In a recent Webinar titled “Can Education on the Blockchain open MORE opportunities for emerging economies?”, Mitch Rankin, English Forward Co-Founder and CEO, Karnika Yashwant (Mr. KEY), EnglishForward Co-Founder and CMO, and Marketing Strategy Expert Earl Flormata delved deep into the opportunities blockchain technology can bring to education and emerging economies.
Currently, emerging economies and underdeveloped countries are facing severe education challenges, and Blockchain presents a range of opportunities and improvements, which can introduce a global shift.
Access to quality education on the blockchain
One of the main struggles of emerging economies is to provide access to quality education to their population. According to Mr. KEY, Blockchain has the potential to change this for the better.
With blockchain technology, education will not only become digital, but mobile and accessible. The more people have access to quality education, the more experts there will be in a country, and consequently, the more economic growth will be created.
To start this cycle, however, a significant shift in the way education is distributed and structured is necessary. If you are wondering how Blockchain can introduce this shift, read on.
Collaborative education thanks to blockchain
The best thing blockchain can bring to the world of education is the opportunity for collaboration on a global level. Imagine a student in Asia, who is looking for accessible quality education, but cannot find such classes in their immediate vicinity.
When blockchain platforms become a common occurrence in education, teachers from all over the globe will be able to offer their expertise to students everywhere. Such a global community of teachers and students will paramountly increase accessibility to quality education, especially for students in underdeveloped countries.
Tokenization of skills
One of the main goals EnglishForward has put into the spotlight is the tokenization of skills. To offer quality education on the blockchain, teachers and contributors will be rewarded for their efforts, and often better than what they would get from a regular teaching job for the state.
What blockchain technology allows for, that the current education system has been battling to achieve for tens of years, is adequate remuneration. According to Mr. Rankin, with the tokenization of skills, professional educators, who have a lot to contribute, will be rewarded accordingly.
Not only that but introducing token rewards will also serve as an incentive for students. Consequently, the three experts anticipate that with the mass adoption of education on the blockchain, drop-out rates will decrease, while teacher satisfaction will increase drastically.
Evolution in education
According to Earl Flormata, blockchain will not only open more opportunities for emerging countries, but the technology will be the next evolution in education.
One of the main reasons behind this pending evolution is the fact that both parties win – teachers get paid better, while students get access to better education. Probably the only side of the educational world, which will lose from a global blockchain adoption in education will be the big academia establishments, which currently run the education industry.
