Talking about Blockchain and Cryptocurrency, here is some great news for all those who own cryptocurrencies!
Supreme Court Decision
Indian Supreme Court Lifts Ban on Bitcoin Trading on 4th March 2020. Experts from the industry welcomed the apex court’s ruling. In 2018, the country’s central bank, the Reserve Bank of India (RBI), banned cryptocurrencies.
“From my perspective, hopefully, the funding environment for start-ups gets better as funds no longer have to worry as much about regulatory clarity,” said Nitin Sharma, founder of Incrypt Blockchain talking about Blockchain and Cryptocurrency, here is some great news for all those who own cryptocurrencies!
Blockchain can transform the education sector
With blockchain technology introducing Smart classrooms can become an integral part of schools all over the globe in a few years.
Bitcoin is the most well-known virtual currency in the world, at one time reaching a value of over $19,000 per coin. New ways to apply blockchain technology in the higher education sector are emerging all the time. Does this system help administrators and students?
Maintaining student records on Cloud Storage
Sony Global Education, in partnership with IBM, has developed a Blockchain-driven students’ record system. Their main aim is to ensure secure access and sharing of progress and achievement-related data/information. School administrators can consolidate, manage and share students’ data (transcripts and performance history).
Payment via cryptocurrency:
Processing student payments is labor-intensive and may involve the student, parents, scholarship-granting agencies, financial institutions, governments, and educational institutions.
Some foreign universities have begun to accept cryptocurrency as payment for tuition fees. Nearly 2% of the entire students of the University of Nicosia paid fees using Bitcoin. This figure shows how students are looking for alternative payment modes.
Student security concerns and Degree verification
Data breaches are possible in the Education sector the same as in finance and healthcare. It made up to 13% of all breaches 2 years back.
Data breaches target student records and steal information that can be used to create fake identities or be sold by hackers. As more schools from kindergarten to university go digital, protecting records with the blockchain could ensure student privacy. Employers claim it is difficult to verify under current systems.
Blockchain could help them verify the candidate’s qualification that they claim on their resume, by storing that information in a secure ledger.
Certification on the Blockchain
As verifying a diploma is time-consuming and requires employers and graduate programs to request confirmation of credentials from universities, blockchain technology can be a cherry on the cake.
In some university graduates have their diplomas available on an app built on blockchain technology. Using this technology they can share their degree credentials with anybody they would wish to share.
Looking Toward the Future
The possibilities of Blockchain in education are endless. As school and college administrators look to the future, they would think about how to harness this powerful technology.
It’s a big win for the Indian Crypto community!