AL-FIKRAH: Jurnal Manajemen Pendidikan, 12(1) - June 2024 162-174

Integration of Blockchain Technology in Education Financial

Management for Transparency and Accountability

Abdul Sahib 1, Amina Intes 2, Jamaluddin Majid 3 , Syamsu Rijal 4, Rahmi

Setiawati 5
1
Institut Agama Islam Negeri Curup, Indonesia
2
University of Southern Denmark, Denmark
3
Universitas Islam Negeri Alauddin, Indonesia
4 Universitas Negeri Makassar, Indonesia
5
Universitas Indonesia, Indonesia

Corresponding Author: Abdul Sahib, E-mail; [email protected]

Article Information: ABSTRACT
Received October 10, 2021 The education system requires transparent and accountable financial
Revised October 19, 2021
management to ensure efficiency, fairness and sustainability. However,
Accepted November 1, 2021
there are still many challenges in achieving this, especially related to
limited transparency and reliability of financial data. Blockchain
technology offers the potential to increase transparency and
accountability in educational financial management by providing proof
of authentication and an immutable track record. This research aims to
explore the potential for integrating blockchain technology in
educational financial management to increase transparency and
accountability. Researchers also aim to analyze its impact on efficiency
and fairness in the education system. This research method uses a
qualitative approach with literature study and case analysis. Researchers
analyzed literature related to blockchain technology in the context of
educational financial management, and collected data from case studies
of blockchain technology implementation in educational institutions that
have adopted it. The research results show that the integration of
blockchain technology in educational financial management can increase
transparency and accountability by providing immutable proof of
authentication for every financial transaction. In addition, the use of
blockchain technology can increase the efficiency of financial
administration processes and minimize the risk of fraud or data
manipulation. The conclusion of this research is that the integration of
blockchain technology in educational financial management has great
potential to increase transparency, accountability and efficiency in the
education system. However, challenges related to infrastructure
availability and technical understanding need to be overcome to optimize
its benefits. Therefore, strategic and collaborative steps from related
parties are needed to encourage widespread adoption of this technology
in educational financial management.

Keywords: Blockchain Technology, Financial Management, Education,

Transparency, Accountability.

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Integration of Blockchain Technology in Education Financial Management …

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This is an open access article under the CC BY SA license
https://creativecommons.org/licenses/by-sa/4.0/
How to cite: Sahib, A., Intes, A., Majid, J., Rijal, S & Setiawati, R. (2024). Integration of Blockchain
Technology in Education Financial Management for Transparency and Accountability.
Al-Fikrah: Jurnal Manajemen Pendidikan, 12(1), 162-174.
https://doi.org/10.31958/jaf.v10i1.12550
Published by: Universitas Islam Negeri Mahmud Yunus Batusangkar Press

INTRODUCTION
Education is one of the main pillars in a country's development, where
financial management is crucial to maintaining the continuity and quality of the
education system itself. Effective, transparent and accountable education financial
management ensures that funds allocated for education are used appropriately
(Meyliana et al., 2020), support a quality learning process, and have a positive impact
on community development (Al-Said et al., 2023). Educational financial management
is a vital aspect in maintaining the continuity and quality of a country's education
system (Edinboro & Brady, 2022). Education funds originating from various sources,
whether government, private or donations, must be managed efficiently, transparently
and accountably in order to have a impact on educational development (Alnafrah &
Mouselli, 2021). However, major challenges often arise in achieving these goals, with
issues of transparency and accountability becoming a pressing focus of attention (Abu
Bakar et al., 2023). The aim of educational financial management is to ensure that the
financial resources available for education are used effectively, efficiently and
transparently to support the achievement of set educational goals (AlDhaen, 2022).
In many countries, educational financial management is often faced with the
inverted pyramid problem (Agarwal et al., 2022). This phenomenon is characterized
by lack of clarity in the flow of funds, lack of transparency in expenditure policies,
and minimal accountability for the use of education funds (Amitkumar et al., 2021).
These problems include a variety of things, from complicated administration to the
risk of misuse of funds (Alshareef & Akhtar, 2023). Educational institutions, be they
schools, universities or other educational institutions, often have difficulty ensuring
that any funds used are used efficiently and in accordance with educational goals
(Razia & Awwad, 2022). This challenge is becoming increasingly complicated with
the increasing complexity in modern education systems (Alshareef, 2022). Changes in
educational needs, changing regulations, and demands to provide accurate financial
reports are increasing the pressure on educational institutions to manage their finances
efficiently and transparently (Brown, 2022). Therefore, innovative and effective
solutions are needed to overcome this problem, which enable educational institutions
to increase transparency and accountability in their financial management (Kumar et
al., 2022).
This research aims to explore the potential for integrating blockchain
technology in educational financial management to increase transparency and
accountability (Alnafrah & Mouselli, 2021). By leveraging the unique features of
blockchain technology, such as decentralization, security, and immutable track record

