Transformation of Payment in Education Use Bitcoin with Reduced Confirmation Times

Henderi; Qurotul Aini; Danny Manongga; Irwan Sembiring; Dwi Apriliasari

doi:10.34306/att.v5i1.285

Authors

Henderi University of Raharja
Qurotul Aini University of Raharja
Danny Manongga Universitas Kristen Satya Wacana
Irwan Sembiring Universitas Kristen Satya Wacana
Dwi Apriliasari University of Raharja

DOI:

https://doi.org/10.34306/att.v5i1.285

Keywords:

Bitcoin, Payment, Education

Abstract

Significant changes in the financial system are prompted by the growth of the national economy, particularly as a form of payment. The means evolved from barter to things or commodities to metal and paper as the base materials for money before arriving at barter. With such significant changes, there is also a need for a transformation in the world of education in order to welcome technological advancements and one way to survive the changes in the increasingly rapid digital era. As the economic need increases, trade transaction methods shift from traditional to internet-based. One of the necessary international online payment options is bitcoin. For many applications where payments are modest and instantaneous approval is required, Bitcoin is inappropriate because of the high transaction fees and long confirmation periods. As a result, despite the introduction of numerous rival cryptocurrencies to address these problems, the Bitcoin network continues to be the most extensively used payment method. Unquestionably, new finding of this research that effectively address the problems of high transaction costs and transaction verification times are needed if the company is to benefit from its user network. The Lightning Network (LN), which makes use of off-chain bidirectional payment channels between participants, is one of the most recent payment network concepts to be proposed.

References

S. Watini, Q. Aini, U. Rahardja, N. P. L. Santoso, and D. Apriliasari, “Class DojoLMS in the Interactive Learning of PAUD Educators in the Disruption Era 4.0,” J. Innov. Educ. Cult. Res., vol. 3, no. 2, pp. 215–225, 2022.

D. Reijsbergen, S. Sridhar, B. Monnot, S. Leonardos, S. Skoulakis, and G. Piliouras, “Transaction Fees on a Honeymoon: Ethereum’s EIP-1559 One Month Later,” in 2021 IEEE International Conference on Blockchain (Blockchain), 2021, pp. 196–204.

M. I. Sanni and D. Apriliasari, “Blockchain Technology Application: Authentication System in Digital Education,” Aptisi Trans. Technopreneursh., vol. 3, no. 2, pp. 37–48, 2021.

U. Rahardja, Q. Aini, E. P. Harahap, and R. Raihan, “GOOD, bad and dark bitcoin: a systematic literature review,” Aptisi Trans. Technopreneursh., vol. 3, no. 2, pp. 115–119, 2021.

R. Widhawati, A. Khoirunisa, N. P. L. Santoso, and D. Apriliasari, “Secure System Medical Record with Blockchain System: Recchain Framework,” in 2022 International Conference on Science and Technology (ICOSTECH), 2022, pp. 1–8.

S. Darwish, A. A. Abdul Rahman, and A. Meero, “Libra Currency and its Global Financial and Economic Impact,” in The International Conference On Global Economic Revolutions, 2021, pp. 20–31.

P. R. Cunha, P. Melo, and H. Sebastião, “From bitcoin to central bank digital currencies: Making sense of the digital money revolution,” Futur. Internet, vol. 13, no. 7, p. 165, 2021.

B. Rawat, A. S. Bist, U. Rahardja, C. Lukita, and D. Apriliasari, “The Impact Of Online System on Health During Covid 19: A Comprehensive Study,” ADI J. Recent Innov., vol. 3, no. 2, pp. 195–201, 2022.

R. Widayanti, Q. Aini, H. Haryani, N. Lutfiani, and D. Apriliasari, “Decentralized Electronic Vote Based on Blockchain P2P,” in 2021 9th International Conference on Cyber and IT Service Management (CITSM), 2021, pp. 1–7.

