Bitcoin, a type of virtual currency, is a term that is used frequently and is familiar to many people. The technology behind Bitcoin is blockchain. Blockchain utilizes distributed ledger technology (DLT) and while it was originally developed for Bitcoin, it’s applications are growing by the day.
Blockchain is a digital ledger of transactions, whether they are Bitcoin transactions or transactions involving the awarding of degree or credential. The record of transactions is recorded chronologically, each entry like a new link in the chain. Records are public and decentralized, meaning they are not controlled by one entity. The nature of this technology allows a higher degree of security and it makes tampering with the record difficult, if not impossible.
There are many ways that the application of DLT and blockchain is having an impact on and shaping the educational landscape. By transforming and digitizing record keeping into a vastly more secure and decentralized model, blockchain allows individuals to have a continuous record or chain of their education. From transcripts, to credentials and even skill badges a record can be kept and maintained for employers to verify skills and education. This reduces the chance of fraudulent degrees and the need to verify education with individual registrar’s offices.
A key application of this technology can be seen with refugee populations. Many individuals in countries like Syria do not have a way to verify their education and identities. In areas impacted by war and strife loss of paper credentials, transcripts and other records is common. Blockchain technology is currently helping students in areas like this keep, maintain and access their records securely and remotely.