THE ACCOUNTANT_AUTUMN_2018_VER-7-L

FEATURE
Can Education benefit from
blockchain technology?
NICHOLAS WARREN
OVER 16 YEARS WORK
EXPERIENCE IN FINANCIAL
SERVICES REGULATION QUALIFIED
IN BANKING & FINANCE, ACCA,
AND MASTERS IN STRATEGIC
PLANNING
Uses of blockchain technology have been broadly
touted to be applied across a variety of day to day
activities, from financial services to transportation
to health. Blockchain has the potential to fundamentally
change the systems we are familiar with. Can it also be
applied to educational systems? If yes, what changes could
it potentially bring about?
While there are only a handful of organisations currently
utilising blockchain for educational purposes, educators,
students and professionals understand that education is
no longer provided in a brick and mortar environment.
We have moved away from the concept of having a period
in our lives dedicated to learning and another to working.
We now live in the age of continuous life-long learning
furthered by online courses, conferences and seminars as
well as workshops and bootcamps 1 .
We all have several certificates of attendance or
qualifications lying around at home. A common worry is
often that these may easily be lost. Obtaining a new copy
is not always as straightforward, particularly in cases where
an awarding institution ceases to exist.
The safe storage of educational records is one of the
main advantages with blockchain technology. Degree and
course certificates can be verified and securely kept by the
user who will be in control of the documentation without
the need of knocking on the institution’s door for such
paperwork.
A practical use of blockchain would apply to those
individuals who have had to flee their country due to a
natural disaster or war. Their certifications and records
kept within the blockchain would remain available and
verifiable where physical documents may be destroyed,
and there would be no need for institutions to initiate
resource-heavy processes to confirm their validity.
Within the educational system being either universities
as well as other education institutions, students need
to identify themselves with several parties, with each
containing information in isolated silos. This brings about
a large cyber security risk for the organisation which would
require significant investment in keeping information safe
and secure.
Using a blockchain platform, such information can be
safely shared amongst the different parties while the
owner remains in control of such sensitive information.
Institutions benefit too, as efforts and resources to curb
breaches are no longer needed.
A further issue in education today is the transfer of course
credits from one university to another. Credit transfers in
the EU depends on the co-operation agreements between
learning institutions, which are not always recognised by
the institutions themselves. Through the use of smart
contracts, such discrepancies can be avoided since once
the conditions coded within the smart contract are
fulfilled, course credits are automatically transferred.
Earlier on we mentioned the shift in learning patterns.
Continuous learning, makes the need for blockchain
technology even more pressing, allowing learning
experiences to be safely stored and the records easily
available. Moreover, training is instantaneously verifiable
on the blockchain which allows employers to spend less
time authenticating CVs.
Blockchain technology and, more specifically,
cryptocurrencies have the potential to eliminate barriers
faced by students whose country of origin disqualifies
58 Autumn 2018
1
A short but very difficult training program that helps people become much better at doing something in a short period of time.