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5 Ways Blockchain Technology Will Help the Education System in Africa

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blockchain technology in education

How Blockchain Technology Will Help the Education System in 5 Ways

One tremendous feature of Blockchain Technology (BC henceforth) is its ability to improve and make easier every sector and facet of society. In its simplest form, BC Technology is a distributed ledger technology (DLT) that automatically records and verifies transactions and information.

Information on the BC are stored on a network of computers, through a decentralized system, there is no central authority or entity that has control over it. This, therefore, reduces the risk of fraud or tampering with records. Aside from powering Bitcoin and other cryptocurrencies, BC technology has spread its powers through and to other industries – one of which is Education.

Education is striving through major cuts and challenges that go far beyond trying to boost and develop the teaching-learning process. The education field is core because it holds the prospect for other fields such as medicine, business, accounting, science, agriculture, engineering, and many others. Therefore, it is a necessity for blockchain interoperability in education.

the points below are the uses of blockchain in education globally.

How Will Blockchain Technology Improve Education in Nigeria?

  1. Certificates: – blockchain in education 

There are so many benefits of blockchain in education, With the use of paper-based certificates and diplomas, it is easy for these vital documents to be lost. Unforeseen hazards such as war, flood or fire could destroy them forever and it may be difficult to trace back.

Schools or institutions may not have those documents stored in their archives anymore, some institutions delete old records for storing records of new students. Once a diploma or other vital information are stored using the BC Technology, it would be very difficult to delete, lose or forge. To alter one document, the copies in every system must be also altered one after the other, which is impossible.

The information can easily be accessed at the owner or student’s consent. Blockcerts, a project of Massachusetts Institute of Technology (MIT), is an open standard that enables institutions to apply BC in educational programs. Over 100 digital diplomas were issued out to MIT graduates applying Blockcert.

Storing diplomas and certificates in the blockchain will give employers confidence in the knowledge base of their employees. It would serve as a panacea to the issue of low qualified staffs using false certificates to secure high standard jobs. Verification of employees’ certificates, diplomas or degrees would be just a link away.

  1. Students Record: blockchain in education 

BC Technology will help institutions keep records of students’ attendance, grades, payments, course work and certificates/diploma. Since these records cannot be deleted, this helps with data security in that it is inflexible and immutable. When a student start or resumes school, whatever the student scores in a test or examination, the amount paid for tuition, the courses offered and studied, even health records and other data that are necessary for enrolling a student will all be documented in the BC.

Sony Global Education in partnership with International Business Machine (IBM) developed an educational BC platform which enables institutions record, save and share students’ data to different educational institutions. This will help school authorities to keep track of students and reduce the risk of identity theft.

 

  1. Learning Marketplace: – blockchain in education

The price of quality education is has skyrocketed in recent years, making it almost impossible to gain a degree. BC technology has the competence to connect students with teachers directly, cutting down expenses and taking away intermediaries and middlemen. This will make the teaching-learning process transparent and less demanding for both the teachers and students. On Demand Education Marketplace (ODEM) and Disciplina are BC-based platform developed to cut out the inefficiencies in the educational system by connecting the teachers and students directly and improving the process by which they receive education. With the use of cryptocurrency as a payment method, education would become easier and cheaper.

  1. Records Management: – blockchain in education

Papers for printing these certificates and the printing process itself cost a lot of money and time. BC technology will help school eliminate the expense on printed product and the storage of information. The time spent on printing and storing this information could be channeled toward more productive activities.

Instead of printing the certificate on perishable sheets, the certificate could be recorded on the BC and sent to students on their device, moving the burden and responsibility of storing the certificates to the students. This shift in paradigm would give school authorities the time to dwell on other activities and save millions that go into papers, printing and storage every year.

From verifying diplomas to keeping the records of students, there are a lot of improvements to be done in the educational system. Recently, universities are trying to implement Blockchaininto their systems, to keep track and records of students and educators.

MIT is already using Blockcert, the University of Nicosia in Cyprus has also implemented a BC-based library for keeping the details of students and their diplomas. With BC technology infused into education, there is sure to be transformation more than is already obtainable.

There are my current anf future of blockchain in education sector in

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What is Cryptocurrency And How Does It Work? 

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Obiex finance website

Cryptocurrencies are decentralized digital assets that operate on blockchain technology that in turn operates by storing a ledger of every transaction on all nodes powering the blockchain. 

In layman’s terms, blockchain technology is like a record keeper, it collects data (in blocks) and links one block of data to another, forming a chain. The data on the blockchain is open for all to see and cannot be easily altered. Blockchain technology can be used for a variety of use cases besides cryptocurrency, ranging from voting to crowdfunding, keeping health records, etc.

Using Bitcoin as an example, nodes are computers connected to the network to mine Bitcoin,  – this collection of independent nodes working together is what makes the network decentralized.

The decentralized nature of cryptocurrency is down to the creators recognizing flaws in traditional banking & financial systems like governments and financial institutions acting only in their best interests and not in the best interest of the common man, leading Satoshi Nakamoto (the creator of bitcoin and blockchain technology) to take steps to rectify that.

Related: What are NFTs?

To make cryptocurrency transactions, you will need to have a set of both public and private keys that will act as passwords protecting your crypto wallet. 

