Blockchain Revolution: How the Technology is Impacting the Education Industry in Four Different Ways

In an increasingly globalized society, the number of people studying abroad is increasing, and the Internet is also gradually shaping education and learning in the form of massive open online courses, webinars, online Q&A platforms. Thus, the education industry is increasingly in need of global sharing of data and optimization of network architecture.

Blockchain can help the education industry achieve the following (but not limiting to): degree certificate record-keeping, institutional cluster cooperation, data management and sharing as well as virtual currency trading. All this helps in preventing seniority falsification and achieving global certification from the underlying technology infrastructure.

Degree Certificates on Blockchain
The use of blockchain to record students’ academic achievements, reward certificates, degree certificates etc. can prevent counterfeit certificates. At the end of January, Sony disclosed that the company had developed a centralized, blockchain-based modern ledger to store educational materials, share them online, adopt new records and evaluate learning methods. In February 2016, Sony had announced the adoption of blockchain technology, applicable in the field of education. The company had developed a sharing technology that enables open plus secure academic and progressive records. MIT has been using blockchain to authenticate digital badges and open source code.

Cluster Cooperation in Educational Institutions
Boston University, the Australian National University, the University of British Columbia, etc., have formed a code-sharing certification agreement to form a federation of universities; Open class providers can also adopt the same agreement, both to ensure the security of certification, but also to allow different platforms to provide the same certificate, which is recognized globally.
Qing Dynasty Education has collaborated with an enterprise engaged in the underlying technology of blockchain to build a new educational medium, which will apply blockchain technology to cover educational institutions, realize media sharing resources and provide O2O advertising. For instance, a K12 tutorial school can co-advertise in a piano tutoring organization to avoid competition to some extent within the same industry, and to achieve live information sharing.

Information Authentication Management Database
Educational institutions can use blockchain to build an information certification management database in order to achieve global synchronization of the academic qualifications among various institutions data stored in the chain. For say, if students change their educational institutions, switch into new jobs, or move to new countries, their academic qualifications data can be obtained and modified by those in need of it. This helps to avoid cumbersome clerical exchanges and accreditation between different databases in different countries.
If blockchain can continuously crawl data from various forms of learning, such as attending meetings, courses, and store these experiences and learning opportunities in the system, continuous professional development can be tracked more easily and no longer be as fragmented as it used to be.

Education Currency
The use of virtual currency as a trading currency can further enhance the efficiency of the online education industry. Educoin, a digitally encrypted virtual currency for online educational content sharing, opened its recharge business in February last year for selling educational services, the sharing of educational products and technologies, along with the disclosure and evaluation of teaching quality.