Blockchain technology has evolved greatly since the introduction of Bitcoin in 2008, the first decentralized peer-to-peer electronic cash system. Today, innovators in various fields are realizing the benefits of the technology behind Bitcoin. From medicine to finance, many sectors are looking for ways to integrate blockchain into their infrastructures.With its decentralized and trustless nature, Blockchain technology can lead to new opportunities and benefit businesses through greater transparency, enhanced security, and easier traceability. How Blockchain Can Power Up Your BusinessBlockchain solutions are not only limited to the exchange of cryptocurrencies. There are numerous benefits that this technology can present to businesses in many different industries, through its distributed and decentralized nature.1.Greater TransparencyBlockchain’s greatest characteristic stems from the fact that its transaction ledger for public addresses is open to viewing. In financial systems and businesses, this adds an unprecedented layer of accountability, holding each sector of the business responsible to act with integrity towards the company’s growth, its community and customers.2.Increased EfficiencyDue to its decentralized nature, Blockchain removes the need for middlemen in many processes for fields such as payments and real estate. In comparison to traditional financial services, Blockchain facilitates faster transactions by allowing P2P cross-border transfers with a digital currency. Property management processes are made more efficient with a unified system of ownership records, and smart contracts that would automate tenant-landlord agreements.3 Better SecurityBlockchain is far more secure than other record keeping systems because each new transaction is encrypted and linked to the previous transaction. Blockchain, as the name suggests, is formed by a network of computers coming together to confirm a ‘block’, this block is then added to a ledger, which forms a ‘chain’. Blockchain is formed by a complicated string of mathematical numbers and is impossible to be altered once formed. This immutable and incorruptible nature of Blockchain makes it safe from falsified information and hacks. It's decentralized nature also gives it a unique quality of being ‘trustless’ – meaning that parties do not need trust to transact safely. 4 Improved TraceabilityWith the blockchain ledger, each time an exchange of goods is recorded on a Blockchain, an audit trail is present to trace where the goods came from. This can not only help improve security and prevent fraud in exchange-related businesses, but it can also help verify the authenticity of the traded assets. In industries such as medicine, it can be used to track the supply chain from manufacturer to distributer, or in the art industry to provide an irrefutable proof of ownership. 

What is Blockchain?Blockchain is a newer innovation in computer science, that has world-wide scale and reach, as well as interdisciplinary applications. It is destined to disrupt the global economy in the foreseeable future. The World Economic Forum (2015) estimates that by 2025, at least 10% of the world’s GDP (USD 100 trillion) will be managed via Blockchain technologies, and half of that will be in the form of a cryptocurrency.You may have heard of “bitcoin,” which is the first crypto (code based) currency to become mainstream, and is a good example of what blockchain is capable of.To attempt to simplify the explanation, a “blockchain” is a distributed book of records (or units of value) that can be shared by a community. In this community, each member maintains his or her own copy of the information. The information could be representative of transactions (a currency or other unit), contracts (agreements to move assets, funds, or information), or virtually anything else that can be put into a digital form. Each change or addition of a unit of some kind is a new “block” added to the end of a “chain.”Blockchain is an emerging technology, with countless capabilities to affect every part of our lives, and the way we conduct transactions or keep records. Analysts see the potential for this technology to disrupt traditional methods of transaction, and data collection services, since blockchains are distributed, decentralized, and permanent pieces of information.The possibilities for this technology’s use in the education sector are exciting – however, many stakeholders within education are unaware of the many advantages of blockchain technology.Back to bitcoin – if you can imagine tiny digital pieces of information that belong to someone, accessed through an interface on a server, and only transferred with that person’s sole consent, you can start to think of other applications to this kind of data asset.How can blockchain be used in education?Student records are endless, and with blockchain technology, assets like attendance, courses, payments toward tuition if they attend a private school, grades, coursework, and even their diploma can become part of their personal blockchain record. Since these records cannot be deleted, this helps with data security in that it is immutable. It also belongs to the student, rather than to the school. With blockchain, no participant can tamper with a record after it has been saved. If a record has an error, a new record must be added to correct it, and both the incorrect and correct records will remain visible.Today, many state educational institutions are in the planning process for implementing blockchain-based tools, and if you work with schools, being aware of this will help position you as knowledgeable of this change, and perhaps you can provide solutions to help. Are you in the business of creating open source software? If so, you may be able to help provide the right platform for a school’s first attempt at utilizing blockchain technology. Benefits and beneficiariesThe benefits of blockchain can only be realized through “open implementations” of the technology.Blockchain uses open source software– which is a type of computer software whose source code is released under a license, in which the copyright holder grants users the rights to study, change, and distribute the software to anyone and for any purpose (St. Laurent, 2008).According to the EU Report of Blockchain in Education, “Further development of the technology in the educational field should be considered as a shared competence of the market and of public authorities, to ensure an appropriate balance of private sector innovation coupled with safeguard of the public interest.”Furthermore, the main beneficiaries of the adoption of blockchain-based technologies in education are likely to be networks of educational organizations and learners. Charter Management Organizations that manage many schools within a network, that are already open to trying new ways of educating and informing their students, may be the perfect group to try to implement this tech in the near future.Certificates and Blockchains – a new form of Gamification?The concept of a certificate is nothing new, and in education, the big “certificates” include a student’s diploma or GED. But throughout education, students can earn certificates to provide evidence of an individual’s learning achievements. Those achievements can then be used to determine their readiness to progress to another grade level, and perhaps in career and vocational education programs, can measure their readiness for the workforce.Earning a certificate for other achievements – for learning a specific set of skills for example – also has the potential to be a motivational tool for students in the same vein as gamification. Achievements help with intrinsic motivation. The early literature on blockchain makes frequent references to ‘self-sovereignty’, and the individual’s ability to own and control his or her own identity online, which is also a motivator as students may aim higher if they’re the only owners of their educational record. Overall, there are many applications of this technology, and schools will likely be investigating and implementing these tools in the near future. 

