Blockchain Platform Matches Students, Sponsors

Julija A. Image
ByJulija A.
September 03, 2019

Education is about to become a lot more accessible for disadvantaged students around the world. BitDegree has launched a blockchain-based application that allows donors and sponsors to track precisely how their donations are used by charitable organizations and students.

BitDegree says its platform allows sponsors to track donated funds with a dashboard like the one Google gives advertisers. Donated funds and student accomplishments will be added to the blockchain as immutable credentials, serving as a record of just how effective donations are. Records will be entirely secure and transparent, allowing the platform to implement innovative decentralized payment programs. Relationships among donors, students, educational institutions, and charitable agencies will be handled through customizable contacts. 

Blockchain generally cuts out the middleman in these kinds of transactions, so there will be a reduced role for education charities. This means the process can be cheaper and more easily controlled.

BitDegree has already made micro-scholarships available as a way to showcase the platform and its advantages to potential users. Education vendors and students from all around the world can join. Micro-scholarships will be made available to cover the costs of courses as an incentive for people who want to spend time learning. 

One of the most important things about financial incentives of this kind is that they give learners in developing countries support to pursue the luxury of education. Very often, disadvantaged students have to choose between low-paid jobs and education, entering a vicious cycle in which they need income to survive but the jobs they are qualified for don’t provide sufficient income to sustain them. Financial support from donors and sponsors help them finish more courses and build better skills, signaling to employers that they’re qualified for better positions. Better employment opportunities mean more income for those who need it the most. More confidence too.

BitDegree scholarships are available now. Students should provide motivational letters, personal life stories, and requests for pre-defined micro-scholarships at the BitDegree website. Applications are reviewed and verified by the BitDegree team before being published on the platform, where they are matched with donors and sponsors. BitDegree says it intends to automate much of this process in the future.

In this current version, sponsors choose which students they want to support much as investors choose products on GoFundMe. They get to track how their funds are being allocated toward education and they get updates on how the money affects students’ lives.

If you’d like to sponsor students you can apply here. If you are in need of a micro-scholarship, you can apply here.
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Albert Einstein is said to have identified compound interest as mankind’s greatest invention. That story’s probably apocryphal, but it conveys a deep truth about the power of fiscal policy to change the world along with our daily lives. Civilization became possible only when Sumerians of the Bronze Age invented money. Today, economic issues influence every aspect of daily life. My job at Fortunly is an opportunity to analyze government policies and banking practices, sharing the results of my research in articles that can help you make better, smarter decisions for yourself and your family.

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