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(Anjana & Mukerji, 2023), this research aims to identify how blockchain technology
can be applied in the context of educational financial management to achieve these
goals (Bucea-Manea-Țoniş et al., 2021). This research is important because it tries to
overcome the problems that are the main obstacles in managing educational finances
(G. Chen et al., 2018). By increasing transparency and accountability, it is hoped that
it can improve efficiency in financial management (Department Of Computer
Engineering, Marthwada Mitra Mandal’s College Of Engineering, Pune. et al., 2019),
reduce the risk of misuse of funds, and increase public trust in educational institutions
(Cai & Gao, 2020). Apart from that, this research can also contribute to the
development of blockchain technology in the educational context, which is currently
still relatively new and has not yet been fully utilized widely (Mulyati et al., 2021).
According to Dudhat et al., (2021), with the research title Blockchain in
Indonesia University: A Design Viewboard of Digital Technology Education . The
results of his research stated that This ongoing project is in the process of evaluation.
Conforming to some design elements as well as experimental implementation in the
context of higher education enables us to further indicate the sustainability and
relevance of the application of blockchain technology in education. The second
research according to Machado et al., (2020), with the research title Blockchain
Technology in Education. The results of his research stated that related to the
innovative applications of blockchain technology to getting a diploma, to the
assessment, and formative evaluation, but also related to the learning activities design
and implementation, and how to keep tracking the whole learning processes in a
distributive way, preventing frauds and facilitating the educational management
process. The third research according to Yadav et al., (2021), with the research title
Significance and Impact of Blockchain Technology in Education System . The results
of his research stated that Blockchain-based repository manages and distributes the
educational assets like e-certificates, identification documents among the academic
professionals, and allows these educational assets to be securely transferred, shared,
and distributed by the various parties.
Meanwhile, in the researcher's research entitled Integration of Blockchain
Technology in Education Financial Management for Transparency and Accountability,
the researcher stated that the integration of blockchain technology in educational
financial management can increase transparency and accountability by providing
immutable proof of authentication for every financial transaction. In addition, the use of
blockchain technology can increase the efficiency of financial administration processes
and minimize the risk of fraud or data manipulation (Agarwal et al., 2021). To achieve
the research objectives the researcher will use a qualitative approach involving
literature study and case analysis (Zhao, 2023). Researchers will collect data from
various literature sources, including scientific journals, books, and research reports
related to blockchain technology and educational financial management (Woodside et
al., 2017). Apart from that, researchers will also conduct case analyzes of educational
institutions that have implemented blockchain technology in their financial

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Integration of Blockchain Technology in Education Financial Management …

management (Srivastava & Dashora, 2022). By combining this approach researchers

will be able to gain a comprehensive understanding of the potential and challenges in
adopting blockchain technology in educational financial management.

RESEARCH METHODOLOGY
Research design
This research uses a qualitative approach with a focus on case studies and
literature analysis (Banihashem et al., 2018). A qualitative approach was chosen
because it allows researchers to understand in depth the implementation of blockchain
technology in educational financial management and its impact on transparency and
accountability (Smith & Firth, 2011). Case studies are used to analyze the
implementation of blockchain technology in educational institutions that have adopted
it, while literature analysis is carried out to understand related theories, concepts and
trends.

Research procedure
The research procedure began with collecting data from various literature
sources, including scientific journals, books, and research reports related to
blockchain technology and educational financial management. Next, the researcher
conducted an analysis of the literature to identify the conceptual framework and
important findings related to the integration of blockchain technology in educational
financial management (Verde et al., 2019). Next, the researchers conducted a case
study of educational institutions that have adopted blockchain technology in their
financial management. This procedure involves interviews with key stakeholders,
direct observation of blockchain technology implementation, and analysis of related
documents, such as financial reports and financial management policies.

Research subject
The main research subjects in this research are educational institutions that
have adopted or are currently adopting blockchain technology in their financial
management (Lucian Ogrutan, 2020). This subject can cover various types of
educational institutions, from elementary schools to universities, both at local,
regional and national levels. In addition, research subjects also include stakeholders
involved in the implementation and use of blockchain technology, such as school
administrators, financial staff, education supervisors, and possibly also external
parties such as blockchain technology vendors.

