Erol User, the chairman and co-founder of blockchain consulting company BlockchainArmy, spoke at length about blockchain and education at Istanbul Aydin University. Aydin University agreed to use blockchain in education and build a blockchain academy.
The recent event was graced by noted personalities from several countries, including Italy, Greece, Israel, and Pakistan. The VIP attendees of the event included UN Blockchain Expert Professor Massimo Buonomo, EENE Greek Entrepreneurs’ General Manager Pavlos Efthimiou, and InfiBond’s Founder and CEO Yoram Kraus.
In the speech, Erol shared his opinions on how blockchain could bring about change in the education system. Terming blockchain as an ingenious invention, Erol User said that the technology is more than just Bitcoin. It can reshape the future of multiple industries, right from finance and media to healthcare and education.
The education industry can make a lot of enhancements leveraging the blockchain technology, Erol added before continuing to explain in detail how blockchain can bring revolutionization in the education industry.
Erol explained how blockchain could be used to digitize the certificates and degrees earned by students. It will eliminate the paper diploma, which needs proper maintenance, must be physically carried around, and comes with a risk of loss.
The blockchain-based digital diplomas will not only be more comfortable to store but can be accessed on the go. That would make shifting universities a more straightforward process for students. Moreover, the technology is secure, too, as it won’t allow tampering the document once it has been added.
As per Forbes, 44 million borrowers owe the student debt worth 1.52 trillion dollars in the US, affecting their budget even years after graduation. Blockchain, however, can make education cost affordable for all, highlighted Erol. The decentralized blockchain technology is scalable, flexible, secure, and effective in its architecture for storing and supporting records, digital assets, and documents. It eliminates additional infrastructure, security, and data management cost for universities.
MOOC, Massive Open Online Courses, can get a new level of legitimacy through blockchain, stated Erol. The technology can help issue certificates accessible universally as well as facilitate transactions to pay for the courses.
The education obtained through Open Source University (OSU) is affordable, convenient, and carries weight in the job market as well. By utilizing blockchain, a unified database can be created that would make accessing and verifying students’ credentials simpler. It would also reduce the instances of fraud significantly in the marketplace of diploma, said Erol User.
The technologies that colleges use today for talent management are not full-proof against cyberattacks. That can be changed with blockchain, thanks to its open yet secure system for managing talent records. Furthermore, the data is safe and accessible for a lifetime.
Another way blockchain can revolutionize the education system is through smart contracts, added Erol User. The technology can be useful in executing agreements once the specified instructions/conditions are met. For instance, blockchain can be utilized for validating assignment completions or attendance once it reaches the set requirements.
While concluding, Erol User stated that the technology of blockchain has a long way to go. It would be interesting what it has in store for the education sector.