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What is meant by blockchain?
Blockchain is basically a Napster-like system with no centralised storage mechanism (neither Cloud storage nor a central database) or any particular method of control, that distributes the learned content across the network for non-competing public-sector bodies. Everyone who created content could share it, sounds complicated to follow doesn’t it? Let me put it in simpler terms! Blockchain is a distributed dB (database), whose architecture is spread across many devices with no central control that could transcend governance (i.e. like enforcing new policies) of any form over the businesses and the functioning of organisations that employ this technology.
Blockchain Intended for Finance?
This is initially meant to be employed in the financial sector not only in Bitcoin, but also in other services and commodities by means of badges and credits. Here Each ‘block’ is transparent but tamper-proof. Every ‘block’ has a timestamp for recording a transaction and offers indelible proof for all of the transactions. Rather than relying on third parties, it’s a frictionless method for transacting with others.
In leman terms, the basic idea is that you cut out the middleman and the corresponding expenditures. There is no central database as everything is distributed, public, synchronised and encrypted. All transactions are logged with a time, date and other details – then generally speaking verified by some very smart maths. Consensus decides, and every transaction is public. As revolutionary as this technology was, it was not received well with the general public. This can be attributed to human scepticism and prevalent fears.
As times are changing the modern banker recognises the importance of this technology and the means to implement this to the whole banking sector, A banker can seek jobs at leading banking establishments like HDFC, ICICI, SBI etc. To get into an institution like the SBI they i.e. have to clear banking exams like the SBI PO 2018. Also recognise that every institution conducts similar exams.
How can Blockchain be used in Education?
Blockchain provides a more efficient, secure and transparent way of handling transactions. This saves huge amount of administration, bureau-ocracy, effort and time. The Internet of things is the means to release its potential. It can be enacted within individual educational Universities, Affiliated educational institutions, with both national and international educational bodies. Anyone can securely store credits and qualifications – and publish relevant educational data available to others – should consider using blockchain technology
Education has become more decentralised and diversified. As we need to maintain reputation, trust in the certification provided, and the proof of learning. With increased focus levied on employability and relevance, it pushes us in this direction. Also, we all need more transparency. Blockchain provides us such a system. i.e. is a massive open, online, secure database.
Blockchain has a complex structure with a simple philosophy. As this technology is in its preliminary stages, it is expensive to implement this to small institutions like secondary schools and colleges. Blockchain gains relevance as a cheap solution if the data set is large, it is the perfect fit to apply this technology to the B.Tech. Colleges in Mumbai to demonstrate the prowess of Blockchain.
How Blockchain helps Top B.Tech. Colleges in Mumbai?
Let me help you understand this with the below example. As we mean to cluster the educational institutions to improve co-operation, the need for shared repositories of certification and achievement become real. An example is the group of universities, A, B, C, D and E. Assume that they have reached an agreement on Certification. Blockchain could be used by interested institutions to form a Local or National Association. Whatever the structure of institutions or bodies, blockchain gives a cheap, efficient alternative.
