Mar 23, 2022 (AB Digital via COMTEX) — 5ire is a blockchain ecosystem that embeds sustainability to its consensus mechanism. It is facilitating a sustainable future by bringing sustainability on-chain as a means to address ESG concerns. Education is a social tool that has far-reaching impacts. With our blockchain tech, we believe we will drive quality education across the globe.
Blockchain is a distributed ledger technology that records and stores data immutably on a decentralized network. While this technology has found notable application in cryptocurrencies, its use case transcends the fintech industry.
This technology has the potential to revolutionize the education system in the world. Blockchain can be exploited to drive a quality and effective education system. Some educational institutions around the world are already incorporating this nascent tech in different capacities in their education system.
From the ability to store data permanently, its decentralized nature, its ability to confer provenance and other inherent potentials can be explored to change the face of education on a global scale.
Blockchain can be used in record keeping
Education involves a lot of documentation and paperwork can make the job tiresome and bulky. With blockchain, students’ data can be stored on a decentralized platform eliminating the risk of loss. Decentralized documentation also ensures the ease of access to that information.
There is a ceaseless flow of information to be recorded in an educational setting. Student scores, attendance, payment records, participation in social activities and others can be stored on a blockchain.
Fake Certificate and Qualifications
Blockchain provides proof of origin. Since recorded data cannot be altered, certifications stored on the blockchain cannot be adulterated.
Learning institutions can mint student certs upon completion of their programme. This can be done on a public blockchain network that can be accessed by potential employers. Here, students only need to provide a unique number designated to their certificates and employers will look it up to confirm authenticity.
In line with this, transcripts can be recorded for easy access. A lot of paperwork is involved during inter-university transfer, purchase of higher education can be eliminated with blockchain.
Furthermore, students of a defunct alma mater will find it difficult to verify the authenticity of their academic qualifications. However, with blockchain, these data will always be online even if the certifying body is no longer in existence.
Assess the competence of educators
The blockchain can be used to objectively assess the competence of teachers in tertiary institutions. Student course outline will be uploaded alongside the lecturer responsible for each topic. After each lecture, the topic is marked as taught and students can score their lecturers based on performance. These assessments will be available for the university administration.
This will make lecturers to attach commitment to their duty and give their best towards educating the younger generation. It will eradicate the nonchalant attitude exhibited by some lecturers. The university administration will use the lecturers score board to determine who best deserves a promotion.
Blockchain technology is emerging and as the days go by, more use cases will be discovered in and outside of the education sector. This disruptive technology
The role of 5ire in leading the frontier of blockchain in higher education
5ire is a blockchain ecosystem that was founded on the basis of social impact and UN 2030 vision. Our consensus protocol is programmed to reward sustainable social practices. Quality education is a way of impacting the younger generation and in line with our vision, we believe that blockchain has the inherent potential to make this education fair and rewarding for both the students and the teachers.
Despite the glaring fact that blockchain will change the face of education and help drive quality education home, its foothold is barely present in this sector.
The path to blockchain adoption is clogged by challenges as the tech finds its way to the limelight. Scalability is a measure of the efficiency of a network especially in the light of increasing network demands. Blockchain is battling with scalability issues. Ethereum, the second most valued blockchain network has suffered a lot of criticism because of poor scalability. From sluggish transaction processing to spiked gas fees, the network fails in the face of challenging network demands.
5ire is solving the scalability issue with a novel consensus protocol that involves the use of nested chains to verify transactions. Here, child chains are deployed over one another in parallel. As the network demand increases, these parallel child chains verify new blocks, ensuring that seamless flow of transactions is not disrupted. The transactions are later synced with the parent chain via the use of joiner blocks.
As the world gradually wakes to the reality of this novel but powerful technology, 5ire is committed to setting the pace of its adoption. Our consensus protocol distinguishes us because we have sustainability and social impact on-chain. The vision for our ecosystem is to facilitate a sustainable future and we adopted the tenets of the UN 2030 goals as our guide line.