Blockchain is a complex, yet brilliant infrastructure that is gaining momentum and will potentially revolutionize how we process education data. Blockchain will be important to education because it offers so many opportunities to gather anonymous data, incentivize student learning, and better manage assessments. Simply put, it’s a block of data in a type of ledger that is accessed by millions and has no central data storage hub. It can record financial transactions or any kind of valuable data.
Blockchain was born from Bitcoin which was introduced in 2008. A Bitcoin is in essence, digital currency that does not use a centralized entity or middleman such as a bank. It’s a decentralized form of payment and is gaining popularity by businesses because there are no fees, you can purchase them as an investment and makes international business easier because it is not tied to exchange rates or regulations. But, there have been many issues and controversies with bitcoins especially in the realm of transparency. But, digital currency is just one way that blockchain technology can be applied.
For instance, in a blog post about fairer trade, Jeremy Epstein explains there are middlemen who broker transactions and this can lead to trust issues and imperfect information. Blockchain technology promises to eliminate this, by providing more transparency and better, anonymous data without any filters or unknowns. The European Union just did research on how Blockchain could change education [link to https://ec.europa.eu/jrc/en/publication/eur-scientific-and-technical-research-reports/blockchain-education