Research Ethics
In carrying out this research, it is very important to uphold research ethics to
ensure compliance with moral principles and professionalism in collecting and using
data. Several relevant research ethical principles to consider in this research are: 1.
Obtain permission from the educational institution to be researched before starting the

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research. This includes obtaining approval from the competent authorities at the
institution as well as providing adequate information to all parties involved about the
objectives, procedures and benefits of the research. 2. Ensure the confidentiality and
privacy of data collected in research, both personal information from respondents and
sensitive financial data from educational institutions. Data must be processed and
stored in a way that maintains its security and confidentiality. 3. that research provides
maximum benefits for all parties involved, including educational institutions,
stakeholders and society in general. In addition, it is important to pay attention to
fairness in accessing research results and ensure that the results can be used to
improve education financial management policies and practices more broadly. 4.
Maintain integrity in carrying out research and ensure that data analysis and
interpretation is carried out objectively without any bias or influence from other
parties (Jha, 2023). This includes transparency in reporting research results and
avoiding conflicts of interest.

Data Collection Techniques or Data Processing Methods

Data collection techniques used include interviews, observation and document
analysis. Interviews were conducted using a structured interview guide to gain an in-
depth understanding of stakeholders' experiences and views regarding the
implementation of blockchain technology. Direct observations were carried out to
practically understand how blockchain technology is implemented in the educational
financial management process. In addition, analyze related documents, such as
financial reports and financial management policies, to gain further understanding of
the context and practices of financial management (Kozhasheva et al., 2022). The data
collected was analyzed thematically and comparatively. Thematic analysis was used
to identify patterns, trends, and themes that emerged from interviews and
observations. Meanwhile, comparative analysis is used to compare and contrast
financial management practices between educational institutions that use blockchain
technology and those that do not.

RESULT AND DISCUSSION

Blockchain technology is a decentralized system used to record transactions and data
encrypted in blocks that are connected and immutable. In a blockchain, each transaction or
data record is stored in a block that is linked to the previous block via a cryptographic key,
forming a block chain that cannot be manipulated or changed. In other words, blockchain is a
database distributed across various nodes or computers connected in a network, where each
data entry has a link to the previous entry, creating an immutable authentication proof of the
history of that transaction or data (Sudha Sadasiuvam, 2021). The integration of blockchain
technology in educational financial management promises major changes in the way
educational institutions manage, track and report the use of educational funds. Blockchain
technology, originally developed as the basis of digital currencies such as Bitcoin, is now
known for its ability to create immutable proof of authentication for every transaction and

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decentralized data record. In managing educational finances, this technology can provide
solutions to the problems of transparency, accountability and efficiency that are often faced
by educational institutions. Blockchain is essentially a distributed ledger that records
transactions in interconnected, cryptographically validated blocks (Hussain & Cakir, 2020).
The main uniqueness of this technology is that the data stored in the blockchain cannot be
manipulated or changed without the consent of the majority of the network.
One of the most interesting aspects of blockchain technology is its transparency.
Because every transaction is recorded on the blockchain and accessible to all parties
involved, this process creates a high level of transparency (Liu & Zhu, 2021). For example,
in the financial industry, blockchain enables real-time tracking of transactions, which can
increase accountability and reduce the possibility of fraud. This also has the potential to
reduce administrative costs associated with reconciliation and audit processes. In addition,
security is the main pillar of blockchain technology (Rakhimberdiev et al., 2022).
Compared to traditional systems that are vulnerable to hacker attacks and data manipulation,
blockchain uses advanced cryptography to protect the integrity and confidentiality of
information. Each block in the blockchain is encrypted with a unique code, and transactions
can only be added to the blockchain after receiving validation from the majority of the
network. This makes it very difficult for unauthorized parties to interfere with or change the
data stored in the blockchain. Blockchain technology also offers the potential to change the
business paradigm completely through the concept of decentralization (Al Shehhi &
Almarri, 2022). Blockchain eliminates the need for intermediaries or third parties in the
transaction process, such as banks or other financial institutions. This allows individuals or
organizations to interact directly with each other without needing to trust a third party. An
example is the use of blockchain in smart contracts, where agreements are automatically
executed when predetermined conditions are met, without the need for human intervention
or trust in third parties.
The integration of blockchain technology in educational financial management offers
a number of benefits (Wang, 2022). One of the main benefits is increased transparency and
accountability in the use of education funds. By using blockchain technology, every financial
transaction can be recorded automatically and stored in a decentralized ledger that cannot be
changed. This means that everyone, whether internal or external to educational institutions,
can clearly track how education funds are used and ensure that their use is in accordance
with the stated objectives. Apart from that, blockchain technology can also increase
administrative efficiency in managing education finances. By using smart contracts, which
are computer programs that are executed automatically based on predetermined regulations,
administrative processes such as payment of teacher salaries, procurement of goods and
services, and asset management can be carried out more quickly and efficiently. This can
reduce administrative costs and increase the productivity of finance staff, so that more time
and resources can be allocated to more important educational activities. In risk management,
blockchain technology can also provide significant benefits (L. Chen, 2023). Because data
is stored in an encrypted decentralized ledger, the risk of data manipulation or loss of
information can be significantly reduced. Additionally, because every transaction is recorded