H. Latifah and Z. Fauziah, “Blockchain Teaching Simulation Using Gamification,” Aptisi Trans. Technopreneursh., vol. 4, no. 2, pp. 184–191, 2022.

A. Parsa and N. Moghim, “QoS-aware routing and traffic management in multi-flow opportunistic routing,” Comput. Electr. Eng., vol. 94, p. 107330, 2021.

S. Ahamad, P. Gupta, P. B. Acharjee, K. P. Kiran, Z. Khan, and M. F. Hasan, “The role of block chain technology and Internet of Things (IoT) to protect financial transactions in crypto currency market,” Mater. Today Proc., vol. 56, pp. 2070–2074, 2022.

E. Retnaningtyas, E. Kartikawati, and D. Nilawati, “Upaya Peningkatan Pengetahuan Ibu Hamil Melalui Edukasi Mengenai Kebutuhan Nutrisi Ibu Hamil,” ADI Pengabdi. Kpd. Masy., vol. 2, no. 2, pp. 19–24, 2022.

P. Hillmann, M. Knüpfer, E. Heiland, and A. Karcher, “Selective Deletion in a Blockchain,” in 2020 IEEE 40th International Conference on Distributed Computing Systems (ICDCS), 2020, pp. 1249–1256.

D. Immaniar, A. A. Aryani, and S. Z. Ula, “Challenges Smart Grid in Blockchain Applications,” Blockchain Front. Technol., vol. 2, no. 2, pp. 1–9, 2023.

G. Kaur and C. Gandhi, “Scalability in blockchain: Challenges and solutions,” in Handbook of Research on Blockchain Technology, Elsevier, 2020, pp. 373–406.

P. A. Sunarya, U. Rahardja, L. Sunarya, and M. Hardini, “The Role Of Blockchain As A Security Support For Student Profiles In Technology Education Systems,” InfoTekJar J. Nas. Inform. dan Teknol. Jar., vol. 4, no. 2, pp. 13–17, 2020.

A. Kolluri, I. Nikolic, I. Sergey, A. Hobor, and P. Saxena, “Exploiting the laws of order in smart contracts,” in Proceedings of the 28th ACM SIGSOFT international symposium on software testing and analysis, 2019, pp. 363–373.

E. Guustaaf, U. Rahardja, Q. Aini, H. W. Maharani, and N. A. Santoso, “Blockchain-based education project,” Aptisi Trans. Manag., vol. 5, no. 1, pp. 46–61, 2021.

Q. Aini, S. Santoso, R. Supriati, A. Badrianto, and T. Ramadhan, “Analysis of the potential context of Blockchain on the usability of Gamification with Game-Based Learning,” 2021.

N. Septiani, N. Lutfiani, F. P. Oganda, R. Salam, and V. T. Devana, “Blockchain Technology in the Public Sector by Leveraging the Triumvirate of Security,” in 2022 International Conference on Science and Technology (ICOSTECH), 2022, pp. 1–5.

V. Sivaraman et al., “High throughput cryptocurrency routing in payment channel networks,” in 17th USENIX Symposium on Networked Systems Design and Implementation (NSDI 20), 2020, pp. 777–796.

Y. Zhu, J. He, K. Yuan, and Y. Yang, “Research on Modify Protection of Metrology Electronic Certificate Based on Blockchain Technology,” in 2019 14th International Conference on Computer Science & Education (ICCSE), 2019, pp. 1020–1024.

A. Alwiyah, S. Sayyida, P. A. Sunarya, and D. Apriliasari, “Inovasi Manajemen Pengajuan Judul Kuliah Kerja Praktek (KKP) berbasis Laravel Framework,” Technomedia J., vol. 7, no. 2, pp. 168–180, 2022.

S. A. Faaroek, A. S. Panjaitan, Z. Fauziah, and N. Septiani, “Design and Build Academic Website with Digital Certificate Storage Using Blockchain Technology,” IAIC Trans. Sustain. Digit. Innov., vol. 3, no. 2, pp. 175–184, 2022.