Australian educational institutions are known for following the latest innovative tendencies. Since the phenomenon of cryptocurrency has been in fashion lately, some of the students started looking for the respective college and university degrees that can be paid in a similar way. This article will discuss the future of cryptocurrency in Australia in the context of its education system.
What modifications to expect?
Undeniably, the path from AUD will not happen overnight. This means that tuition won’t be the only thing Australia will accept in cryptocurrency. For example, student dorms (and rented property in general) will receive this type of payments. Besides, our regular academic assistants, which are doing assignments for money, will conduct similar operations. Such a reform is expected to contribute to solving multiple issues connected with a different kind of money used for financial transactions.
However, the application process is expected to stay more or less similar to the regular one. The complete scholarship algorithm will look like resume + assignment=scholarship regardless of the currency. Either it is a personal statement, motivation letter, or essay of any kind, you are already familiar with these assignments, which means your actual chances to enter the university or college won’t change.
Who are the pioneers in the niche?
The whole thing started when RMIT together with Accenture and Stone & Chalk came up with the idea related to teaching virtual currency. An 8-week course “Cryptofinance and Cryptocurrency” costs around AUD 1600. Not only will the students get familiar with blockchain technology itself, but also learn how to apply it in multiple professional niches. Apart from Bitcoin, Professor Sinclair Davidson will also introduce the concept of Ripple and Ethereum.
Some of the learning activities will be similar to the ones you may encounter on a regular “Financing” course. This will ensure equal involvement of both students of financial faculties and the newcomers with no experience in the niche. The banking industry will receive another batch of high-qualified professionals from RMIT Innovation Hub, and the future of cryptocurrency couldn’t look brighter.
After the course was launched, RMIT gathered positive feedback from both teachers and students. Some of them were wondering why cryptocurrency didn’t get popular among the educational community. There are multiple payment operations, which could be carried with the help of cryptocurrency. For example, students could easily use bitcoins to pay tuition. What is more, it would allow the residents from all of the countries to avoid wasting money on the exchange rate.
Another significant case was LoyaltyX and the Australian University of New South Wales collaborating on Unify Rewards app. This means that UNSW students will be able to earn Ether when using the app. In this way, the scholars will be able to extract the statistics about cryptocurrency in relation to the other pay methods and determine the future of loyalty programs.
Even though the prototype of this project has an exclusively scientific purpose, it depicted the successful exploitation of cryptocurrency within the educational community. The results proved that Ether managed to become a regular thing for the students. Most of them didn’t experience any significant dissatisfaction when switching from AUD to Ether. The bottom line is that due to an effortless transitional period, it is possible to make cryptocurrency synthetically popular among the college youth.
However, the real blast for Australian educational community was a contract with South Korean Fantom. Fantom is a DAG-based platform to fund scholarships for Sydney students in low-energy programming toolchain focused on smart contracts. What is more, the Faculty of Engineering and Information Technologies was presented a significant donation from these guys. As a result, Fantom enabled designing high-quality bug-checking software based on smart contract programming.
Cooperation like this presents multiple advantages since inspiring a tremendous boost of blockchain technologies and providing new jobs on the Australian labor market. People get more used to cryptocurrency being a vital part of their life. Even though the concept of paying school tuition in cryptocurrency could seem fictional just a decade ago, such projects as Fantom inspire students to see multiple advantages of this idea.
According to the latest Google stats, people started typing “cryptocurrency scholarship Australia” quite frequently. The case of Australian education should serve as an inspirational example for all the developed countries. Does it mean that you’ll be able to pay for a college degree with bitcoins? It is time to ruin the borders set by various types of currency around the world anyway, so why not?
Due to their mentality, Australians are opened to discovering new things including brand new types of assignments, learning techniques, and paying methods. The educational market is quite dynamic so the possible change of money will just improve its strength and draw interest to modern technologies.