Blockchain is most often associated with digital currencies like Bitcoin. Information stored on a blockchain is kept in chronologically linked blocks, which makes it relatively simple to trace the data’s origins and confirm its legitimacy. These qualities have led a variety of businesses, most notably the financial one, to adopt the technology, as has the system’s decentralised structure.
Education is one sector where cryptocurrencies are only now starting to gain traction. With only a few institutions utilizing the technology, the cryptocurrencSitey adoption in education is still in its infancy.
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Cryptocurrencies Altering Interaction of Schools With Students
Cryptocurrencies are now largely used by universities that have adopted them to store and share academic information and credentials. But according to academics, technology has the potential to transform education in a variety of ways, including by expanding chances for lifelong learning, improving educator efficiency through smart contracts, and giving students the ownership of their academic records.
The impacts are already evident in these three ways:
1. Minimizing Education Cost
By introducing new, more accessible channels for learning and changing the dynamic between institutions and students, blockchain technology has the potential to transform the face of education. Managing student tuition payments is a labor-intensive process that involves many parties, including students, parents, scholarship foundations, lending companies, federal and state agencies, and the massive bureaucracy of university financial departments.
This procedure can be streamlined using blockchain, which lowers administrative costs and consequently reduces tuition prices. The technology has already been applied to pay-as-you-go courses and other open learning scenarios by using smart contracts and accepting cryptocurrencies as payment.
Cryptocurrency is now being accepted as payment for tuition at several American and international universities. Blockchain technology has the ability to support lifelong learning by making open educational resources widely accessible. Open educational resources are textbooks, podcasts, and films that exist in the public domain and are free to use and share.
Blockchain makes it possible for these resources to be inexpensively and securely shared in a public network.
2. Incentivization Through NFTs
One of the major use cases for blockchain is cryptocurrency and tokenization. In the proximate future, professors will be able to appreciate students by presenting them cryptocurrency rewards if they perform well or complete a particular major. Academic institutions will be allowed to offer rewards to students who pay off their student loans on schedule.
Additionally, the teaching-learning process may be permanently changed by the gamification component of the tokenization teaching method. Some colleges are effectively leveraging this trend to collect funds and fortify alumni links. Blockchain technology, a database of transaction records held simultaneously across many computers, was initially only able to handle digital currencies like bitcoin and other cryptocurrencies.
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The 2020 graduating class of Georgetown University’s McDonough School of Business received non-fungible tokens as a gift. The tokens were electronic replicas of the 2020 Challenge Coin presents that were physically delivered to the kids as a thank-you. The building that houses the university’s business school is pictured on the reverse of the coin.
Universities are using cryptocurrencies to run businesses, raise money, and strengthen ties with students and alumni. These tendencies might pick up speed if these assets emerge from their current fall and start to bloom once more.
3. Altering Educational Curriculum
The University of Oxford, Harvard University, and some of the world’s best colleges and educational institutions have incorporated elements of developing technology into their curricula. Few universities can compete with the Massachusetts Institute of Technology in terms of research (MIT).
The MIT Bitcoin Club, one of the first Bitcoin clubs on campus, is the focal point for university-wide discussions on blockchain technology. In an effort to encourage the use of cryptocurrencies, the university famously started the MIT Digital Currency Experiment in 2014 and gave out Bitcoin to students.
Similarly, the most prestigious colleges in the world are said to include Harvard, one of the longest-living universities in the United States. Over 200 people make up Harvard’s strong blockchain student community. Students can develop and scale their bitcoin projects thanks to weekly “Crypto 101” talks and a campus incubator.
Thanks to a sizable research center, Oxford is one of Europe’s top learning institutions for the new technology in the field of blockchain. The Oxford-Hainan Blockchain Research Institute has made great progress, and the blockchain research center has generated a long list of intriguing blockchain articles.
Blockchains have already started to transform the financial sector thanks to the advent of cryptocurrencies. The prospects for cryptocurrencies in the education industry are likely just the beginning of their potential effects on the educational system. The potential for cryptocurrency applications in education is very high.