Introduction to Smart Contracts in Education
A Smart Contract is a set of rules coded in a digital format. The rules are written in a computer language to execute any given task. Although, this less publicized technology has all ways to transform the given education system. The transparent and verifiable register of smart contracts operates through a decentralized platform – the blockchain.
With the assistance of Educause and CB Insights, we have identified multitudinous ways that smart contracts can improve and deploy by school districts, community-based organizations, post-secondary institutions, networks, etc.
One real example of this can be Sony Global Education. This education platform partnered with IBM to share student records using blockchain. Student transcripts carry their identity that cooperates with the identity management of students. Also, platforms like Blockstack and Uport assist users in carrying their identity all over the internet.
Deploying smart contracts in education will streamline the record-keeping procedure that proved to be lengthy, computationally intensive, and prohibitively expensive.
The latest infrastructures in schools are equipped with a digital camera that records 24 hours a day constantly. Also, smart contracts can be used as a data verification system for CCTV surveillance. The pseudo-code used for operation in a smart contract shown in the image below:
When a user inputs a request for a query, the smart contract allows access to the query if granted. One can easily access the CCTV footage then. The system will develop a Blockchain interface between CCTV and participants. The block diagram below represents how a person can access the blockchain through a smart contract for the CCTV footage.
A Platform for Independent Artists
Since education is not only about books. Muzika, a music streaming platform has partnered with Binance, to aid independent artists in making money. Entrepreneurs are turning towards this young technology to make content sharing fairer.
Whereas, the revenue from the work will be directly proclaimed by the predetermined licensing agreements. The platform Muzika is setting up the groundwork to provide 90% of revenue to the artist.
The purview of sports management has always been on the hit list for sports agencies. Although, using smart contracts in the management of sports is not ready, but for sure the possibility of investment is there.
The Jetcoin institution, known for managing the distribution process of digital fuel, recommended investing cryptocurrency for their favorite player’s future savings. A small portion of seat upgrades, VIP events, etc saved for the player. Moreover, the institution has experimented with this approach with the Hellas Verona soccer team, Italy.
Additive Printing Applications
People associated with the commonly called 3D printing knows how high this technology-driven process is. Also, digital files contain sensitive information in it. And, there is a high possibility that these diplomatic documents can be sent with just a click.
Consequently, smart contracts can evolve the process of transferring files and eliminate security vulnerabilities.