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automatically and cannot be changed, educational institutions can easily verify the
authenticity of transactions and trace the traces of each transaction
Even though it has great potential, the implementation of blockchain technology in
educational financial management is also faced with a number of challenges that need to be
overcome. One of the main challenges is the limited technological infrastructure available in
educational institutions. To use blockchain technology, educational institutions need to have
adequate access to the internet network, computers and necessary software (Amin et al.,
2020). This may be a challenge for educational institutions in areas that have limited
technological infrastructure or limited access to financial resources. In addition, the
integration of blockchain technology also requires sufficient technical knowledge to manage
and maintain the related systems. Financial staff at educational institutions need to be trained
and given a deep understanding of how blockchain technology works, how to manage
transactions, and how to deal with problems that may arise. This may require additional
investment in training and professional development for finance staff, which can be
challenging for educational institutions with limited budgets. Another challenge is data
security and privacy issues. Although blockchain technology is known for its security and
reliability, security risks remain, mainly related to vulnerabilities in the implementation or
software used (She & Lai, 2023). Additionally, because data stored in blockchain is public
and indelible, data privacy issues can be a major concern, especially when it comes to
sensitive information such as students' personal data or confidential financial information.
The use of blockchain technology in educational financial management can provide
various innovations that support efficiency, transparency and security in managing financial
resources that are important for educational institutions. Several ways to use blockchain
technology in managing educational finances are: firstly, blockchain technology can be used
to facilitate the payment of educational fees, both for local and international students. By
using blockchain, every education fee payment transaction can be recorded permanently in
an encrypted block chain. This not only increases transaction security, but also ensures that
payments are made quickly and without third party intermediation, such as banks or other
financial institutions. Payments recorded on the blockchain also enable real-time tracking of
transactions, allowing educational institutions to manage their cash flow more efficiently.
Both blockchain integrations can make scholarship fund management easier. By using smart
contracts, educational institutions can set criteria and conditions for awarding scholarships
automatically. For example, institutions may arrange scholarship payments to students who
meet certain requirements, such as academic achievement or financial need. Smart contracts
ensure that payments are made according to predetermined terms, without requiring human
intervention (Management Association, 2021). This not only increases efficiency in
distributing scholarship funds, but also reduces the risk of errors or misuse of funds.
Furthermore, educational institutions often rely on donations and external funding to
support educational and research programs. Blockchain technology can be used to facilitate
more efficient tracking and management of donation funds. Every donation transaction can
be recorded in the blockchain, allowing donors to track the use of their funds transparently .
Additionally, blockchain can also be used to reduce administrative costs associated with

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distributing donation funds, ensuring that more resources can be allocated directly to support
educational programs. Then blockchain can be used to verify academic credentials and
certifications, such as transcripts and degrees. Using blockchain technology, each credential
can be stored securely in a decentralized and encrypted block chain. This allows interested
parties, including prospective students, employers, and other educational institutions, to
verify the authenticity of credentials quickly and easily. Additionally, blockchain can also
help reduce the risk of forgery or manipulation of academic credentials, increasing trust in
the education system. Finally, blockchain can also be used for student identity management.
Every student's identity can be recorded in the blockchain, including personal, academic and
financial information (Universidad Técnica Particular de Loja et al., 2021). This allows
educational institutions to manage student identity information more safely and efficiently.
Additionally, blockchain can also be used to facilitate student registration and authentication
processes, minimizing the risk of ideational fraud

CONCLUSIONS
Based on the results and discussion above, it can be concluded that the
integration of blockchain technology in educational financial management has great
potential to increase transparency, accountability and efficiency in the education system.
However, challenges related to infrastructure availability and technical understanding
need to be overcome to optimize its benefits. Therefore, strategic and collaborative steps
from related parties are needed to encourage widespread adoption of this technology in
educational financial management. The integration of Blockchain Technology in
Education Financial Management is a progressive step aimed at increasing transparency
and accountability in the education system. By utilizing blockchain, educational
institutions can optimize their financial management processes in a safer and more
efficient way. One of the main benefits of using blockchain technology is its ability to
record every transaction in detail in a distributed ledger that cannot be manipulated.
This helps reduce the risk of fraud or errors in managing education funds, thereby
increasing trust from all parties involved, including students, parents and the
government.

ACKNOWLEDGMENTS
Previously, the researcher would like to thank those who have helped and allowed the
researcher to research the research entitled Integration of Blockchain Technology in
Educational Financial Management for Transparency and Accountability. Hopefully the
research conducted by this researcher can become a reference for future researchers.

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