How will NFT disrupt the education sector?
NFT or Non-fungible tokens have created a new buzz in the business sector and slowly it expands to other sectors. NFTs are famous for their unique nature and they store data uniquely on the blockchain. This certifies that the digital asset is highly secure and unalterable. The major purpose of NFTs is to convert physical real-world items into digital assets and issues digital tokens or certificates of ownership.
NFTs are useful to convert most real-world items like real estate, artwork, collectibles, games, supply chains, etc. All these sectors can effectively use NFT for the transfer of ownership digitally while trading.
The NFT is not a currency but a digital token that helps to exchange. Therefore, buying and selling NFT is possible through cryptocurrencies like Bitcoin, Ethereum, etc. These tokens are software programs that create smart contracts using blockchain that helps to automate transactions. Due to this unique feature and the speedy transactions, NFTs are much popular.
Along with other industries, NFTs also disrupt the education world, and it also benefits this sector well. Let us know why Non-fungible tokens are useful in the education sector.
Changing education with technology
NFT’s approach to different industries will change its shape and it helps in boosting the digital economy. It uses digital tokens and stores all the information in a distributed ledger system similar to cryptocurrencies. This is highly secure and immutable where no middlemen exist while transacting.
The education sector is also changing with the technology update and it is implementing them to upgrade the system. NFTs are highly useful in the Edtech sector because they ease the way of saving student records and their accolades. Students can access their records, achievements, etc. through a digital token assigned to them. This system makes it easier and safer for the students so that they don’t need to carry out physical documents.
Also, teachers can conduct online exams, provide grades to students, publish mark sheets, etc. It helps them to reduce the burden of paperwork and also it saves smooch time for both students and teachers.
However, the tokens issued in lieu of their documents stored will not exchangeable for money but they act as proof of the course completion. Students also can share their academic documents with other institutions while they take new admissions for further studies.
Hence, there are many ways to use NFT in education to make it easier. Here is further elaboration on how students exactly can utilize NFTs for different purposes.
Sharing students’ artwork
Artwork is a common subject or activity in every academic institution and every student needs to actively perform. Also, schools have the authority to sell these artworks to a global audience so that they can generate funds. This will also encourage new and young artists to explore the world with their artwork. NFTs are the easiest mediums to perform all these things. Moreover, they can get more ideas about using cryptocurrency, trading through NFTs, using digital ownership certificates, and many more.
Not only art, but music also can be a part of NFTs here and it will be easy to share with the world. Therefore, the NFTs market expands to different sectors.
Sharing student’s records and accolades
Students generally participate in different events within their school life and also they achieve good grades in them. These grades and their academic records can be stored safely within a blockchain using NFTs. They can store the records and documents in a safe block and the changes here also be traced easily.
After uploading these documents permanently using NFTs, students are given access to them. They can share these documents and records with other schools and colleges easily while they shift to another place. Even if they change school or college for higher studies, then also they can transfer these records to institutions. This is the biggest advantage of NFTs.
Also, their achievements in extracurricular activities with good grades also shared using NFTs through blockchain. This will help them to share their accolades so that they get recognition for their work and get rewards too.
These digital badges and certificates tell their stories & achievements to others giving them an immense boost. So that they can explore the world in a unique way just like NFTs do. Professionals can use these digital assets for a better future. Also, they will get blockchain verified digital certification that cab shared using NFTs without any burden across the globe.
So, it is expected that soon all universities, schools, and other educational institutions will start applying blockchain. Therefore, NFTs will become much more popular than today and provide a secure digital transformation to education.
Views in this article are expressed by Mr. Harsh Bharwani, CEO & Managing Director of Jetking Infotrain.