ROLE OF CRYPTOCURRENCY IN EDUCATIONAL INSTITUTIONS

Introduction

Cryptocurrency mining transmutes electrical power into monetary value by the use of a high-tech computerized system. Cryptocurrency mining is a process in which miners solve complex mathematical problems and whoever manages to succeed first receives a reward or a digital token in return. However, it is later found that several college students belonging to esteemed institutions are a part of this competition.

Changes that blockchain of cryptocurrency can bring for education

 Digital currencies are powered by a complex system also known as blockchain technology. There are several implementations and benefits of blockchain in the educational field.

1) Student records – in academic institutions today, evaluating scripts are the most time-consuming and energy-draining procedure. Before issuing the authentic copy of a student’s grades, all the entries have to be verified to guarantee precision.

  • If all the information is stored on a blockchain, a person will be able to get access to the verified records of the student’s academic details such as course, achievements, and a list of things. For beginners, trading Bitcoin is a troublesome task, in such a case, the Bitcoin Digital Trading App can be of some help.

2) Diplomas and certificates – the credentials and diplomas earned by students could be stored on the blockchain similar to  their grades. Rather than seeking institutions issuing the diploma to attest a sheet of paper, employers will just need to be provided with a link to get access to the digital diploma.

  • MIT has already implemented this procedure and has been issuing digital diplomas stored on the blockchain to its students. An advantage of this is that people holding fake diplomas can be detected easily.

3) Badges – other than the degrees, the resume of the person holds some valuable data such as foreign language skills, specific abilities, or talents.

  • These skills cannot be authenticated easily but, a person can seek a professional third party to verify all the skills and allot a certificate.
  • These can be further stored on a blockchain and they are proof of a person’s skills and special abilities.

4) File storage – if academic institutions decide to have a record of curriculums, degrees, and additional information then that will fill up a lot of storage space.

  • Saving all the files on hard drives will centralize the files instead and if these files are lost or damaged under any circumstances then that will bring a lot of trouble on the other hand.
  • A probable solution to this problem can be blockchain-built cloud storage services like that of file coin.

5) Lessons and courses – several blockchains are capable of smart contracts. This further means that courses and lessons can be arranged into the blockchain and used in certain circumstances.

  • For example, if a teacher assigned some work to the students, the competition of the work could be mechanically authenticated by the smart contracts of blockchain.
  • After finishing the tasks, the teacher could receive their payments in the form of crypto tokens and the students could be rewarded with credits.

6) Publishing – researchers, scholars, graduates, and professors work endlessly day and night to create quality materials. The procedure of publication is not an easy one.

  • Publishing these works on the blockchain might help new researchers and writers to break into the industry and also aid with protection against piracy and the management of rights.

7) Lower costs – all the mentioned applications indicate that time-consuming and labour through procedures can be regulated by implementing blockchain in educational institutions.

Blockchain, the technology behind cryptocurrency can commute education

Blockchain can upgrade the education system in several ways whether by creating a connection between student and teacher directly which will further help the student to communicate easily or through online payment procedures by digital currencies.

Conclusion:

The development of cryptocurrency and the complex blockchain technology behind it is bringing a revolution in the economy and changing different sectors. The future of blockchain in the education field seems very promising and can lead to several advantages for institutions, students, and teachers.

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