There is a real buzz around new EdTech companies such as NTOK.io at the moment. They are creating a future vision of global learning and tuition that uses blockchain technology at its core.
Although EdTech is in its early stages, it’s likely that education will be disrupted in the same way that FinTech has changed the financial world.
Cryptocurrency transactions are made secure by blockchain technology allowing for significant decentralization of finances. In other words, the big banks and governments no longer have power over finances. The blockchain makes all data transactions untraceable, including financial ones.
If we extend this idea of secured blockchain currency and data transactions to EdTech, it’s clear to see that this will transform education into something far more democratic. For the first time, high-quality teaching and tuition will be available for all, irrelevant of location or wealth.
With their sophisticated blockchain-based learning platforms, companies such as NTOK.io is paving the way towards this exciting new educational landscape.
The Tutor Ninja NTOK ecosystem for tokenizing talents is an evolution of Tutor Ninja, a private tutoring operator serving thousands of users, into a three-level blockchain infrastructure for continuing, lifetime education. The NTOK tokenization platform concept comprises online schools, an online aggregator of private tutor services as well as tutors and NTOK ecosystem partners’ services.
The standard private tutoring secures selected tutor’s hours at a fixed price. The tokenizing talents concept, in addition, introduces rules of trading by based on blockchain Talent tokens, which are a sort of prepaid gift cards for the “Talented tutor” hours/lessons to be provided in future. The Talent tokens may be an alternative utility to order a Talent tutor lesson; thus, the price for a Talented tutor hour is now put as small as quoted his / her Talent token. An ecosystem user may buy, exchange or refund Talent tokens (based on blockchain) as well as use regular functions of a private tutoring infrastructure.
The approach meets various expectations of tutors and students. The tokenizing talents functionality particularly provides an excellent opportunity for Talented tutors to pre-finance their personal development and for Talent hunters earn on Talented tutors’ token growth.
The Power of Decentralized Learning
Is decentralization of education a good thing?
Mary Cooney, Tutor Development Advisor at NTOK.io certainly thinks so:
“The edu-software industry has always been dubious in the pursuit of data that supports gains in student achievement — data which has been tainted by internal corporate stats. Thus, the concept of a decentralized rating system is valid; in fact, keeping it transparent is the best way to “keep it real”!”
Google has recently introduced a new technology course that is independent of any established learning institution. There are thousands of e-learning courses that can be taken online these days, so the process of decentralization has already begun.
Blockchain-based learning will decentralize learning further, taking power away from governments and traditional education institutions, which will bring about a whole host of benefits.
The Benefits of Blockchain Technology in Education
Reliability of Qualifications
Online education without blockchain security isn’t taken seriously by employers due to the perceived lack of oversight and credibility.
When you consider that fake certificates and ‘qualifications’ can be bought on the dark web for peanuts, it’s no wonder that employers are cautious.
Blockchain-based EdTech will allow employers to scrutinize qualifications, as the blockchain creates secure, verifiable certificates.
The main purpose of many graduate, post grad, and international exams is to verify that you have a high standard of knowledge and understanding of a given subject. The blockchain will bring about the same level of security and trustworthiness to EdTech.
Guaranteed Quality of Teaching and Tuition
At the moment, the quality of teaching online is variable. There are some excellent courses and some highly skilled teachers and tutors out there. But it is easy for unscrupulous fraudsters to create learning websites with fake testimonials or establish themselves on e-learning platforms by soliciting fake positive reviews and ratings.
Companies like NTOK.io are implementing blockchain technology to make sure that this doesn’t happen.
By coding ratings and reviews into the blockchain, it means they can be traced and verified very easily. This safeguards the credibility of the platform, meaning that only the best tutors will get the highest ratings.
Efficient and Secure Payments
In the case of NTOK.io, tokens are used within the platform to exchange for tuition services. These are a blockchain based cryptocurrency that can be exchanged for standard currency at any time. This ecosystem makes it easy for transactions to take place instantly and for problems or disputes to be settled quickly.
There will be a built-in loyalty system that rewards frequent users of the platform in the form of discounts or bonus tokens. Everything is incentivized to promote the growth and success of the platform. Therefore, the higher the quality of tuition, the more tokens will be generated by students and paid to tutors and resource providers, increasing their value.
As with all blockchain based transactions, there will be an added layer of security as the code cannot be tampered with or hacked.
Peer to Peer Education Platforms
The nature of blockchain-based EdTech makes it perfect for peer to peer learning.
Alex Filatov, IoD Charted Director and NTOK.io adviser, describes the platform as “an unchangeable and reliable smart contract and the basic tool that connects all elements of the online learning ecosystem: tutors with pupils, tutors in schools, pupils in classes, pupils with exam centers, content providers with tutors and students, providers of educational devices and software applications with schools, tutors, pupils and classes.”
In other words, it creates an interconnected education ecosystem, all through one platform, that exists solely to provide better educational opportunities to students across the globe.
A Fair Marketplace
As mentioned earlier, EdTech is making education more democratic. Blockchain technology takes it a step further, by allowing people from anywhere in the world, including developing nations, to access world-class teaching and tuition at an affordable price.
People that were previously shut out from receiving a good education or developing their work skills, now have the chance to make a big difference to their lives, safe in the knowledge that everything is secured by blockchain technology.
Cheaper for Schools
Schools and colleges that get on board with EdTech and use it for extra tuition and student support will save money. The blockchain means that all data is automatically stored securely, so schools will no longer have to track and monitor data relating to extra tuition and support for students.
This is especially helpful for schools that have a high number of students with special learning needs such as autism and ADD/ADHD who need high levels of specialized support.
EdTech — a Smart Investment
With incredible growth expected in EdTech over the coming years, to an estimated value of $331 billion by 2025, it appears that companies such as NTOK.io make for excellent investment opportunities.
To take advantage of this growing sector of the online economy, there is a great opportunity coming up on April 15th, 2018. Tutor Ninja NTOK has announced a crowdsale of their NTOK tokens.
Their marketing campaign differs from usual ICOs that follow “Kickstarter” classical approaches. The crypto and fiat financing is secured to develop a beta version of the product. Early NTOK users get an access to the service, which includes bonus-hours of tutors. The largest NTOK holders shall receive an option of voting for the ecosystem new features.