Everyone strives for higher education as it ensures more chances of landing a decent job and building a stable future. However, considering worldwide conflicts and internal challenges, the industry needs a unique approach to the educational process, as the current one is still based on traditional ways.
Higher education progress has been hindered by rising global costs, poor infrastructure, and changing demographics, challenging the system. Hence, the education quality might’ve regressed despite the technology introduced to support all participants.
At the same time, a few universities started approaching new curriculum ideas, such as
cryptocurrency. Some provide courses addressing crypto, like teaching how to buy Bitcoin P2P or leverage blockchain for app development.
But cryptocurrency has the potential to help higher education offer fast and qualitative services and education, as well as set the base for future generations, which will most probably rely on cryptocurrencies like Bitcoin daily. So, here’s some insight into how that would happen.
Focusing on data security and privacy
Cryptography is the primary security technique that secures the blockchain and its assets. It ensures confidentiality, integrity and authentication and is the base of other security layers on blockchains and networks. Therefore, it can ensure data security and integrity in numerous ecosystems.
The security issue in education is prominent, as data breaches and exploited vulnerabilities frequently target unprepared educational systems. Among other solutions, leveraging blockchain to store and maintain data would be a step forward to protect sensitive student information, such as test scores. At the same time, the use of blockchain’s features can stop unauthorized access to systems and address cybersecurity concerns.
Providing educational incentives
In education, incentives are used to motivate student’s educational activity and encourage their learning routine development. While regular incentives include small gadgets or devices, the reward of the future comprises cryptocurrencies through which students can explore investing.
Universities could approach these incentivization programs by accessing the learning systems provided by reputable businesses and exchanges, where unbiased information is delivered. This way, students get exposed to different ecosystems and learn better by engaging with the proper cryptosystems. Learning will be enjoyed as long as the information is comprehensive and accurate, and incentives will only represent an additional benefit.
Ensuring access to resources
The use of cryptocurrencies in the learning process can be leveraged through tokenizing educational content. Courses, materials or tutoring services can be transformed into digital assets and exchanged within blockchains and ecosystems so access is expanded.
Tokenization is part of decentralization, which in cryptocurrency is known as the fair distribution of data across networks without being influenced by a central power point. A decentralized educational system can nurture growth and diversification, as well as efficient communication among students and teachers. Of course, these networks are maintained by professionals, but when it comes to voting for specific decisions, the system won’t be affected, and learning will be done more efficiently.
Integrating crypto fee payments
At its core, cryptocurrency is meant to streamline digital payments through faster and cheaper systems, helping users avoid bureaucracy. In education, these processes are often slow and time-consuming due to poor infrastructure, but if it would be improved, universities could use crypto for effortless payments.
That’s because the entire payment process involves multiple parties, from students and their parents to banks and lenders funding scholarships and such. At the same time, high administrative expenditures hinder innovation. However, using blockchain technology only requires management costs and is an easier way to store data and handle it. By providing it to students, they can simply pay their fees by connecting a digital wallet to the university’s.
However, the low adoption rate is a burden
Education is already behind with technology, even in developed countries, where more resources are allocated compared to developing areas. Hence, there’s a low adoption rate of new curricula and gadgets supporting the educational process, so we shouldn’t hope for crypto or blockchain to be integrated into universities too soon.
One of the leading causes of this situation is the lack of information on the subject. Considering how school programs are developed, we know that traditional teaching methods are still used, so jumping from long-established methods to high-tech ones is a big step that cannot be done that easily. Every institution must follow a certain number of steps in integrating technology, especially when it comes to blockchain, one of the most advanced forms of tech.
Currently, due to the lack of adoption at a global scale, the costs of maintaining a blockchain or providing crypto to students would be massive, so for now, this investment is not feasible. These sectors must first expand worldwide to enter systems and prove they’re reliable in the long term.
Scalability is a huge challenge for blockchain
While the educational system has flaws, blockchain and crypto aren’t perfect. However, the main problem posed in education is scalability. This issue is still addressed on famous blockchains like Ethereum, and it will take some time for it to be solved. Scalability challenges appear when the blockchain is too congested and can’t process transactions as fast and cheaply as a blockchain should. In Ethereum’s case, transaction fees got so expensive and slow that they’re moving to alternatives such as Solana.
Scalability also has to do with data storage and consensus as new users are added to the network. So, blockchain has plenty of attributes linked with scalability, and it must provide the highest level of transaction and user flow so everything goes smoothly. Universities, too, require a safe and massive environment to manage all students’ data because it increases every year. Data handled on the blockchain can also be used more efficiently in providing reports and valuable insights into the efficiency of the learning process.
Final considerations
Cryptocurrency and blockchain are increasingly expanding among companies as they provide additional support in transactions and data management in a decentralized way. However, one of the industries that would benefit from these technologies the most is education, especially at higher levels, where handling data and exchanging information is crucial to maintaining a stable and innovative educational system.
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