The education sector has gained the same weightage as other industries, such as healthcare and finance. But, this industry has several areas that require improvement by using advanced technologies. It is essential when the education sector is increasing, estimated to surpass $93.76 billion worldwide.
When it comes to the newest technology merger in the education sector, Blockchain technology can become a very important part of the education bodies across the world in some years. Also, the benefits of Blockchain technology in education are indisputable, which we will discuss in this blog.
Foundation of Bitcoin
If you’re new to Blockchain technology, it’s the foundation for cryptocurrency technology. It’s used as excellent data storage that benefits supply chain, manufacturing, healthcare, and education industries.
Bitcoin technology has emerged as a revolutionary technology with unlimited potential to transform various industries, including the education industry. Bitcoin is a digital currency operating on a decentralized network, which means that it isn’t controlled by the central authority, but rather by a collective power of the users on this network. The unique feature of BTC makes it the best tool for many use cases in this field.
Benefits of Bitcoin in the Education Sector
The significant advantage of Bitcoin in the education industry is the ability to facilitate secure and fast transactions. With BTC, students can pay for course materials, tuition fees, and other educational costs without any need for intermediaries such as banks and payment processors. In addition, it will save their money and time and ensure that these transactions are highly safe and transparent, thus reducing any risk of errors and fraud.
The next benefit of Bitcoin in the education sector is the potential to allow micropayments. The micropayments mainly refer to the small payments made for online content and services like online courses and textbooks. With BTC, students will be able to make payments as little as a few cents, which will be a game-changer for students in many developing countries who might not have access to traditional payment methods and credit cards. In addition, this opens up new revenue stream modes for content creators & educators, who will monetize the content in innovative and new ways.
Subsequent blockchain use for the education sector lies in its rewards system. Using cryptocurrency, students and teachers can get special credit for their efforts. For instance, teachers will reward the students with special credit if they perform very well on the test and have completed the homework assignment. This approach helps to motivate the students to check out.
Moreover, it will improve record-keeping as well as make learning highly convenient. Possibilities are never-ending. The just question is if blockchain technology can make education better.
Bitcoin can be used for international transactions. Since Bitcoin is the global currency, this can be used for sending & getting payments over borders without any need for time-consuming and expensive intermediaries like remittance services and banks. In addition, it benefits international students who face various challenges in accessing traditional payment modes and dealing with currency conversions.
Bitcoin can be used for incentivizing learning through gamification and rewards. For example, with BTC, educators will design learning activities that reward students with BTC for completing tasks and achieving milestones. This makes learning highly fun and engaging and helps the students develop essential skills such as problem-solving, collaboration and critical thinking.
Streamlining the Fee Payments
Tuition payments take a lot of work. This involves many parties, including parents, students, foundations, banks, government agencies for the scholarships, various university departments and lenders. But, the procedure will be streamlined with blockchain technology, resulting in lower administrative costs and tuition rates.
Bitcoin has various benefits in the education sector, including secure and fast transactions, international transactions, micropayments, and incentivizing learning. In addition, as many educational institutions & content creators adopt BTC, we may expect to see some innovative new models to deliver education & learning that are highly affordable, accessible, and more engaging than what it was earlier.