Education isn’t democratic. Not under the existing model anyway.
Think about it for a moment. The richest families can afford to send their kids to the best schools that get the best results. Students at state schools in deprived areas usually perform worse than their more affluent peers.
Being able to afford high-quality tutoring is a major factor in this equation.
The same story is repeated in continued and higher education. Tuition fees are expensive and resources aren’t cheap. That’s not to mention the high cost of living with little to no income while on campus.
Students from wealthier backgrounds can pay for extra one-on-one tuition if they need it, giving them another head start.
In other words – the more money you have, the better the education you can get.
But, change is underway…
EdTech & blockchain – a new era in education
Companies like NTOK.io are ushering in a new age of democratized education. They are taking the existing system of unfair education and rebuilding it to be accessible for all.
By cleverly combining the growing EdTech movement with blockchain technology similar to Bitcoin and Ethereum.
NTOK.io is in the process of raising an ICO to fund their revolutionary new concept – a system which allows students to connect directly with tutors, to cut out the middlemen, and to make the whole process easy and inexpensive.
There are many reasons to be excited about this new direction for education, let’s take a look at five of them right now.
1. EdTech is going to grow massively in the coming years
The skills people need are changing rapidly. The way they acquire those skills is undergoing drastic change too.
Robotics, automation and AI are all having a dramatic effect on the jobs market. There’s no such thing as a safe career anymore. To survive, people have to learn new skills and develop existing ones constantly.
Schools, colleges and universities are increasingly looking towards the tech industries for help in delivering training to fill these skill gaps.
That explains the rise in online courses, also known as e-learning. There’s a growing number of independently created courses that are sold privately or through platforms such as Udemy. There are also Massive Online Open Courses (MOOCs) that offer learning opportunities from top universities such as MIT.
EdTech spending is set to reach $252 billion by 2020. Just as financial tech (FinTech) branched out from online banking to contactless payments to integrating with ‘internet-of-things’ technology, so EdTech will begin to revolutionize all aspects of education. The next natural evolution is online tutoring.
2. Online tutoring is set to be the next big thing in EdTech
Only 3-5% of tutoring takes place online. Tutoring is yet to follow the trend of educational courses moving to online formats. Up until now, there hasn’t been an effective way to match students and tutors across the globe. Sure, there are online schools, but there has always been a middleman – the school, training company or service provider.
Sites like NTOK.io are creating peer-to-peer learning platforms that are based on the blockchain system. This platform uses advanced EdTech to offer high-quality video and audio, whiteboards, lesson scheduling and interactive learning tools.
In the past, the issue of trust has been a major factor in restricting the growth of online tutoring.
For EdTech to prosper, a high level of trust must be established. NTOK.io ensures trust by making sure that the ratings and reviews assigned to tutors are verified through the secure blockchain. This means that students know that they will always get the best educational experience possible. Fake reviews won’t be possible under this system.
3. EdTech cryptocurrency tokens are a safe and strong investment
Cryptocurrency such as Bitcoin and Ethereum have been hitting the headlines with their astronomic rise in value. Cryptocurrency is no longer seen as a weird little tech fad that will fade out when people realize it’s a house built on sand.
The rise of Bitcoin shows no sign of stopping. It looks like it’s here to stay and as people begin to trust cryptocurrency, its applications will grow. For instance, NTOK.io uses ‘Ninja Tokens’ as a cryptocurrency that can be exchanged for tutoring services.
All of this means it’s a great time to invest in blockchain technology if you can.
EdTech presents one of the biggest growth investment opportunities at present. Even big-name universities such as MIT have started using blockchain technology in their courses.
4. The wider infrastructure of EdTech means continuous growth
All education providers need resources, video, audio, eBooks, worksheets, etc. As EdTech grows, there will be a need for more and more content and material. The companies that cater for this demand will become token holders, adding to the strength of the blockchain.
Platforms like NTOK.io will have a healthy token economy of students, tutors and resource partners. Once established, this ecosystem will naturally grow, rapidly creating wealth for early investors.
5. EdTech will create strong brands and reputations
As mentioned earlier, all the signals suggest that EdTech powered by blockchain is a sector of the online global economy that will expand without limit. Behind this growth, there will be companies and brands that build a trustworthy reputation and loyal following.
There’s likely to be an influx of startups trying to capitalize on this phenomenon, throwing together an ICO and online school. But these fly-by-night companies will lack the principles behind platforms such as NTOK.io. NTOK are already outshining their competitors by offering live teachers rather than pre-recorded lessons, built-in licensed content, no middlemen and a 100% trustworthy review and rating system.
As with any new technological development, there will be winners and losers. The winners will be EdTech companies that offer the most value to their customers and have a well thought out infrastructure and ecosystem. Companies like NTOK with strong values and a social conscience will flourish.
Some investors may be hesitant to get involved with blockchain-powered EdTech. It’s always the case with new, ground-breaking technology.
But all of the forecasts and predictions suggest that both cryptocurrency and EdTech will continue to grow massively over the next few years.
Will there be a tipping point? Maybe, but at the moment it’s an industry still in the early adoption phase, so there are big profits to be made for those willing to buy into an ico. Shrewd investors will invest now, while the price is right before the real, exponential growth happens.