Education at a crossroads(?):
What’s going on beyond the classrooms

The education sector - besides its vital role in society - represents a major economic environment.

Globally, its market size is projected to reach an impressive $10 trillion by 2030 → 10,000,000,000,000.00 (!!).

But despite all these “0’s”, there are a lot of challenges to be faced. One of the most critical issues is the achievement gap between students from varying socio-economic backgrounds.

Additionally, many countries are witnessing a significant teacher shortage, which impacts student learning experiences and educational outcomes. On top of all that, there are MANY discussions about outdated curricula - that fail to keep pace with modern demands, leaving students underprepared for today’s dynamic demands.

Finally, access to technology remains unevenly distributed, exacerbating educational disparities in an increasingly digital world.

Online learning platforms

Speaking of digital, The rise of online learning platforms marks a potential shift in the educational landscape.

With the global online education market expected to expand at a compound annual growth rate of 21.1% from 2020 to 2027, many traditional educational institutions are feeling the pressure to adapt.

But like many other major changes, this growth in online learning could be a double-edged sword: it presents opportunities for innovation and expansion but also poses significant challenges to the conventional models of education.

In the early days of The Wild West of Web3, I shared some personal views on the traditional educational system. Check it out in the edition #5.

And while researching for this edition that you are reading, I came across an interesting text by “Educli” that brings up this question:

“Is traditional education living its Blockbuster moment?”

It basically raises the discussion about the point at which established practices are at risk of becoming obsolete in the face of newer, more flexible options.

So in this “search” for new options, the are many topics popping up. Some of them would be completely unimaginable a few years ago, such as AI in Education and Blockchain-based Credential Verification.

It’s been happening for a while…

In two recent editions, including the one from last week - #30 and #37 - we talked a lot about the “Creator Economy”.

“So what?”

Considering that over the last few years, more and more people have been learning from “non-traditional” sources, I think it’s safe to say that education - and here I’m not talking only about the regular college-academic one - will remain one of the main sectors for creators to thrive in.

I mean, many of us have learned A LOT from YouTube videos, online courses, learning platforms, and so on. And that’s our focus here today - Education, but from a broader perspective, and how Web3 can change it, especially in two segments: Credential Verification & Lifelong Learning Platforms.

The Future of Learning:
Web3's role in rethinking Education

So as mentioned a few lines above, this “digital transformation” in education is already here, reshaping the concept of how knowledge is obtained.

Different sources forecast that the global blockchain in the education market will reach around $1.4 billion by 2027 - yes, a big number, but a small drop if compared to the whole education industry.

So as promised, let’s explore some of the most interesting changes Web3 can bring to this market.

Revamping Credential Verification

Traditional education has always had its fair share of bureaucratic snags, with credential verification being often a troublesome process.

Whether we like it or not, many processes (from job interviews to some immigration/visa requirements to college admission) require proper Credential Verification.

Luckily, Web3 brings some great answers. There are companies that provide blockchain-based solutions that make verifying educational achievements secure, swift, and tamper-proof.

More than “just” convenience, it helps create a trustless system where credentials are indisputable and universally recognized.

Furthermore, some platforms that provide online courses are integrating blockchain to bolster the credibility of their programs/products.

Imagine a scenario where your digital “badge” or diploma is as respected as one from a physical institution - thanks to blockchain, this is entirely possible.

The promise of Lifelong Learning Platforms

Another super interesting concept is the “Lifelong Learning Platforms”, which has transformed from an “ideal” into a necessary reality, especially in today’s fast-paced job market.

Web3 facilitates this continuous education through platforms that are not only more accessible but also more engaging.

The use of smart contracts and decentralized apps allows for the creation of personalized learning paths that are adaptive and responsive to the learner's pace and progress.

No, that’s not a fancy name for repositories of old lecture videos (and those are valuable in their own way). They’re dynamic learning environments where new content can be added as quickly as the demand arises.
They’re also incredibly inclusive, breaking down geographical and financial barriers to education.

Opportunities for Creators and Entrepreneurs

As mentioned earlier in this edition, if new solutions are being discussed, there’s obviously the demand for a whole new group of professionals and companies that can provide such solutions.

From developers to marketers to (educational) content creators - and many roles - opportunities will keep appearing, so it’s about being ready to get them.

And speaking of opportunities…

Verifiable Credentials Framework:
The EU use-case

“Are you really going to use the EU as an example for something related to Web3?” 😅 

I get it. There has been some recent not-so-bullish news from the European Union when it comes to crypto. However, if we truly want things like blockchain to reach mainstream adoption, those big players are something to consider.

The European Blockchain Services Infrastructure's (EBSI) Verifiable Credentials Framework is an initiative that can potentially overhaul how credentials are issued, managed, and verified across Europe.

EBSI's framework utilizes blockchain technology to simplify and secure the verification of documents like IDs and Diplomas. By employing a decentralized model (I know some eyebrows are raised now…), the need for traditional, verification channels is eliminated (or at least reduced), placing the power directly in the hands of credential holders and those who need to verify them.

Imagine a system where verifiers no longer have to directly contact issuers, such as universities or government institutions, to check the validity of a document. Instead, credentials are stored in a digital wallet, where their authenticity can be instantly confirmed by blockchain. This shift not only cuts down on time but also reduces the opportunity for fraud, making forged documents a thing of the past.

A very important aspect of the EBSI's approach is the standardization of credential formats across borders. This universal framework ensures that no matter where you are in Europe, your credentials can be verified without fuss or additional verification costs.

Is it a perfect solution? Probably not, but I recommend you invest some time reading about this use case as it’s an important step toward a more secure, decentralized (?) way of verifying certificates and similar “papers”.

Do you think government Blockchains can be trusted? Looking forward to seeing your takes on this.

And as you can imagine, there are MANY (MAAAANY) other ways Web3 can impact Education:

• Virtual classrooms

• Metaverse experiences

• AR/VR for more engaging classes and experiences

• IoT for smart classrooms

  And the list keeps going

And some of those were discussed in previous editions. But today we have only introduced the concepts of Credential Verification and Lifelong Learning Platforms.

As we keep diving into different uses for Web3 in different industries - and going beyond the “Bitcoin price” discussions - I’ll keep bringing more practical examples and real-world examples.

In the meantime, feel free to share some examples you think it’s worth adding to future editions - there’s always space for valuable contributions.

See you soon.

#LFGrow
Diego Borgo