Blockchain is a distributed ledger technology that assures transparent & secure applications that can be used by employers, employees, and student to verify educational records. Blockchain is a system that records & stores transactional records. Block chain is shared and absolute record of peer-to-peer transactions made from interlinked transactional blocks & is stored in a digital ledger. Applicant in a network can also interact through the blockchain technology that is established by cryptographic techniques without any preceding trust or dependence between the involved parties. There is no central authority in the system of blockchain.
The interaction that occurs in a blockchain is known to all participants and verification by the network is necessary before data is added, thereby accommodating trustless partnership among network participants, while recording inflexible audit trail of all interactions. Blockchain-based ledger technologies can be widely utilized in the field of education, as the majority of work done in education sector is paper-based and Block chain technology can transform it into easy paperless manner. Blockchain technology is also used to store academic transcripts, badges, certificates, lessons, courses & many for educational sector.
The COVID-19 outbreak is anticipated to propel the Blockchain in edutech market, as the education sector is adopting the Blockchain technology to enhance efficiency, transparency, security, and safety. For ensuring the continuity of schools, universities are adopting Blockchain based learning systems to ensure ease of access of learning to students. Adoption of Blockchain in the education sector is assisting students & teachers to perform in a better way. This, in turn, is anticipated to create significant opportunities in the global Blockchain edutech market during the forecast period.
Demand for Blockchain in edutech is increasing, as using Blockchain technology offers flexible & durable system to store the credentials of students as they move from course to course throughout their professional life. Through Blockchain technology, students can store their evidence of formal and informal learning and share the content with a desired audience. Blockchain in edutech benefits students to update the curriculum that can be also shared with employers. Moreover, Blockchain technology is helping students to gain ownership of their educational data, which is a major factor driving the market.
North America to Account for Major Share of Global Blockchain in Edutech Market
In terms of region, the global Blockchain in edutech market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
North America is projected to be the market for Blockchain in Edutech globally, due to the rising demand for Blockchain smart contracts using Blockchain technology in educational institutions in the region. University and college students in the U.S. are accustomed to using technology and tech tools to gain knowledge & skills.
Universities & colleges in the region are implementing Blockchain technology to secure the storage of information recorded in the chain due to which the academic material is secure and can be accessed by everyone. Providers of Blockchain in edutech solutions in the region are focusing on the launch of innovative solutions in order to cater to the demand for blockchain education solutions among customers and cope up with the advancements in technology. This trend is expected to continue further in the next few years due to the high demand for Blockchain in edutech among colleges & universities in the region.