Blockchain technology market 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.
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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.
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.
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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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
Apps
Services
Integration & Implementation
Consulting
Support & Maintenance
By Application, Blockchain in EduTech Market is segmented into-
Smart Contracts
Digital Identity
Payment & Transactions
Others
By End user, Blockchain in EduTech Market is segmented into-
K-12
Colleges/Universities
Based on the region, the Blockchain in EduTech market has been segmented as
North America
Latin America
Europe
South Asia & Pacific
East Asia
Middle East & Africa
Competitive Landscape
Key players such as
Cubomania
Shikapa
Blockcerts
APPII
ODEM
Sony Global Education
Blockchain Education Network
Disciplina
Parchment
Bitdegree
Salesforce
SAP
Credly
Oracle Corporation
others
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