How Blockchain Technology is Bringing Novel Use Cases to the Educational Sector
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Blockchain technology has taken center stage in transforming various industries worldwide, from decentralizing finance and manufacturing to data authentication in logistics and asset capitalization. As a trillion-dollar market, the technology is expected to revolutionize even more industries, education being one of these key industries.
Not to get ahead of ourselves, blockchain adoption in education is still in its infancy, as only 2% of higher education institutions had adopted the technology as of 2019. The poll conducted by research firm Gartner predicted another 18% of educational institutions will adopt the technology by 2021.
While the role of blockchain in education cannot be underestimated, there is a huge widening gap in how the technology is being applied across higher and lower levels of education. Luckily, several developers are working to bridge this gap, bringing blockchain to primary/secondary levels of education.
The global COVID-19 pandemic immensely helped the emergence of blockchain in education, as schools shut down and lockdown measures were implemented in most countries worldwide. Parents, teachers, and students worldwide sought alternatives to ensure continuous learning even when schools closed. Blockchain technology emerged as a viable option.
According to The Daily Journal, the global blockchain in the education market stood at $118.73 million in 2021, at the peak of the pandemic, and is expected to grow to $1.056 billion by the end of 2027, representing a CAGR of 43.94 during the forecast period.
Despite the explosive forecasted growth, blockchain in education is still heavily focused on
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