The days of the blockchain existing only within a fringe economic sector are over. Aside from having become a significant industry with millions of participants, blockchain technology has become a cornerstone of financial technology, captivating both financial realms and academic ones. Blockchain tech is a decentralized public ledger that stores immutable information. The tech, for several complicated reasons, is very important to the information technology subject.
Universities all over the world have created their own programs tasked specifically with studying the innovative new technology. While the United States seems to be leading the charge with massive new programs at schools like MIT and CalTech, other countries have also expressed their interest in creating new opportunities for students to learn about the technology which is changing the world, one adoption at a time.
But the academic world seems to be looking at blockchain technology as more than simply a learning opportunity. The Italian University in Cagliari is going to implement its own blockchain technology to produce its digital certificates. Though the system is first going to be used for the graduating class of this year, it will be used for every graduating class seeking digitized certificates for all years to come.
Benefits of the Blockchain
Once again, the benefits of blockchain technology come down to the ability to produce and store immutable, unchanging, and unalterable information. For the academic world, the implications are significant. Employers can never really be sure whether a degree is verified and legitimate in the status quo. In fact, people faking degrees have been a problem at several points, sometimes even in major cases at significant companies.
But if the certificate is stored on the blockchain, the information is not just public—it cannot be changed. This means that employers looking over information provided on an application can verify for sure that the person they are hiring was awarded the degree which they cite. Even further down the road, applicants to prestigious graduate degree programs will be able to verify the information given to them because of this unique blockchain solution.
As is often the case with blockchain technologies, adaption and adoption is happening quickly all over the world. MIT has already begun issuing degree certificates to those who graduate with a degree in Computer Science, relying heavily on existing blockchain technology to provide graduates with the secure, digitized degrees after they finish their education.
Even countries without the prestigious educational opportunities like the United States have attempted to capitalize on this unique usage of the incredible technology. The Indian Institute of Technology, run by India’s federal government, will be opening its own blockchain project called IndiaChain, starting in their Bombay campus.
As governments, financial institutions, and educational institutes continue to explore the new technology, it is unclear exactly where it might lead. But for a select group of innovative universities, the future of the blockchain is as much academic as it is economic.