Global Blockchain in EduTech Market: Market Outlook
Blockchain technology is a distributed system that records and stores transactional records. More specifically, blockchain technology is a shared and immutable record of extensive peer-to-peer transactions built from interlinked transactional blocks and stored in a digital locker or a digital ledger. Participant in a network can interact through the blockchain technology that is been established by cryptographic processes and techniques without any pre-existing dependence or trust between the involved parties. There is no central authority in a blockchain system.
Instead, transactional records are accumulated, stored and shared across all the network participants. Interactions with blockchain technology are known to all the involved participants and demand verification by the network before data is added, thus accommodating trustless collaboration among the network participants, while recording an unyielding and inflexible audit trail of all the interactions.
There are many applications of blockchain based-ledger technologies for education as the majority of work done in education sector is paper based and technology like blockchain can transform it into a simplified paperless manner. Blockchain can be used for storing the academic transcripts, diploma and certificates, badges, lessons and courses and many other such use-cases for educational sector.
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How is Digitalization Reshaping the Blockchain in EduTech Market?
Adoption of digital learning is helping learners to access content at anytime and anywhere. The digital content can be accessed by learners at any time across the globe. Learner adapt to changes rapidly and efficiently whenever new innovative tools or practices are launched in the digital technology market space. Over the years, innovative platform by using blockchain technology is helping to redefine the learning process. The main objective of the blockchain based platform is to engage the learners in the learning environment and for managing the learning process for adding more functionalities which will help the learners to enhance their learning capacities.
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What are the Key Trends Impacting Growth of the Blockchain in EduTech Market?
Blockchain technology offers flexible and durable system for storing the credentials of students as they move from course to course throughout their professional life. The credentials cannot be tampered or modified using the blockchain technology and they can gain ownership of their educational data including the portfolio of works that they have done and accreditation in a secure place which can be accessed by anyone who need to verify it.
Using the blockchain technology students can store their own evidence of formal or informal learning, can share the content with a desired audience. Blockchain helps students to have a self-updating curriculum which can be shared with employers. However, blockchain technology is helping students in gaining the ownership of their educational data and this is the major factor that is driving the market growth.
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Why the Demand for Blockchain Smart Contracts in EduTech Market is Increasing?
The demand for blockchain smart contracts is increasing in education industry as it can be used by the professors or teachers to enter into digital agreements with students regarding the completion of their task. Information regarding the assignments like instructions, deadlines, due dates are spelled out in the agreement. When the students complete their tasks they can automatically receive the credit or certificate for completion or can be automatically granted access to other part of the course.
Blockchain smart contracts help in creating the motivational element which is missing in traditional education systems and plays important role in offering individualized learning within conventional classroom setup.
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Blockchain Offers Students Educational Achievement Portfolio
Educational blockchain platform help students to create their own digital portfolios in which various educational merits, degrees, achievements, awards and attendance can be stored. This portfolio can be shared openly to prove student’s worthiness of enrollment in a university or student can send the portfolio to the employer for job opportunity. Using educational blockchain platform a universal database of potential candidates is created and due to this the best performing student are hired by the companies which can motivate the other students to perform better in academics.
Gamified-Blockchain-Education System is Gaining Traction
Using gamified-blockchain-education system, learning can be made more fun for students. Gamification helps to drive strong behavioral changes when combined with repeated retrieval and it makes sure to attain as well as retain student’s attention and engagement. Gamification helps the Z-generation to learn in competitive and engaging environment. In gamified-blockchain-education system tokens are provided to the learners as the rewards and this token can be a form of digital currency.
Specific tokens can be collected to show how student is qualified for pursuing a certain course. For instance, if a student pursued music and collects more number of music tokens then that student can gain entry to a musical academy and continue the course. These tokens can also be used for job interviews. These system takes away the paper qualification stigma as the practical skills courses can be used by students to earn the tokens and the tokens can be used as proof of qualification. The tokens allow for continuous assessment of the student’s progress and teachers can better advice the student if the student is facing any issues while learning certain course.
What are the Key Challenges that may Restrain Growth of the Blockchain in EduTech Market?
Major factor that is restraining the market growth is scalability of blockchain. Educational systems have huge amount of student data collected which leads to an increase in block size. As the number of blocks become large, transactions on the blockchain require more time as bitcoin technology can handle only 3 to 7 transactions per second. As number of blocks become large the chances of blockchain forks increases and security can be comprised. Hence, due to scalability issue the adoption of blockchain in education sector is less.
Key Segments of Blockchain in EduTech Market Covered in the Report
By Solution, Blockchain in EduTech Market is segmented into-
- Blockchain Enabled Learning Platform
- Integration & Implementation
- Support & Maintenance
By Application, Blockchain in EduTech Market is segmented into-
- Smart Contracts
- Digital Identity
- Payment & Transactions
By End user, Blockchain in EduTech Market is segmented into-
Based on the region, the Blockchain in EduTech market has been segmented as
- North America
- Latin America
- South Asia & Pacific
- East Asia
- Middle East & Africa
Key players such as
- Sony Global Education
- Blockchain Education Network
- Oracle Corporation
are actively involved in offering Blockchain in EduTech for different applications.
What strategies are the Key Players adopting for Increasing their Market Share in the Blockchain in EduTech Market?
Blockchain in EduTech solution vendors are carrying out different expansion strategies for enhancing their presence and increasing the market share in the global blockchain in EduTech market. The blockchain in EduTech solution vendors to increase their presence in lucrative markets rely on multiple expansion strategies. These strategies include partnerships & collaborations with other players, acquisitions, and new product launches and strengthening of regional and global distribution networks.
Why is the North America a Big Market for Blockchain in EduTech?
North America is a leading contributor to the growth of the blockchain in EduTech market, owing to the increasing demand for blockchain smart contracts, gamification using blockchain technology in educational institutions. Around 55% of colleges and universities students in U.S. are accustomed to using technology and tech tools for acquiring knowledge and skills. The colleges and universities in the region are adopting blockchain technology for securing the storage of the information recorded in the chain due to which the academic material is secure and unchangeable but can be accessed by everyone. The blockchain help to prove the ownership of the content.
Over the years, it has been observed that many Blockchain in EduTech solution vendors in the region are focusing on launching new and updated solutions to meet the growing need for blockchain education solutions for their customers, and cope up with the advancements in technology. This trend is expected to continue in the coming few years, due to the high demand for blockchain technology among the universities and colleges in the region.
Why Adoption of Blockchain in EduTech is Increasing in Europe?
Blockchain in education solution vendor in European countries such as Russia, UK, Germany and others, offers the platform to harness the power of blockchain technology solely for recruiting and education. Also the vendors offer the platform for helping the students in preparing for the examination and to enhance the library and information services in the schools.
What is the Repercussion of the Pandemic on the Growth of the Blockchain in EduTech Market?
COVID-19 pandemic has brought great uncertainty with it and has impacted various industries and sectors. Businesses in various industries are brainstorming new ways through which aspects of their business can be improved. For improving the business various industries like education, healthcare, food and beverages, and others are adopting the blockchain technology for increasing transparency, efficiency, safety and security. Education sector has majorly impacted due to the pandemic. For ensuring the continuity of learning, schools and universities are adopting learning management system, blockchain based learning systems to ensure accessibility of learning to the students. Adoption of blockchain in education sector is helping the students as well as teacher to perform in a better way.
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