Blockchain Technology as the Future of Education
Education is one of the most vital rights in the life of an individual. Its benefits are paramount, and it’s a fundamental building block for citizens to construct a purpose-filled, quality lifestyle that is both enriching to themselves and society. However, higher education has now become a privatized venture, and the current system has ballooned so much in its tuition that student loans became the new standard of college funding. This traps more than half of those attending in a quicksand-like debt crisis. Many graduates are often saddled with it, and the flying colors they deserve are tainted with the jaded shade of financial responsibility.
As of 2019, the student loan debt statistic states that borrowers have a total debt of $1.53 trillion — all of which are owed by a surplus of students who are both fresh out of college, as well as a decade or so old-schoolers still short on payment. Because of this inflation, the consequences affect people in ways that compromise the quality of their learning. In that regard, it creates a domino effect that is felt throughout the different stages in life of an individual.
Under one big umbrella of penalties is deprivation at its core, which limits graduates from earning for themselves even before they find a career. Consequently, it restricts one from reaching vital milestones such as saving for their future: whether it is for home, family, medical emergencies and retirement. Given the implications of these challenging times, a new system needs to be implemented to effectively support students to the path of a debt-free graduation.
This is where the importance of blockchain technology make its mark. In essence, it is a series of data that is simultaneously shared and secured in a peer-to-peer setting. Most know it only for its significance in transaction histories, but in the realm of institutions such as education, this means that accessibility is revamped as the right to knowledge is taken out of the hands of third-party authority.
In that regard, Decentralized LOL ecosystem is formed to face these problems head-on. This system steer clear from the cookie-cutter traditions and adopts a structure that is empowering and efficient to its students. By integrating it, students can take ownership of one’s credentials, all while provided with a secure alternative that is undeniably cheaper too.
Part of its perks include the uncanny ability to store permanent records, wherein certificates, diplomas and degree verification can be protected and substantiated without the limitations of a record-keeping system of universities. Another is its automatic transfer of credits, which is often a taxing process in most outdated institutions. Its total sum nurtures a digital platform where people around the globe are free to enroll for highly specialized courses under expert trainers. Free from the hindering clutches of money, students can truly hit the books and ace the rat race.