweigh the costs, including a more secure, open, collaborative, innovative, and future-ready educational system that can handle larger enrollments.
The industry must embrace such changes in the future rather than shying away from them. There is no doubt that there will be immense benefits the education sector will gain from the blockchain. It is still in its initial stage. Thus, there might be a lot of questions that will require certain answers. However, the possibilities of disruption in the education sector are endless.