AN INTRODUCTION TO THE TOPIC OF NON-FUNGIBLE TOKENS FOR THE EDUCATIONAL SECTOR
1 Danube-University Krems (AUSTRIA)
2 University of Malta (MALTA)
About this paper:
Conference name: 15th annual International Conference of Education, Research and Innovation
Dates: 7-9 November, 2022
Location: Seville, Spain
Abstract:Non-fungible tokens (NFTs) are cryptographic assets that are unique, meaning that each individual token is different from any other. For example, NFTs can represent an original digital artwork or serve as a digital reference to it. In both cases providing digital references to the original work is achieved through a distributed ledger, which is usually a blockchain-based database. Such tokens intend to act as proof of ownership or transfer of rights. NFTs can also be used to access specific websites, chat rooms, or clubs in upcoming metaverse platforms, normally referred to as a ‘utility’ in blockchain parlance. While there are many other potential applications for NFTs, one of the most promising use-cases is in education. Firstly, NFTs can be used to store and transmit data, such as grades and certificates, more securely and efficiently. The immutable nature of blockchain technology means that records stored on a blockchain are tamper-proof, meaning that they cannot be changed or deleted without being detected. This makes NFTs a more secure way to store data than traditional methods such as file-sharing or email. As well as being secure, NFTs are also efficient. Records stored on a blockchain can be accessed by anyone with the correct permissions, meaning that there is no need for third-party intermediaries. This could save educational institutions time and money, as well as reduce the risk of data breaches. Secondly, NFTs can be used to process tuition fees. In many countries, tuition fees are paid in instalments throughout the academic year. By using NFTs to process payments, educational institutions can reduce the amount of time it takes to process payments and ensure that funds are transferred to the correct recipients. This could also help to reduce the risk of fraud and theft. Finally, NFTs can be used to create digital portfolios for students. A digital portfolio is a collection of all the work a student has done during their time at school or college. By using NFTs to store student work, educational institutions can create a secure, tamper-proof record of each student’s academic achievements. This could be used to verify qualifications and transcripts, as well as provide a valuable resource for future employers. In this paper, the authors provide an introduction to the theme of NFTs in an educational sphere, describe different use-cases, and discuss the strengths and weaknesses of this technology.
Keywords: NFTs, Blockchain, Education.