Many industries succumbed to the irresistible charm of blockchain technology, enticed by its promises of enhanced security, transparency and efficiency in revolutionizing traditional practices. Its decentralized nature had a transformative impact on several industries, including financial services, supply chain, healthcare and real estate.
It wasn’t long until academics started wondering how to take advantage of blockchain technology. For some, this came as a blessing in disguise, a perfect solution to make academic records more secure than your grandma’s secret recipe. Others fear the idea of losing the dog-ate-my-homework excuse for good. So, without further ado, let’s explore the benefits of blockchain in higher education.
Transparency and Immutability as the Core Values of Blockchain
Perhaps there’s something wrong with the current system. How could we otherwise explain peoples’ affection towards transparency and immutability? It was precisely these values that launched cryptocurrencies and Bitcoin, primus inter pares, to the very top of the financial revolution.
And if you look at reputable crypto exchanges like CEX.IO, you can see the true value of transparency and immutability. No wonder why introducing Blockchain in higher education could be a game-changer.
Speaking about changing the rules of the game, Blockchain could be used to create a more secure and transparent system for verifying academic credentials. Ultimately, this could help in preventing fraud and misrepresentation of educational qualifications.
Similar incidents happened in the past and, equally, hit both smaller-scale companies and corporate giants alike. One infamous case involves Scott Thomson, who was appointed Yahoo’s CEO in 2012.
It was discovered that Thompson had falsely claimed on his resume to have earned a computer science degree from Stonehill College. But, in reality, Thompson had a degree in accounting.
Implementing Blockchain in a credential verification system would instill trust in academic qualifications and offer more standardized, tamper-resistant methods for both individuals and organizations of all scales.
Protection of Intellectual Property
Blockchain has the potential to effectively improve the security, transparency and efficiency of managing intellectual property rights. This could include protecting patents, research findings, and creative works. Such information could be kept on Blockchain, providing a secure history of ownership that can’t be altered or tampered with.
At the same time, such recordings could hold the creation and publication dates of intellectual property. As a result, academic individuals could establish a clear work timeline, which is often crucial in legal disputes.
For instance, if Blockchain had been used during the early 2000s, we would know with 100% certainty who invented Facebook. How, you might ask?
The legal dispute between Cameron and Tyler Winklevoss and Mark Zuckerberg started around 2008. The twins claimed Mark had stolen their idea for what became Facebook. On the other hand, Zuckerberg maintained that he had independently developed Facebook.
The prolonged legal battle emerged due to the absence of a clear, tamper-proof record of the events and interaction between the two sides.
If Blockchain had been utilized at the time, the entire process of creation, collaboration and development of the social network could have been recorded on an immutable ledger. The terms of this collaboration and ownership of Facebook could have been established through smart contracts with predefined rules.
With this level of transparency, such a dispute would never occur. Introducing Blockchain in higher education institutions could resolve similar disputes before they escalate to the courtroom.
Faster Processing of Finance and Financial Aid
Blockchain has the potential to streamline financial operations and improve the efficiency of financial and financial aid processing for universities.
It could be used to streamline the tracking of tuition payments and scholarships while reducing the risk of errors and fraud. Implementing smart contracts could ensure the funds are distributed fairly, reducing administrative overhead by automating financial aid disbursement based on predefined criteria.
Also, blockchain could improve cross-border transactions between international students and universities, enabling faster and more cost-effective currency exchanges. This could resolve the delays, which are pretty common with traditional baking systems and reduce fees along the process, which is an added plus.
For example, in 2022, Berkeley University announced the adoption of crypto for tuition payments, accepting Bitcoin, Ethereum and USD Coin. This way, the university allows students to pay their tuition using their favorite payment methods. On top of that, Berkeley also plans to accept gift cards and donations in the previously mentioned cryptocurrencies.
Conclusion
It’s no secret that Blockchain had a transformative impact on many industries. Because of that, the idea of implementing this technology in higher education could be seen as an innovative but also logical approach to resolving many challenges surrounding the educational landscape.
Blockchain could improve record keeping through immutable ledgers, allowing individuals to prove their academic results. This would ultimately prevent fraud and protect both individuals and companies. Smart contracts could help protect intellectual rights and resolve potential legal disputes. Finally, accepting crypto as a valid payment method could improve transparency, reduce scholarship fees and streamline universities’ financial operations.
