Blockchain technology ranks as one of the most revolutionary technologies of the 21st Century, transforming several industries in the past 13 years. The technology has gradually grown in adoption across several industries, including finance, supply chain management, healthcare, art, etc. Blockchain technology is also witnessing rapid adoption in the education sector as it provides novel utilities to the space, including incentivizing skills and enhancing transparency in the system.
Apart from the widespread use of blockchain for record-keeping and verification in education, developers are constantly evolving the use of decentralized ledgers and cryptocurrencies to enhance learning among the youth. From incentivizing content creation to boosting learners’ engagement, from tokenization of digital certificates to minting courses as NFTs and creating new global learning communities, the potential of blockchain transforming the edtech industry seems boundless.
Blockchain technology is playing a massive role in enhancing the quality of education and youth engagement. It addresses new challenges posed by the rise of edtech and online courses and ensures education is readily and freely available to every child worldwide.
In this article, we explore blockchain’s potential in shaping the future of edtech and how the youth can use the technology to empower themselves.
Role of Blockchain In The Future of EdTech
Blockchain technology can potentially reshape the future of EdTech (Educational Technology) by introducing transparency, security, and decentralization to the education sector. It offers numerous opportunities for the youth to empower themselves and take control of their education and credentials.
Blockchain technology has far-reaching benefits in the edtech sector other than record keeping. One of the major innovations is decentralized learning platforms which leverage blockchain’s distributed architecture to enable peer-to-peer interaction, content sharing, and collaboration without relying on centralized servers or institutions. These educational platforms allow youth access to various educational resources, connection to a community of like-minded learners, and engage in collaborative learning experiences, fostering self-directed and community-driven education.
NFTs and Education: Giving power back to teachers
In addition, blockchain-based learning platforms also incentivize teachers and educators, motivating them to create more engaging and interesting content for learners. One such platform is TinyTap, which launched as a Web 2 open learning application before introducing Web 3 aspects following an acquisition by Animoca Brands.
The platform provides a code-free platform that empowers learners and educators to participate in the learning process. Educators can create and share interactive educational content and receive a revenue share –decided by the engagement. Notwithstanding, they can mint their content as Publisher NFTs. Each Publisher NFT represents co-publishing rights to one TinyTap Course, which is a curated bundle of educational games made on TinyTap by one teacher in one specific subject.
In November 2022, TinyTap sold out its first batch of Publisher NFTs, generating 138.926 ETH (~US$228,000 at time of sale) which was shared by the six teachers who created the content. Buyers of the NFTs share co-publishing rights alongside TinyTap and the creator, and in return for promoting and marketing the associated Courses they share in the benefits generated from co-publishing efforts.
Such incentivized content creation enhances the quality of education as teachers find the most engaging and interactive ways to create courses. Additionally, learners can participate in the creation of courses and earn publishing rights by participating in the NFT auctions.
A decentralized scholarship funding infrastructure
One of the biggest challenges for students, especially in higher levels of education, is tuition fees. A 2021 survey by ECMC Group, a nonprofit aimed at helping student borrowers, showed that the likelihood of high school students attending a four-year college school dropped down to 53% from 71% in 2020 – cost being the main reason.
Blockchain technology can solve this by creating transparent and accountable scholarship programs, making it easier to track the flow of funds. Through blockchain-based platforms, organizations and individuals can create transparent scholarship programs or crowdfunding campaigns. The youth can leverage these platforms to access funding opportunities, finance their education, or launch their educational initiatives, reducing financial barriers and fostering equal access to education.
StudentCoin provides decentralized scholarships to students via cryptocurrencies. Simply, a student creates a “personal token” on Studentcoin Launchpad and a $STC token holder can buy the “personal token” to help the student raise their tuition fees. Once the student graduates from the university and finds a job, a part of their salary is locked on the platform and used to pay the loan. STC holders who contributed are paid back the loan in cyclical payments over a period of time.
Final Words
Overall, blockchain technology holds significant potential in shaping the future of EdTech and empowering the youth. By providing secure credentials, enabling lifelong learning, decentralizing learning platforms, facilitating peer-to-peer interactions, transparent funding mechanisms, and fostering entrepreneurship, blockchain offers the tools for the youth to take control of their education, expand their opportunities, and contribute to a more inclusive and learner-centric educational ecosystem.
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