One potential use case is to develop a process that awards non-fungible tokens (NFTs) as students reach milestones in a course. These NFTs can be used to reward students’ academic progress and inspire competition among students as they work to collect tokens. Whereas class discussions and assignments drive students toward one-time mastery of a topic, gamified learning can encourage continuous learning and engage, challenge, and entertain students.
Grants require accurate record keeping, especially when they are so often awarded with the requirement that their use be limited to approved programs and activities. Universities are subject to audit by the grantor and need an easy way to show how dollars were spent.
Today, this process is a pain point for schools wading in manual paperwork and spreadsheets. With the blockchain’s distributed ledger, schools can easily track applications, approvals, funding requests and expenditures, all while minimizing manual processes and freeing up valuable time for staff, researchers and funders. The National Science Foundation (NSF) and Health and Human Services (HHS) are among the federal agencies looking to solve the challenge of tracking multi-tiered grant awards and keep researchers from spending more than 40 percent of their time on administrative tasks.
This technology has the potential to improve other paper-heavy processes like accreditation, a long endeavor laden with complex processes and loads of documentation. This information must be produced, certified, shared, and tracked every three years in order for an institution to pass accreditation. Without it, institutions can lose federal funding or grant awards and students can lose the value of their diploma. The administrative burden of this process is immense, but the results are critical to the success of the institution. So, blockchain can be used to certify documents and information that must be shared with accrediting bodies. Institutions could conduct the process at a lower cost with a high rate of accuracy.
5. Student finances
Blockchain can streamline and secure the payment of tuition and fees. A few institutions–including MIT and the Georgia Institute of Technology–have experimented with accepting Bitcoin in places like the campus store. Some schools have put together ways to tokenize their campus payment cards, which can reduce operational costs associated with money transfers. Blockchain can also be used to facilitate the purchase of tickets for school sporting and entertainment events.
While we have yet to see many uses of blockchain in financial aid, there are several ways in which the technology could improve the process. Blockchain could aid in collecting and verifying students’ information to streamline applications and allow federal departments and schools to more easily identify need and issue aid.
We can easily see how blockchain has the potential to greatly enhance the student experience and streamline operations for higher education institutions. Students can have more control over their academic data, and schools can ensure their data is more secure and accessible in real-time. While implementing blockchain technology may seem daunting, there are solutions emerging that provide flexibility and agility, with no need for a dedicated team of “blockchain scientists.” As the world increases uptake of blockchain, it is imperative that higher education keep pace.
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