Transforming Education Fund Management: Leveraging Blockchain for Transparency, Fraud Reduction, and Efficiency
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Published:
Dec 30, 2023
Keywords:
Blockchain technology, Education fund management, Transparency, Fraud reduction, Efficiency
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Articles
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Abstract
This research explores the potential of blockchain technology in revolutionizing education fund management by enhancing transparency, reducing fraud, and improving the efficiency of fund allocation processes. Through a mixed-methods approach, including qualitative interviews, focus group discussions, surveys, and document analysis, insights were gathered from diverse stakeholders in the education finance ecosystem. The findings highlight the transformative impact of blockchain in increasing transparency through its decentralized and immutable ledger, enabling real-time tracking of fund flows and enhancing trust among stakeholders. Moreover, blockchain's cryptographic security features and smart contracts automate fund disbursement, reducing the risk of fraud and ensuring accountability in fund allocation processes. Furthermore, blockchain improves the efficiency of fund allocation by streamlining administrative processes, reducing bureaucratic overhead, and enabling direct peer-to-peer transactions. However, challenges such as technical complexities, regulatory uncertainties, and socio-economic factors must be addressed to realize the full potential of blockchain in education fund management.
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How to Cite
Claudia, M. (2023). Transforming Education Fund Management: Leveraging Blockchain for Transparency, Fraud Reduction, and Efficiency. Indonesia Auditing Research Journal, 12(4), 179–186. Retrieved from https://journals.iarn.or.id/index.php/ARJ/article/view/269
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Bartels, D. F. (2019). Understanding why blockchain technology adoption rate lags in Real Estate markets when compared to several major sectors: A mixed-methods approach with qualitative and quantitative data.
Bovaird, T. (2007). Beyond engagement and participation: User and community coproduction of public services. Public Administration Review, 67(5), 846–860.
Bruns, B., Filmer, D., & Patrinos, H. A. (2011). Making schools work: New evidence on accountability reforms. World Bank Publications.
Carlitz, R. (2013). Improving transparency and accountability in the budget process: An assessment of recent initiatives. Development Policy Review, 31, s49–s67.
Chang, Y., Iakovou, E., & Shi, W. (2020). Blockchain in global supply chains and cross border trade: a critical synthesis of the state-of-the-art, challenges and opportunities. International Journal of Production Research, 58(7), 2082–2099.
De Villiers, C., Rinaldi, L., & Unerman, J. (2014). Integrated Reporting: Insights, gaps and an agenda for future research. Accounting, Auditing & Accountability Journal, 27(7), 1042–1067.
Effiong, M. E. (2020). A Framework for the Adoption of Blockchain Technology in Academic Certificate-Verification Systems: A Case Study in Nigeria. MSc Thesis, Talinn University of Technology, Tallinn, Estonia.
Ghazali, O., & Saleh, O. S. (2018). A graduation certificate verification model via utilization of the blockchain technology. Journal of Telecommunication, Electronic and Computer Engineering (JTEC), 10(3–2), 29–34.
Haugsbakken, H., & Langseth, I. (2019). The blockchain challenge for higher education institutions. European Journal of Education, 2(3), 24–29.
Heinrich, C. J., Darling-Aduana, J., Good, A., & Cheng, H. (2019). A look inside online educational settings in high school: Promise and pitfalls for improving educational opportunities and outcomes. American Educational Research Journal, 56(6), 2147–2188.
Hughes, L., Dwivedi, Y. K., Misra, S. K., Rana, N. P., Raghavan, V., & Akella, V. (2019). Blockchain research, practice and policy: Applications, benefits, limitations, emerging research themes and research agenda. International Journal of Information Management, 49, 114–129.
Kosmarski, A. (2020). Blockchain adoption in academia: Promises and challenges. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 117.
Kowitt, S. D., Emmerling, D., Fisher, E. B., & Tanasugarn, C. (2015). Community health workers as agents of health promotion: analyzing Thailand’s village health volunteer program. Journal of Community Health, 40, 780–788.
Mason, M. (2020). Transparency, accountability and empowerment in sustainability governance: a conceptual review. Journal of Environmental Policy & Planning, 22(1), 98–111.
Mougayar, W. (2016). The business blockchain: promise, practice, and application of the next Internet technology. John Wiley & Sons.
Paloma Sánchez, M., & Elena, S. (2006). Intellectual capital in universities: Improving transparency and internal management. Journal of Intellectual Capital, 7(4), 529–548.
PARASCHIVEANU, V., RICHARDSON, G., & VOICU-DOROBANȚU, R. (2020). EDUCATION 3.0: BLOCKCHAIN-BACKED MOOCS. ELearning & Software for Education, 3.
Pucciarelli, F., & Kaplan, A. (2016). Competition and strategy in higher education: Managing complexity and uncertainty. Business Horizons, 59(3), 311–320.
Ringold, D., Holla, A., Koziol, M., & Srinivasan, S. (2011). Citizens and service delivery: assessing the use of social accountability approaches in human development sectors. World Bank Publications.
Schulz, K. A., Gstrein, O. J., & Zwitter, A. J. (2020). Exploring the governance and implementation of sustainable development initiatives through blockchain technology. Futures, 122, 102611.
Simanowitz, A., & Walter, A. (2002). Ensuring Impact: Reaching the Poorest While Building Financially Self-Sufficient Institutions, and Showing Improvement in the Lives of the Poorest Families: Summary of Article Appearing in Pathways Out of Poverty: Innovations in Microfinance for the Poor.
Tapscott, D., & Kaplan, A. (2019). Blockchain revolution in education and lifelong learning. Blockchain Research Institute-IBM Institute for Business Value.
ul Hassan, F., Ali, A., Latif, S., Qadir, J., Kanhere, S., Singh, J., & Crowcroft, J. (2019). Blockchain and the future of the internet: a comprehensive review. ArXiv Preprint ArXiv:1904.00733.
Unsworth, R. (2019). Smart contract this! An assessment of the contractual landscape and the Herculean challenges it currently presents for “Self-executing” contracts. Legal Tech, Smart Contracts and Blockchain, 17–61.
Upadhyay, N. (2020). Demystifying blockchain: A critical analysis of challenges, applications and opportunities. International Journal of Information Management, 54, 102120.
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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.