International monetary transactions are slow, expensive, and unreliable. Companies like Flywire Corp. try to address these problems by making them more convenient, secure, and reliable. Flywire is specialized in three areas of international payments: for education, healthcare, and business. In this paper, I will present the idea of the HultToken, a solution that uses Blockchain technology for further improvements of international payments for educational purposes, tailored to Hult International Business School (“Hult”).
What is a token?
Cryptocurrencies are Blockchain-native tokens
and are not backed by any asset. Their transactions are stored on their own blockchain. Their value is simply determined by demand and supply and on trust in their value. Cryptocurrencies have other useful attributes, such as the possibility to send them in an inexpensive and fast manner, from peer to peer, and without any intermediaries like banks. Examples of cryptocurrencies are Bitcoin, with transactions stored on the Bitcoin-Blockchain or Ethereum, stored on the Ethereum-Blockchain. They are very similar to fiat currencies like the US Dollar, which is backed by the US government, but not by any asset. Tokens are different.
They represent a certain asset and are issued by a third-party onto a blockchain (like the Ethereum-Blockchain) for later redemption. They work very similar to a voucher, which is issued by a certain company and can be redeemed to receive various goods and services.
How does the HultToken work?
The Ethereum-Blockchain is the most common blockchain for releasing a token. It works with smart contracts, which are a series of instructions written in Solidity. Solidity is the programming language used for the code of Ethereum. Smart contracts are initiated between two or
The Hult Token An attempt to revolutionize international payments for education
By Janis Ruhnau