Education is very important in life; no wonder it is at the moment considered a basic need. It constitutes the transfer so skills and sharing of knowledge with others and is key to getting a deeper understanding of several phenomena in our lives.
At the moment, for you to get employed, you need to have some educational qualifications that deem you suitable for the particular line of work. In this vein, we can get a slight clue at how important education is to our livelihoods.
The drawback, however, to getting quality education lies in the costs. The fees are high and may lock out several potential brains which can utilize the opportunity perfectly and churn development in the coming years. There is a solution to this in the form of donations and sponsorships. Let go deeper into this mode of educational funding.
Educational Sponsorships and Donations
Sponsorships and donations come to the aid of several who need to get an education but are financially disadvantaged. Most of those who lie in this group of the disadvantaged show immense potential in various fields and need a boost for them to achieve their dreams.
Sponsors mostly help with financial aid to such students and may offer full or partial sponsorships for their studies. The sponsored, mostly show proficiency in class or other fields such as sports, arts or leadership. The sponsorships also vary per duration with some covering a module or semester while others cover the whole duration of the study.
Donations may come in the form of funds or other utilities such as uniform, equipment and many more. These also help in streamlining the educational processes and improving the environment.
Apart from funding and provision of utilities to the needy parties, these grants also serve as motivation for others to work hard. It also shows how much the donors or sponsors appreciate education.
Transparency in Educational Sponsorships
One problem that is a common feature in such educational grants is the lack of transparency. This is a big issue that may result in the robbing of chances from those who rightfully deserve them.
Transparency and honesty are important in that it encourages the students to work hard at whatever they do, knowing that their effort will be repaid accordingly. Additionally, the donor knows that their donations are being put into proper use and may even increase the allocation to support more needy students.
Lack of honesty comes where students may bribe their way to such opportunities or even there being non-existent students though there are funds allocated to them. Other cases include misappropriation of such funds leading the student to be in a state of insufficiency.
As such an adequate system of governing sponsorships and donations had to come through. There are several foolproof educational sponsorship systems with one of them being the blockchain-based sponsorships.
Let us delve into this system.
Blockchain-Based Sponsorships
The blockchain-based sponsorships take advantage of the cryptocurrency unit wave that is characterizing the financial world in this age. In this situation, if you are a donor, you donate your funds in fiat currency which is put in a contract account as an agreed-upon cryptocurrency unit. You can keep track of the funds and their use and hence promotes transparency in the allocation and use of these grants.
The crypto units in which the funds are in are traceable in case you want it accounted for. This is the right direction towards achieving honesty in donations.
Bitdegree
Using this script in its operation is Bitdegree which is a form of blockchain-powered sponsorships. Bit degree has come up with a system that is akin to a pay-on-delivery format on education funding.
As a sponsor interested in this platform, you allocate funds in a contract account which will be allocated to the sponsored student on completion of the course. This is a sponsor to student agreement without the involvement of an institution. The funds are in fiat currency and converted to BDG tokens at a ratio of 1:1.
For a student, if you are needy you apply for the scholarship and explain your needs and goals that you want to achieve. You then fill in your personal information which undergoes thorough screening for verification purposes. Once verified, they are made public for you to land a sponsor.
As indicated the funds are kept safe in a smart contract account and will be released to your account upon the successful completion of your course of study with proof. This is efficient in beating out dishonesty especially where there are non-existent students as proof of course completion is a requirement for the funds to be released.
Conclusion
Donations are very important when it comes to the welfare of needy students out to achieve their goals. They help in many ways but are prone to cases of lack of transparency and the deserving lot may miss out on such chances.
The blockchain-powered sponsorships concept is a good one as noticeable by Bitdegree, a worthy example of the system. It prevents cases of dishonesty and goes by what is worth the funding, the result which is the completion of the course.
Share
Contributors
