Blockchain Technology in Education System
Education plays a very important and crucial role in our lives. Blockchain is a good example of such technology that can benefit the education systems around the world. With the emergence of the internet, educational material and content are right on our fingertips: in our mobile phones and computers. As such, two methods of computer-based education are such as eLearning (electronic) and mLearning (mobile learning) is gaining traction.
A report by Reuters suggests the size of the worldwide eLearning market is expected to grow from $176.12 billion in 2017 to reach $398.15 billion by 2026 with a CAGR of 9.5%. The emerging mLearning market is expected to be worth USD37.60 billion by 2020. The growth in both global eLearning and mLearning suggest that the demand for computer-based education is increasing.
Global spending on blockchain solutions is expected to be nearly $2.9 billion in 2019, with an increase of 88.7% from the $1.5 billion spent in 2018. With a five-year compound annual growth rate (CAGR) of 76.0%, IDC is expecting blockchain spending to increase over the 2018–2022 forecast period and total spending is expected to be $12.4 billion in 2022.
Blockchain technology will help in the acceleration of the end of a paper-based system for certificates. Educational Institutions would be able to issue any kind of certificates such as qualification or records of achievement permanently and securely. Furthermore, this will enable automation issuance and storage of the awards, recognition and transfer of credits. Storage and verification a complete record of formal achievements throughout one’s lifelong learning are also possible with the blockchain.
Learners would be able to store their own evidence of formal or informal learning, share it with the organisations or individuals they aim to work with and ensure instant verification “Lifelong Learning Passport”. Institutions can also start using Blockchain-based cryptocurrencies to facilitate paymentsinvolving grants and other types of funding as well as students paying for their education.
Digital smart contracts can securely conduct transactions between parties. Blockchain’s distributed, peer-to-peer model can be a perfect resource to pool their resources for education. Management and protection of digital intellectual property (IP) is another advantage with blockchain technology. This would help to control the exposure of important information. Blockchain can help educators to allow to publish content as well as track any re-use, without putting limitations on the source material.
With the use of Blockchain, the agreements for automatic transfer of credits can be written based on smart-contracts. Once the conditions in the smart-contract are fulfilled, the credits would automatically be transferred.
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