You may know blockchain as the technology powering Bitcoin, but did you know the technology has use cases spanning nearly every industry? For the sectors most ripe for innovation, blockchain has the power to revolutionize the way enterprises do business if leveraged correctly. In higher education specifically, challenges like transfer evaluations, accessing credentials and courses, cost, and enrollment decline due to student dissatisfaction and budget cuts are all plaguing the industry. Like many technologies currently addressing these issues in higher education, blockchain offers answers that remain widely unused. The potential is untapped, but at what cost? This article covers the definition of blockchain technology, current blockchain use cases in higher education, ending with a discussion on the disruption blockchain will create in the higher education industry.
What is blockchain technology?
A blockchain is a secure digital ledger of transactions that creates a tamper-proof chain. Matt McClintock, Director of Product Marketing at ProcessMaker, says blockchain transactions “are represented as ‘blocks’. Everyone who is part of the blockchain network can view the complete record of transactions in the database. Other members of the network must approve a transaction before it is added to the database.”So why is this technology so attractive to higher education? Blockchains are immutable, meaning they eliminate fraud, restore preserve the integrity and improve compliance, as regulators can use the blockchain audit trail to verify compliance. They are also easy to access for anyone seeking credentials (think about those post-graduate employers, grad schools, or any other institution requiring verifiable documents). Advocates of blockchain say that the tech restores ownership back to the student, according to EdTech Magazine. Seeing the current strategy of universities to attract and retain college talent is by improving the student experience, empowering the student with end-to-end ownership of their credentials furthers this mission.To date, blockchain has been used in recent years for issuing digital diplomas. For example, Central New Mexico Community College became the first community college to issue blockchain diplomas in 2017. In addition, the Massachusetts Institute of Technology (MIT) began offering blockchain digital degree certificates in partnership with , a company specializing in providing blockchain-based digital credential services. “Currently, those who successfully complete a degree from an institution must go back to that institution — sometimes by mail or even in person — each time there is a need to verify the academic credentials earned,” shared Sanjay Sarma, MIT’s Vice President for Open Learning, to .While digital diplomas are a great start, the promises of blockchain far exceed this recent development.