The Public key is connected to your wallet address, allowing you to share the address with others to receive cryptocurrency, while the private key is known to only you and is what you will use to approve outgoing crypto transactions from your wallet. 

Trading Cryptocurrency on Obiex

Obiex finance website

With the popularity of cryptocurrency trading currently at an all-time high, the biggest challenge for many rookie traders is selecting which cryptocurrency exchange to trade on.

If you fall in this category, the immediate priority should be finding an exchange that allows rookie traders to make trades easily, doesn’t charge extra fees and is completely secure. That exchange is Obiex Finance.

In this guide, you will be shown how to navigate the Obiex mobile app & website easily and what to do to get started with making cryptocurrency trades. 

Getting started with Obiex Finance 

Obiex Finance is a digital asset exchange and financial technology (Fintech) platform that gives its users the ability to easily execute cryptocurrency trades from anywhere regardless of their skill level.

Their commitment to ensuring that users get the best experience is shown in how they allow instant swaps from volatile coins like Bitcoin to stable coins like USDT, and vice versa, without confirmations. In a market where the value of crypto can fluctuate wildly, this feature is especially valuable as it allows users to seamlessly switch between making profits to saving those profits in a more stable currency before the value drops.  

To create an Obiex Finance account, simply head over to their homepage, click on “sign up”, fill in the required fields and verify your email address. After that, create wallet addresses for your crypto assets and you’re ready to start trading!

The cryptocurrency available for trading on the Obiex Finance platform are: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Polygon (MATIC), Dogecoin (DOGE), Tether (USDT), Binance USD (BUSD), and USD Coin (USDC).

Getting Started with Cryptocurrency trading

After creating your Obiex account, you need to follow these simple steps:

  1.     Have a Trading Strategy: Trading cryptocurrency without having a strategy in place is the easiest way to lose your money. You will need to research the various crypto trading strategies thoroughly and choose the one that best suits your needs and temperament. For example, if you’re a patient person who is content to make smaller, safer trades over a long period of time instead of making riskier trades, then scalp trading is the best trading strategy for you. There are also other crypto trading strategies such as Swing trading, position trading, Arbitrage, dollar cost averaging etc.
  2.     Pick the cryptocurrency you’d like to trade: There are several cryptocurrencies available on Obiex Finance such as Bitcoin, Ethereum, Binance Coin, Tether etc. Selecting which cryptocurrency to trade is usually down to making a choice; whether to stick with the safer, more established cryptocurrencies like Bitcoin or to go with the more volatile coins that have a high upside and an equally high-risk factor like the Dogecoin which can move in either direction based on what Elon Musk tweets.

It is also important to note that when you pick a cryptocurrency to trade, it would be wise to ensure that the cryptocurrency matches the strategy you pick. For example, if your preferred strategy is patient scalp trading, then investing in volatile coins that have a high upside but carry a lot of risk is not the wisest move. 

To swap crypto on Obiex Finance, add the wallet of crypto assets you’d like to swap, send the crypto to the wallet you just created, navigate to the ‘swap’ option on your dashboard, and select the coins you’d like to swap. You will receive the swapped coin in your wallet balance immediately without waiting for network confirmations.

  1.     Securely store your cryptocurrency: The same way you’d protect your goods and profits if you had a physical store is the same way you need to protect your cryptocurrency so it doesn’t fall into the wrong hands.

You can store your crypto securely on your Obiex wallet but if you want an alternative, physical wallets are also an option. Physical wallets allow you to store your crypto in secure hardware, offline storage device reducing the likelihood of online hackers stealing your hard-earned crypto. This is a list of reliable physical wallets you can use.

Conclusion

If you’re a newbie to crypto trading, the keyword is patience. Taking the time to properly understand the market before making trades will stand you in good stead. While risks occasionally pay off, a patient, long-term strategy is required to make consistent profits. For more information about trading as a newbie, you can check this out to understand unfamiliar crypto terms and to learn more about spot trading and futures.

Obiex Frequently Asked Questions | Obiex FAQs

  • Will I be charged a fee when I swap coins on Obiex? 

No you won’t. While other crypto exchanges charge for trades and require confirmations to execute swaps, Obiex allows you to make free, instantaneous swaps without the delay that comes with waiting for confirmation. This also helps you avoid unnecessary losses.

  • Can I trade crypto on Obiex if I don’t know much about crypto? 

Yes, you can! The Obiex Finance platform allows both rookie and experienced traders to make easy, safe trades regardless of trading experience.

  • Can I send and receive crypto easily?  

Yes, you can. To send crypto, you will use your private key to execute outgoing trades and your public key/your wallet address to receive incoming trades. You can also send and receive crypto using just Obiex usernames.

  • Why do I need to swap coins? 

Swapping coins allows you to either acquire a coin you think is (currently) more valuable than a coin you have a lot of. You can also use swaps to ensure that your funds are invested in a more secure coin like USDT if you feel the volatile coin you’re holding is about to go on a bear run and lose value.

  • Do I get a referral bonus when I invite friends to use Obiex? 

Yes, Obiex has a referral campaign that rewards users that invite their friends and family to trade the minimum of $10 on Obiex.

 

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Non-Fungible Tokens (NFTs): What Are They And How Do They Work?

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Non-Fungible Tokens (NFTs)

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Is Bitcoin The New Institutional-Grade Safe-Haven Asset?

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safe-haven asset

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