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- 1 Blockchain can help in creation of permanent academic records.
- 2 Several mainstream organizations are already using blockchain technology.
Many people often confuse blockchain technology with cryptocurrencies. With rapid expansion of the technology in the mainstream, users are finally getting acquainted with the concept. For the skepticals of the tech, they need to take a look at the metrics to witness how big its wingspan is currently. That too without a mass adoption.
Blockchain Can Simplify Complex Processes
Educational institutes are a major part of students’ career but a few complex processes like obtaining degrees can hamper their future. According to International Business Times (IBT), the US-based online newspaper, young visionaries are more important than crypto traders for global web3 adoption. Blockchain can help create permanent unalterable academic records.
This can lighten the students’ burden in obtaining important docs including degree verifications and other credentials. Blockchain may help them considering they are required to present their achievements to get a job, professional certificates, foreign work permit and more. The editorial also quoted a World Bank metric highlighting the number of students have grown from 100 Million in 2000 to 220 Million currently.
Moreover, students sometimes have to pay hefty sums to get credentials, still they cannot evade the lengthy process. Blockchain can help enhance alumni experience as the technology may eliminate time consumption. Degrees can better be accessed on a distributed ledger beyond borders instead of a physical doc. This would also simplify the transfer process among institutions.
Post secondary institutes are also developing hubs to promote blockchain research. Such initiatives may also help in untangle long standing challenges through collective brainpower, according to IBT. Additionally, the newspaper also highlighted that early access towards blockchain today can help produce web3 champions tomorrow.
Blockchain Has Already Gone Mainstream
A research by Blockdata, a market intelligence platform for blockchain, shows that over 81 out of top 100 companies are involved in either research regarding the technology or have already implemented it. Hyperledger Fabric, among many, remains the most preferred platform by these organizations followed by Ethereum and Quorum.
Furthermore, over 50 of the top 100 companies have moved past the pilot phase while 27 have actively integrated the technology in their operations. Companies like BlackRock, Apple, Qualcomm, Adobe and more are engaged in research regarding blockchain. Nvidia, apart from engaging in blockchain technology, is also working on virtual worlds using Omniverse, their metaverse platform.
While cryptocurrencies can be held responsible for bringing blockchain to light, the technology goes beyond it. International Business Machine (IBM), the US tech giant uses the solution for its supply chain. Amazon’s AWS network offers ‘Managed Blockchain’ services tailored for individual business needs.
Governments across the globe must start taking initiatives to educate people about blockchain technology. Increased engagement with the technology will potentially unfurl its untapped potential. Additionally, such initiatives will help people to step out of the ‘crypto box.’
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
