The blockchain: the future of certification?

In the higher education sector (and even after, in the job market), blockchain could revolutionize the certification process. With today's technology, students and employers have to go to great lengths to get transcripts or diplomas, which is far from clear when there are multiple degrees and certifications specific to each institution. In addition, sending these statements can take up to several weeks and usually pays off.

Some organizations such as the IMS, the CFSP and the Groningen Declaration Network have already launched initiatives to simplify these digital exchange processes, but the blockchain could go even further by providing a common and reliable platform for storing academic data. for professional purposes and simplifying the mobility of students between different institutions or regions. This transition could significantly streamline student data management, which would provide institutions and employers with complete and secure information, be it standardized test scores, curriculum-specific requirements , extracurricular activities or other forms of learning.

The blockchain could prove particularly effective in the context of skills-based training or mini-training that is increasingly popular among universities and companies with vocational training programs. Thus, instead of providing hard-to-verify paper certificates, the blockchain could allow students to generate a complete summary of courses taken and certifications obtained available to the public without having to ask them at their institution. As these new training approaches are becoming more widely available in the higher education sector and in the corporate world, blockchain is an effective solution for registering and managing student applications, as it could help follow and share the diplomas and certifications of the different courses followed by the students.

But given the total control that this system would have over our publicly available career path on the Internet, we must first consider the most effective development and deployment methods and the creation of regulatory authorities responsible for its operation.

The financial impact of blockchain and student debt
While most users do not know how to trade with bitcoins, they are more commonplace than you think. Indeed, a study by IBM showed that 15% of banks planned to use the blockchain in 2017, and 66% by 2020.

But what could be the impact of blockchain on student finances? First, the blockchain could directly link financial aid and scholarships to the academic success of students. Instead of having to periodically send reports on the progress of grades, students and universities could use systems that automatically update the digital records, which would effectively compare performance with reference values. For their part, institutions wishing to offer merit scholarships could identify new opportunities. More generally, this technology would make it possible to centralize the management of stock exchanges and government assistance.

At the same time, on-line or bank transfer payment systems would greatly simplify the settlement process. These solutions could prove particularly cost-effective and user-friendly for foreign students given the interchangeable nature of bitcoins and the lack of transfer fees. Only a few institutions have implemented this technology at the moment, but it is expected to grow in popularity over the years as banks accept bitcoin payments.

We are currently seeing the beginnings of this technology, which could soon reach all sectors. Whether integrating bitcoin payments for tuition fees or managing certifications via the blockchain, the higher education sector will certainly experience dramatic changes.