Hold on to your hats as crypto shakes up the classroom

This concept could filter into all sorts of areas within the school system, including the purchase of uniforms, paying for trips and what you buy at the school canteen. Schools will have their own tokens, which will have a coin value and create all sorts of exciting new opportunities.

Some educational institutions are already making this future a reality. King’s College in New York City was the first accredited US institution to accept bitcoin as payment as far back as 2014, eliminating the 2-3 per cent transaction fees charged when students pay their tuition fees using a credit card. Elsewhere, the University of Nicosia in Cyprus and the University of Cumbria in the UK have announced they will accept bitcoin as a form of payment for university tuition fees.

Schools’ own tokens

Eventually, students could find themselves being rewarded with their school’s very own cryptocurrency, allowing them to use it to buy something within the school environment, whether it’s upgrading their device, or winning one-on-one tutoring. These achievements would then be instantly sent to a secure, blockchain-based ledger, along with other achievements such as extra-curricular activities or participating in programs.

Once students get beyond their early school years, this technology takes on a whole new level of importance. Blockchain’s verifiable, immutable, tamper-proof technology allows students to verify the courses they have taken and passed – whether vocational or through higher education – and share them with their future employers. Think of it like a tamper-proof CV, unlike the traditional paper version.

Blockchain technology gives potential employers the ability to verify their credentials quickly and easily, adding an extra layer of transparency and trust. By the time a student takes their credentials to an employer, they’ll have a much more well-rounded view of their achievements, qualifications, experience and skills.

Again, this isn’t a far-off dream: the University of Melbourne has been using blockchain to issue digital credentials since 2017, which means a graduate’s credentials are private, cannot be tampered with, and remain in the ledger permanently.

It’s incredible to consider the number of applications this kind of technology could have on the education sector, and business more widely. While we’re not there yet, ultimately blockchain and web 3.0 is going to be the biggest technological shift to happen in our lifetime. Hold on to your hats.

Toby Jones is the head of education at Australian digital credentialing agency, Learning Vault.