Blockchain & Crypto in Education

Blockchain is a decentralized digital ledger technology that underpins cryptocurrencies like Bitcoin (BTC). It ensures security and transparency by recording transactions in a chain of blocks across a distributed network. Unlike traditional systems, blockchain operates without central control, providing a secure and immutable method for transferring and storing assets. This revolutionary technology extends beyond cryptocurrencies, with significant applications in education. In education, blockchain can securely store academic records, verify credentials, and streamline administrative processes, ensuring data integrity and accessibility.

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Blockchain Dictionary

Cryptocurrency

Digital money which uses encryption and consensus algorithms to regulate the generation of coins/tokens and transfer of funds. Cryptocurrencies are generally decentralized, operating independently of central authorities.

Alt-coin

Any coin or token other than Bitcoin.

Centralized

A system or process for which there is a singular (i.e., central) source of authority, control and/or truth.

Coin

The digital asset generated from their own blockchain representing value. For example in the Bitcoin blockchain, bitcoin is the digital asset generated used as the medium for exchange.

Cryptography

The science of securing communication using individualized codes so only the participating parties can read the messages.

Decentralization

A system with no single point where the decision is made. Every node makes a decision for its own behavior and the resulting system behavior is the aggregate response.

Digital Signature

A mathematical scheme for verifying digital messages or documents satisfy two requirements – they have authenticity (from a known sender) and integrity (were not altered in transit.

Fiat

Legal tender the value for which is backed by a government or governmental body (e.g., US dollars, Euros)

Interoperability

The ability of two or more systems to communicate and exchange data. Due to various design decisions (e.g., consensus protocol) most blockchains are not interoperable, however there are many projects that are working to connect various blockchains.

Mining

In a public blockchain, the process of verifying a transactionand writing it to the blockchain for which the successful miner is rewarded in the cryptocurrency of the blockchain.

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Q & A

Q: How does blockchain enhance the security of academic records?

A: Blockchain enhances security by creating a tamper-proof and decentralized ledger, ensuring that academic records cannot be altered or deleted without detection.

Q: What are the benefits of using blockchain for verifying educational credentials?

A: Benefits include enhanced security, greater transparency, efficiency in the verification process, and portability of credentials for easy sharing.

Q: How can blockchain streamline administrative processes in educational institutions?

A: Blockchain can automate enrollment, secure record-keeping, issue digital credentials, and facilitate transparent financial transactions, reducing paperwork and administrative overhead.

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