Blockchain technology, initially developed to record and confirm all digital currency transactions happening over the bitcoin network is increasingly being used in various industries. Given that bitcoin is a kind of decentralized financial network, the banking, and financial institutions are the ones who are more interested in the technology than rest of the industries. While the interest of these sectors is expected, the education sector has recently started adopting the blockchain technology as well.
Blockchain technology offers endless opportunities, some of the educational institutions have already implemented the technology while there are few with plans chalked out for the coming years. With blockchain technology, the education sector plans to use it for recording and verifying the academic performance, attendance records, and degree certificates.
The blockchain is known for being transparent, secure and immutable. By using the technology, the educational institutions intend to make the whole process of maintaining records more cost efficient, transparent and secure. In addition to efficiency and security, storing academic records on the blockchain technology will enable students to access their credentials and certificates at anytime from anywhere in the world without having to worry about losing the certificates or having to get it reissued from their universities.