Cryptocurrency has gained a lot of fame in different areas, but now it is striving to gain popularity in the education system as well. Australia has initiated cryptocurrency adaption in the education sector through cryptocurrency based scholarships.
Recently Australia has made an initiative to introduce cryptocurrency in the education sector. The introduction of cryptocurrency in education system demands to streamline this currency in different segments as the tuition fee, rent of hostels.
It also furthers to the assignments done for money thus, in a nutshell, everything that involves financial transactions should involve cryptocurrency and this can be used to solve the multiple problems related to education.
The new scholarship procedure is expected to remain the same as the traditional procedure and it demands the same requirements the only difference would be the payment procedure that allows the use of cryptocurrency. However, the students will take a certain time to follow this process.
The first idea in this regard came from the concept of virtual currency teaching that was started by RMIT in collaboration with other firms. The first teaching course was 8 weeks course that was aimed to provide basic use of blockchain technology and also its practical implications in different sectors.
It includes teaching about the use of Bitcoin as well as Ripple and Ethereum. Students and businessmen have shown a lot of interest in this sector and some students encouraged the idea of introduction of blockchain technology to carry out financial transactions in the education system.
Another positive feature was the introduction of Ether in the UNSW done in partnership with Unify Reward apps for managing the transactions and most of the students have shown satisfaction.
Switching from AUD to the Ether was not seen as a big challenge and a wide number of students accepted this wholeheartedly.
The most important step was taken by the Australian government with South Korean Fantom. The purpose of Fantom is to provide scholarships for students, recently it stared smart contract project for achieving this objective.
Now people all over the world started searching ‘Cryptocurrency Scholarships Australia’. So, it seems like students will now use blockchain technology for paying their dues and for other financial transactions.