What Blockchain Technology Could Mean for Universities

You've probably heard a lot about cryptocurrencies, particularly Bitcoin, over the last few months. Analysts suggest that Bitcoin is the currency of the future and we have no reason to doubt that. However, we are more concerned about the technology that supports cryptocurrency, called Blockchain. This technology is well regarded in both the tech and finance industries, more so for its safety and integrity and is expected to be worth $20 billion by the end of 2024.

The thing is, Blockchain can be used for much more than supporting Bitcoin transactions. One of the areas where it is set to make a huge impact is in the field of higher education. Before we get to see the how's and why's, it is important to start on the same page.

What Is Blockchain Technology?

In simple terms, Blockchain is a digital database or ledger that records information chronologically and is continuously updated by a network of computers worldwide. As the name suggests, the data in a Blockchain is arranged in blocks. The technology is technically incorruptible as one cannot change information on any block once entered unless they are the owner and have a private key. Once someone makes a change to their block, the rest of the users will know about it within a couple of minutes, courtesy of the constantly syncing nature of the chain.

Another thing that makes the Blockchain tech popular is the fact that it is not susceptible to hacking or interference since its data is stored on millions of computers worldwide and not one central system. Other advantages of this technology include but are not limited to:

• A Peer-to-Peer network that eliminates intermediaries and all the costs and inconveniences associated with them.

• It self-audits every 10 minutes, with a global network of users validating every transaction thereby minimizing fraud.

• Since being launched over a decade ago, the Blockchain has never suffered any downtimes or technical problems. On the other hand, standard computer systems used by universities may experience system failures several times a year, interrupting normal operations in the process.

That said, how do universities stand to benefit or lose by integrating Blockchain technology in their operations?

The Positives

The Blockchain technology will bring about the following benefits to universities and other institutions of higher learning:

1. Simplifies Credentialing

As things currently stand, it is a complicated and tedious process for prospective employers and even graduates themselves to acquire student transcripts and other academic certificates required to prove qualification. Due to technological limitations, it can take days or even weeks to acquire the papers.

Some universities even charge a fee for that. By adopting a common Blockchain protocol, universities will make it easier for their students to prove their qualifications and save on costs such as printing and photocopying. As long as the information required is available in the system, students or employers can do the rest for themselves, and at their own cost in case they need any custom writings.

Use of Blockchain technology will also minimize the use of fake diploma and degree certificates as prospective employers will only have to log in to the network to see an applicant's credentials.

2. Increased Data Security

Universities currently store student data in files and computers that may get lost, stolen, and destroyed or in the case of computer databases, hacked. Such instances may result in public relations disasters that could cripple a university. By using a Blockchain Public Key Infrastructure, which comes with a key for encryption and another for decryption for every user, universities will be able to keep hackers away and secure their data.

3. Increased Demand for Skills

The primary role of universities and colleges is to instill both theoretical and practical knowledge that prepares students for the world. As more and more financial institutions and consulting companies start adopting Blockchain technology, demand for people with relevant skills is at an all-time high. For universities, this presents an opportunity to develop Blockchain-related courses as early as they can to gain an edge over their opponents and increase their prestige.

The Negatives

There are some concerns about the adoption of Blockchain technology that universities must be aware of and ready for. Here are a few examples:

1. It Could Lead to Decline of Universities

As mentioned above, Blockchain will make it possible and easy to verify academic credentials even when they are from different universities. If implemented correctly, it will mean that students don't have to do all their modules in one university since lecturers and deans can update their records to the ledger from different schools. For universities, this potential diminishing of roles which could lead to the dissolution of universities as online courses become a thing means loss of business and relevance. We don't know much but we are sure that no university is optimistic about this.

2. Loss of Privacy

Blockchain is essentially open to the general public and integration with the higher education system will impact the privacy of the students, lecturers, and institutions. For instance, some students taking courses that are considered immoral by the society may object to that information being made available to the public.

3. Loss of Jobs

Currently, universities employ staff to compile, print and dispatch academic transcripts and certificates. With the Blockchain system, all academic records for individual students will be updated on their blocks, making the staff jobs obsolete. In the chaotic economic times that we’re living in, you have to feel for all the people who will lose their jobs in the process. Also, as mentioned in point (1) above, the adoption of Blockchain technology across the board will greatly diminish the roles and scope of universities which could also lead to more job losses.

Conclusion

We are still in the formative stages of Blockchain adoption in different aspects of life. Discussions on the suitability of the technology to the education sector are still ongoing, and if stakeholders decide to adopt it, you can expect all or some of the issues raised above to take center stage.

In the meantime, what are your expectations or concerns regarding Blockchain technology? Sound off in the comments and let's talk.

Bio: Jake Lester is an experienced essay writer that is fond of sharing his mind about various spheres of life. The most recurring themes he covers are education, writing and marketing. He has his own writing style and this is why he is appreciated by readers. You may look through Facebook, Twitter & Google+.