Blockchain is present in almost every sector and the eLearning sector is beginning to implement this disruptive technology and reaping its benefits.
Fremont, CA: Blockchain is one of the most talked-about digital transformation technologies. This technology is so powerful that it disrupts the corporate training industry. Thus, visionary leaders have already incorporated blockchain for their eLearning platforms. Blockchain can be best explained as a distributed ledger. For instance, if a bank operates on the blockchain, then every member gets a copy of the ledger. Everyone gets notified when someone makes a purchase, and each member would then verify the transaction and add it to the ledger. The combined record is called a block, and these added blocks form a chain, which is a logical sequence of transactions. Blockchain ensures complete surveillance as it is decentralized, and no third party could manipulate the record. Thus, in the case of hacking, other ledgers can easily verify it. Blockchain is readily applicable to various sectors such as finance, supply chain, healthcare federal, banking, education, and eLearning as well.
Blockchain witnessed its brightest hour in 2017 due to cryptocurrencies such as Bitcoin and Ethereum. With the power to disrupt any industry, it has the potential to disrupt the learning management system industry. Startups have realized its potential and have integrated this digital transformation technology in the online education space to solve the most common problems. Blockchain is flexible enough to be integrated into any industry. One example of this is the finance industry, and the next sector is a corporate training, LXP, and continuing education industries.
Retail staff, restaurant workforce, job applicants, and deskless employees are always required to upskill and keep up with new technologies. Thus, employers provide specific training to enhance their skill set. Due to blockchain, an employee’s educational documents are easily stored and are available to the employer at any time. Moreover, if the credentials are uploaded to the blockchain, the employee and the employer can access them. The employers can verify the course completion of the learner and could also check the credentials provided by the educational institutions are legitimate or not.
The primary function of a Learning Management System is to educate and empower employees with new enhanced knowledge and skills. The acquired skills are backed by the credentials in the form of digital certificates that are awarded by the educational institutes after finishing the training. Earlier the entire ecosystem used to work on trust, but today a proper verification protocol is established thanks to blockchain.
An organization named Long Island Iced Tea Corporation changed its name to Long Blockchain Corp. and witnessed a 500 percent increase in its stock exchange. The company has decided to implement blockchain. Very fruitful in the short-term, this marketing strategy is impractical in the long run. Organizations must identify their relevant stakeholders, such as learners, eLearning service providers, and supervisors. Since the blockchain is transparent, its most useful application in eLearning would be managing qualifications. Trust is the biggest issue in corporate training as all the parties involved must believe in other stakeholders. Hence, credential verification becomes extremely important. Blockchain can also be used in paying eLearning content, the confirmation of training that is relevant for compliance, or the representation of lifelong learning inside the blockchain. Shortly, the technology will be applied in more sectors.