What Is Blockchain?
blockchain is a database or digital ledger. The data in the ledger is arranged in batches known as blocks, with each block storing data about a specific transaction. The blocks are linked together using cryptographic validation to form an unbroken and unbreakable chain–hence the name blockchain. As it relates to bitcoin, the blocks are monetary units, and the chain includes information about all past transactions of that monetary unit.
Importantly, the database (i.e., the series of blocks) is duplicated thousands of times across a network of computers, meaning that it has no one central repository. This not only means that the records are truly public, but also that there is no centralized version of the data for a hacker to corrupt. In order to make changes to the ledger, consensus between all members of the group must be obtained, further adding to the system’s security.
1. Blockchain for the Future of Credentialing
With today’s technologies, graduates and prospective employers must go through a tedious process to obtain student transcripts or diplomas, and this complexity is compounded when these credentials are spread across multiple institutions. Not only that, but these transcripts can take days or weeks to produce and send, and usually require a small fee be paid to the institution.LinkedLinek
This could be a key enabler to facilitate student ownership of this data and would allow them to instantly produce secure and comprehensive credentials to any institute or employer requesting them, including information about a student’s performance on standardized tests, degree requirements, extracurricular activities, and other learning activities.
Blockchain could play a major role in Competency-Based Education (CBE) programs and micro-credentialing, which are becoming ever more popular across universities and internal business training programs.
various companies are currently working on such a system of record. One of the most well-known is called “BlockCert,” which is an open standard created by MIT Media Lab and which the institute hopes will help drive the adoption of blockchain credentialing.
imagine the role that LinkedIn or a similar platform could play in the distribution of such content. Beyond verification of university records, LinkedIn could become a platform for sharing verified work history and resumes as well, making the job application process far simpler
2. Blockchain’s Financial Implications and Student debt
how could blockchain influence student finances? For starters, financial aid and grants could be tied to student success. Instead of students and universities having to send over regular progress reports on a recipient’s performance, automatic updates to a student’s digital record would ensure that benchmarks were being met–and open up new opportunities for institutions looking to offer merit-based grants.
Electronic tuition payments and money transfers could also simplify the tuition process. This is an especially appealing option for international students, as bitcoin’s interchangeable nature and lack of special fees for international transfers makes it a simpler and more cost-effective payment method.