Industries like healthcare, trade, finance, banking, energy, travel, real-estate, online advertising, education, etc. have incorporated Blockchain technology into their operational strategy. Blockchain technology is one of the most popular technologies in 2020, with scope to impact the daily lives of different professionals in multiple sectors. So, are you still wondering if you should sign up for an online degree in Blockchain?What is Blockchain Technology?In the most rudimentary way, ‘blockchain’ simply refers to a chain of blocks. Blockchain is nothing but a growing list of records that are known as blocks. These are linked cryptographically. Each block has certain information; the cryptographic hash of the previous block, a timestamp, and all other transactional data. Blockchain is designed in such a way that it has no scope for any type of modification in the data.Features of a BlockchainIt is important to understand the key elements that make blockchain technology an asset to any organization.TransparencyThe feature of openness is essential to any blockchain. For example, transactions on a public blockchain are visible to everyone with the help of a public key or private key, depending on the type of Blockchain. ImmutabilityOnce a piece of information is on the Blockchain, it cannot be edited or altered. This feature of immutability allows the information to remain authentic. All transactions are written upon the previous one; hence the change history is always visible.DecentralizedThere is no single authority that takes charge of the Blockchain. It’s run with the help of multiple nodes aiding in hosting the transactional information. The lack of central authority improves faith in the system.Digital FreedomBlockchain technology allows users true freedom of the digital age because you’re the in-charge of everything. There is no higher authority regulating it; instead, the terms of the contract do. Improved SecurityThe cryptographic algorithms of blockchain technology help in adding multiple layers of security to all the data that is stored. The feature of decentralization acts as added safety, which makes it better than other systems.Why is Blockchain Important for Business?According to a report by the World Trade Organization, the economic add-on value of Blockchain on a global scale will reach up to $3 trillion by 2030. Steadily it’s becoming a part of every industry. Here are a few ways in which it is revolutionizing businesses.Use of Smart ContractsSmart contracts have all the terms of the involved parties written into the code. It exists on a decentralized blockchain ensuring all parties fulfill the agreement. They require no external interference. It can improve business because both parties have to meet their ends of the deal. It eliminates the need to pay intermediaries for any kind of dispute because the contract is self-sufficient. If anyone backs out without notice, your goods or services will be returned to you.Hiring Reliable EmployeesThe most valuable asset of a business is the workforce. Blockchain is really helping in the right hire because it eliminates the use of forged or photoshopped documents. You can easily verify all the mark sheets, degrees, certificates, experience letters, etc. through a digital ledger that cannot be modified, hence provides accurate data. The time, research, and effort that goes into hiring will be reduced because of this. It’ll improve the quality of hires as well.Smoother Payment MethodsBlockchain technology has taken over the banking and finance industry. And there’s a good reason for that. With lesser fees for transactions, along an immutable record of all these transactions makes Blockchain the perfect choice. It can be used to pay salaries and maintain a record of cash flow. Especially in cases where you have outsourced work, it makes payments to employees in remote locations much more manageable.Strengthened Customer BaseIncorporating Blockchain into your business allows reliable identity management for customers. They can take control of the data being shared, improving trustworthiness in the business. Excellent transactional records will enable the customer and the company to see how the business relationship has progressed over time. You can tap on all the spending patterns of the customers to identify the loyal ones and build upon better customer relationship management.Enriching Marketing CampaignsThe marketing behind any business is the driving force. And in the competitive frenzy by different companies, it’s challenging to target customers. But Blockchain can be used by marketers to keep a record of customer information and spending patterns. They can then research this data to design campaigns that will have a higher return on investment. Blockchain will also help you gather data from real people and help to filter out bot-disguised accounts.ConclusionAn online degree in Blockchain for Business will help any business to grow. This degree will give you an overview of blockchain basics, along with the consensus algorithms being used. Moreover, you will understand smart contracts and blockchain architecture better. With reduced costs and greater efficiency, blockchain use-cases allow employees to focus on better business decisions.