Why the Education Sector Needs Blockchain
Education is one of the most crucial sectors for mankind. Global spending on education is expected to reach $7.5 trillion by 2025. The education sector continues to wrestle with legacy systems like record-keeping by students and employees; academic records and credentials of students are all done manually. This old way of keeping records can easily lead to impersonation. Educational institutions use a manual identity management process. The manual identity management process leads to difficulties in keeping track of qualifications and certifications. Moreover, they also use time-consuming, paperwork-intensive methods to keep track of the student’s progress. These procedures take more time and reduce efficiency in the education sector.
Role Of Blockchain Technology in Education in 2024
Blockchain technology in education, like other emerging technologies such as artificial intelligence and virtual reality, has brought new waves of change and introduced solutions founded in diverse industries that go beyond its initial financial and cryptocurrency focus. The opposing global factors to crypto growth and the volatile valuations of bitcoin have made the crypto frenzy bleak.
The underlying technology supporting cryptocurrencies, blockchain, remains adamant and stable. This is because the primary aim of the blockchain was not wealth creation or digital assets rather it was to solve problems across different sectors that hindered progress. The increasing adoption of blockchain technology demonstrates its strengths. Blockchain has several applications, but one area where it is proven to be a game changer is education.