Challenges of Blockchain Technology
The use of blockchain by educational institutions hasn’t accelerated despite its obvious benefits. Their apprehension comes from the obstacles such as:
- Scalability concerns: Educational institutes generate a huge amount of data with the rise in the number of students and certifications. Blockchain systems find it challenging to scale up as the amount of data stored increases. The simple logic is that as the amount of data grows, the transactions become slower. Moreover, peer-to-peer verification makes the transactions longer. Presently, new methods are being invented to scale blockchain systems.
- Legacy Solutions: Various education institutions still rely on old methods that involve a lot of paperwork for document management. Awareness needs to be spread about moving systems to the blockchain, highlighting its many benefits to driving a change in the education system concerning technology.
- Cost: For the authorities in educational institutes, the high upfront cost of setting up a blockchain system overshadows its numerous benefits. Some institutions may find it difficult to spend a significant amount of money, but others may find it difficult since implementing blockchain technology will necessitate a significant overhaul of the current infrastructure. Hence, work needs to be done to bring the setting-up cost within the range of the university’s finances and the initial investment and incentives from the government have to be given.
- Security issues: Although blockchain promises to be one of the most secure technologies, However, it is not immune to damage, and the volatility of the cryptocurrency may not fit into edtech business standards. Additional security measures, such as permissions and stronger data encryption, should be developed to improve security.
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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.