Blockchain technology has applications in everything we do including education.
But what is blockchain technology? The blockchain is a chain of blocks and each block is a public ledger or record of transactions by the members of blockchain network.
A blockchain network is a decentralised platform with an incentive system for building trust. The incentive is based on awarding tokens or a crypto currency.
Bitcoin is an example of an incentive crypto currency. But who makes the bitcoin or incentive crypto currency? Bitcoin miners. How do they do it? They use computers to solve complex mathematical problems which are generated by the transactions of the members of the decentralised blockchain network.
Whenever a computer solves a network problem, the miner is rewarded with bitcoin or the crypto currency or token system they have created.
When a transaction takes place such as paying a tutor for his lessons, the network computers validate the transaction by solving the maths problem. The transaction is converted into a maths problem which the computers or miners compete to solve. The miner who solves it first gets a bitcoin or token reward.
I would say the blockchain is an accounting system based on cryptography on a decentralised open source network.
In education, AcademyCoin is preparing to launch. It is a decentralised payment system for educators and students based on the blockchain. The AcademyCoin is the incentive. I have downloaded the wallet for the crypto currency transactions on my Mac and now await its ICO or Initial Coin Offering.
