This paper will give details about BSU Coin that is currently being used and to describe the various opportunities that blockchain is bound to introduce to both BSU and all that clients attached to this institution. The immediate beneficiaries of these opportunities are staff members, students, and all faculty members. A blockchain has so far been developed which makes use of Ethereum which will enable the university to accurately store the grades for the students and at the same time offering a cryptocurrency for use by all stakeholders of the university. Ethereum is a high-profiled programming language that has a decentralized platform that is effectively used mostly in autonomous systems. This programming language has the capability of storing data, program the available scripts and at the same time execute the processed script using the nodes. This is a technological improvement which has advanced computation in that it is has become both transparent and verifiable.
Bitcoin which was developed in 2008 by Satoshi is an electronic cash system which happens to be a cryptocurrency. Bitcoin source code is a product of blockchain technology which took up to 2009 to have the Bitcoin software released (Satoshi Nakamoto, 2008). It is at this time that the mining and use process of the Bitcoin started. On the same note, Ethereum depends on blockchain technology in its use to allow for open-source services meant to introduce trading contacts for the cryptocurrency. This eliminates the requirement for a third party in the transactions that are involved.
Previous Work
Through blockchain technology, Whalecoin has since been developed which is a decentralized social network which is the type of a cryptographic blockchain. There exist several roles that are attached to this concept and it is required that the user has a total of 1000 tokes to be able to participate in these roles. The user ends up with one coin for a complete block which starts at 1000 blocks. It is after achieving this that the reward is increased to reach 15 coins for every completed block. My.EtherWallet.com happens to be an open-source wallet where the subscribed clients can end up revealing the transactions in a manner that make use blockchain’s full nodes (Giungato, Rana, Tarabella & Tricase, 2017). Through this, clients are able to generate wallets in and interact with the entire system in a very secure way.
Geth happens to be a multi-purpose tool that is used to offer different interfaces that are known to run on Ethereum node. Gwhale happens to be to be the actual version of WhaleCoin that is utilized in the making of WhaleCoin wallets that acts as the desktop. Ethereum Network has also succeeded in developing Pirl which is another form of cryptocurrency that is being used to make transactions that connect buyers. It is in this decentralized platform that users can end up buying and selling products in a manner that is completely automated. This method is known to be highly profitable in that the ethash coin makes uses of master nodes to engage the community. Nautilus is another market platform that has been developed using Pilr as the supporting element which allows the users to end up buying and selling products, services, and skills in a manner that is completely safe and secure. The security of the transactions that are carried out is achieved through the use of small contracts.
The Problem
The process of recording and processing students data is a university is always at tiresome undertaking which is both times consuming and costly in the long run. It is also an involving process when employers require confirming the education qualification of a new employee as they are required to use a third party to make the confirmation to make direct calls to the management of the universities. Employers are more interested to determine the academic qualification of their employers and thus the need to have a system that allows them to undertake this with a lot of eases. On the other hand, the universities are bound to have a secure system that allows sharing of such information with employers while at the same time making sure that the information is safeguarded. The security of this information is meant to make sure that the stored data is not changed or manipulated in any way.
Up to the moment, the universities act as the only custodian of students’ information and thus it becomes hard for either the student or employers to share the information at their own will. For them to have access to this information, they are introduced to a complicated process which is bound to take time and costly in the long run. With this in mind, there is a need to come up with a more efficient system to facilitate for this kind of access and exchange of information.
The Solution
BSU Coin happens to be one of the introductions that are as a result of blockchain technology and that has the capability of recording and storing all educational details of students in a secure manner and making the retrieval process by interested parties to be cheap and faster. Through this, the system will be able to keep updating the student’s achievements on a routine basis and this would be a good way to make sure that performance of the students is posted and made available to interested parties after undergoing the required authentication.
The high technological input that is vested in blockchain technology makes BSU Coin platform a good choice that the universities should use for processing students’ academic data and making it available on the global network for use and retrieval without zero cases data manipulation. This is a good way the university will be able to save on the amount of money that is spent to outsource data processing services which are in most cases very expensive because of the regular updating that is always done. The security of these systems is ensured through the use of digital certificates that are required to confirm the authenticity of those trying to access the information stayed in the system. This would end up with a suitable global infrastructure system where academic recording would be a global thing with high levels of security.
Catalysts and Network
The blockchain coin incentives are powerful. Currently, for instance, there are a few people who opt to provide funding for movie ideas while they know at the back of their minds that all return there is, is gratitude. Such individuals, in the blockchain world, would be having shares in a movie. Consequently, the number of potential investors and individuals wanting to put their shares in the movie swells all of a sudden. The idea stems from the fact that it is a human tendency to support things an individual loves especially if there is a chance to reap from the support.
Tokens
Blockchain technology creates information networks. The underlying rule of any network is that there is a potential for exponential growth when a new individual joins. This means that the network will grow even bigger with each instance of a new member joining thereby maintaining a competitive advantage over other peer networks. A perfect instance is individuals joining Facebook and other social media platform because their friends are already on the network. Similarly, it would be difficult to join another platform when one’s friends are not members. So, the dominance of giant social networks like Facebook and WeChat is indicative of the way the networks business is a winner-take-it all.
A similar trend is expected for the blockchain technology. Currently, there are innumerable blockchain coins in the blockchain market ecosystem and the trend is expected to rise steadily in the foreseeable and distant future. Even so, the expectation is that a few of these coins will gain prominence over most of the coins. The ones that do not have the privilege of setting foot on the global stage will ultimately lose value and fade out. The foreseeable trend is that there might emerge two of the most powerful cryptocoins to become global currencies. There may also be a third one acting as a global store of value and several others to be a global platform for smart contracts (Zhang & Wen, 2017). That the potential blockchain has and worth considering as an investment opportunity at the moment.
Team Member
The success in the acquisition of BSU Coin and its implementation would require collaboration all stakeholders ranging from management staffs, computer experts and contribution by third parties that are currently being used for academic data processing.
Risk
With the recent trends in of cybercrimes, the use of global academic digital records is prone to a number of security breaches which might compromise the integrity of education standards in the society. Should the systems be attacked, there are high chances that academic fraud will increase and this would mean that the job market will be prone to incompetent professionals. This is a risky undertaking that would end up lowering productivity in all sectors of life.
Satoshi Nakamoto.(2008). Bitcoin: A Peer-to-peer Electronic Cash System.
October 2008, from https://bitcoin.org/bitcoin.pdf
Giungato, P., Rana, R., Tarabella, A., & Tricase, C. (2017). Current Trends in Sustainability of Bitcoins and Related Blockchain Technology. Sustainability, 9(12), 2214.
Zhang, Y., & Wen, J. (2017). The IoT electric business model: Using blockchain technology for the internet of things. Peer-to-Peer Networking and Applications, 10(4), 983-994.
Giungato, P., Rana, R., Tarabella, A., & Tricase, C. (2017). Current Trends in Sustainability of Bitcoins and Related Blockchain Technology. Sustainability, 9(12), 2214.
