If you wonder if the higher education world is connected to the current fintech transformations, then the answer is yes. But how can these two concepts be so intertwined, and how would it be possible for the ivory-towers higher education field to cooperate and stay updated with the fintech industry? The answer is easy: the adaptation of Blockchain technology in modern colleges all around the world.
The blockchain system is a digital register of transactions that allows creating a secure chain for transactions. These transactions are assembled in blocks. Blockchain network allows viewing the entire transactions’ record in the database to everyone who is part of that system. At the same time, other members must approve the network’s transactions before being added to the ledger. Its main benefits include immutability of data, keeping the records intact, eliminating fraud, and improving compliance.
One of the most relevant benefits of using a blockchain system in higher education is undoubtedly the chance of keeping a record of certificates, degrees, diplomas, and credentials. As more and more health institutions are currently enabling patients the accessibility to their medical records, the higher education sector can do the same with students by allowing them to consult their educational curricula – whether ongoing or not – at any time and from anywhere. Moreover, higher education is changing from a degree-oriented system with students going all around campuses to lifelong learning and mostly online framework. The entire educational process of a student is monitored and tutored by colleges. This makes it easier for colleges to have continuous tutoring progress while maintaining a professional approach.
Since the newborn fintech industry requirements are higher than before, the use of blockchain is the perfect launchpad for avant-garde universities, such as ASOMI College of Sciences. For instance, modern technologies, artificial intelligence, big data, and cryptocurrency are changing the financial panorama and building a new industry, the so-called fintech. Since these factors are already creating some radical changes, the institutions offering higher education must keep up with the new trends by melding together innovative programs and breaking the barriers between different disciplines. In fact, ACS understands the relevance of the Blockchain system and remains up to date while keeping a sight towards upcoming updates. Moreover, universities’ blockchain system is useful not only for verifying the accreditation of an institution and defining its quality and the qualification to teach but also for the atomization of services such as paperless and more direct transcriptions help to save on administrative costs.
That said, let’s concentrate on payment methods; cryptocurrencies, for instance, could be used in such cases. As mentioned before, they are, and they will be a part of our future and, if they are not yet playing a crucial role in our everyday lives, they will do so sooner or later. The King’s College in New York City, for example, is the first higher education institution in the world to accept payments of their tuition fees entirely in Bitcoin, and by doing so, they managed to eliminate the transaction fees. Normally, apart from students themselves, the college tuition payment procedures include a series of different factors such as the college, the parents, financial institutes, scholarship agencies and even the government. But all those complications vanish when using cryptocurrencies. The use of Bitcoin through the adaption of the Blockchain system is a crucial future investment also for ASOMI College of Sciences for all the above-mentioned reasons; it gives more power to the students who can have a clear overview of their career and use it for their future job-seeking progress while as the higher education institutes are more protected and secured.
One of the most important benefits of using a blockchain system in higher education is, by no doubt, the empowerment of the students but not only. Besides, Blockchain reduces administrative costs and spares a lot of paperwork that otherwise would weigh on the students’ shoulders with an increase in tuition fees. It is a secure system that can protect the authentic quality of our CVs or for having all educational history and necessary documents stored in just one database. Moreover, Bitcoin could replace traditional transactions by cutting down on the fees that they usually require. Fintech is evolving and so do the modern universities within it.