According to Merriam-Webster’s collegiate dictionary, blockchain technology creates “a digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network” (“blockchain,” 2016). With blockchain technology, each ‘block’ is representative of each participant involved in a transaction and is tamper proof. This can be a transaction involving financial entities, badges, or credentials. All transactions are logged with a time and date, and are encrypted and verified (Mearian, 2018). Blockchain in education can be utilized within educational institutions, in groups of educational institutions, or in international or national educational organizations. Really, any organization that wants to store badges, credentials, and/ credits securely and easily share that educational data with others should consider blockchain technology.
Blockchain technology can support certificate programs easily.
Blockchain higher education technology reduces the cost of storing educational data.
Blockchain for education supports the secure issuance of badges.
With all of the promise offered by the blockchain education industry, why would Stripe--a major payment processor for online course platforms and other online educational services--decide to part with its blockchain technology?
For approximately three years, Stripe supported a tool that allowed payment collectors to accept Bitcoin. However, in April of 2018, the COO of Stripe unveiled that they were parting with blockchain-based payments. One of the reasons for Stripes departure from blockchain-based payments was due to slow clearance time on Bitcoin transactions. These Bitcoin transactions took up to three to five days to process and clear. In that passage of time, the value of Bitcoin could fluctuate--therefore proving ineffective upon first transaction and causing merchants to file second or third transactions just to be properly be paid for the price of their good or service at onset (Roberts, 2018).
One higher education service that integrates with Stripe is the online courses platform by CertCentral. CertCentral is a streamlined online platform that addresses client needs for a simplified interface to enable building dynamic online programs. This solution is perfect for online course entrepreneurs looking to break into the higher education industry. This solution is also perfect for internal and external trainings for businesses, higher education institutions, and healthcare facilities. Customers turn to CertCentral for a user-friendly experience with strong support from CertCentral’s technical staff. No training is required for course administrators to immediately begin building online programs, setting custom prices, and selling programs online to prospective students. After entering billing information, students are instantly brought into their student accounts and can begin their online course on smartphone, tablet, or desktop devices.
The uses of blockchain in education are numerous, proving to show strong potential for issuing open badges, certificates, and strong cloud storage of educational data. Despite these gains, there is still a lot of development needed for blockchain in education.