Blockchain-based Sponsorship Promoting Transparent Educational Donations

Blockchain-based Sponsorship Promoting Transparent Educational Donations
Blockchain-based Sponsorship Promoting Transparent Educational Donations

 

“Education is a powerful weapon which can be used to change the world.” – Nelson Mandela

Proper education is an important component to achieve success in life. It empowers the mind to conceive productive thoughts and conquer new heights of professional success. Addressing the issues of unemployment, corruption, and environmental issues, education plays an essential role in shaping the life of a person with discipline, integrity, and wisdom.

Educational institute’s works as an arena to gain knowledge and fine-tune other comprehensive skills. There are private and public educational institutes that have been giving their contribution in providing education to children.

Importance of Donation for Education

Education does not only involve providing textbooks and notes, but it also comprises of several other components that require regular funding. By means of donations, educational institutes get the appropriate funding for the educational services. Private schools, in particular deals with extensive financing, to meet their educational objectives. There’s no doubt in asserting that attending private schools comes with hefty price tags. The private education institutes have Annual Fund programs through which they receive donations from different individuals and corporate houses. The size of donations varies according to the requirements of the concerned educational institute.

Lack of Transparency in Educational Sponsorships and Donations

Sponsorship and donation help the students and educational institutes to meet various educational needs. Donations aid the concerned institute or individual in the form of funds, equipment, books, uniforms, etc.

When it comes to funding monetarily, lack of transparency is a grave concern revolving around education systems across the globe. It is a massive matter of concern that often results in fraud, scams, and robbing. It deprives the needful of the chance of acquiring quality education.

Lack of transparency arises when a donor’s efforts are not put in good use, or a student tries to bribe his/her way into reputed educational institutes. There are many cases of scams reported in the name of donations. Such incidents create an alarming situation and prioritize the need for transparency in educational sponsorships and donations.

Blockchain-based Sponsorship: A Wave of Transparency in Educational Donations 

With the advent of cryptocurrency that has revolutionized the financial world, Blockchain-based sponsorship can bring the necessary transparency in the educational donations. In Blockchain-based sponsorship, donors can donate their funds in fiat currency that is added in a contract account with an agreed-upon cryptocurrency unit. The donor can seamlessly monitor the allocation of his/her funds that will bring transparency in the system.

BitDegree has made Blockchain-powered sponsorship easier with its global transparent micro-scholarships. The donors can keep track of their cryptocurrency funds in real-time.

BitDegree has found a robust solution to the lack of transparency with BitDegree Scholarships. All the details regarding the sponsor/donor are inscribed in blockchain credentials that lay a transparent and secure foundation for decentralized payments.

Education is a fundamental element in one’s life. Without acquiring proper education, one cannot excel in various phases of life. Educational institutes help in providing the appropriate learning facilities to the students and shaping them into responsible and educated citizens.

Donations play an important role in aiding educational institute financially. While donations are an integral part of the education system, lack of transparency often hampers its effectiveness. Blockchain-based sponsorship and donations enable individuals to transact with educational institutes safely and quickly.

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