Welcome back to a new episode of Cryptoworld, the article-based series about blockchain implementations in the current world 🌎
Today I'm going to talk a little about the incredible power of blockchain in the learning environment and how the current financial applications, such as cryptocurrencies, are going to disrupt our understanding forever. To make things easier I made up a small story that includes common everyday elements. What comes after these words are pure hypothesis, nothing is real and it's just something that came up to my mind so don't take anything for granted.
The idea 💡
Let's imagine I'm a professor making a course about "the power of blockchain in learning environments" and this is not part of a normal plan of studies, maybe is something you can add to your study plan and there is a small fee. This fee is 100$, nothing big but is necessary to understand who's seriously interested in undertaking the course and avoid overcrowded rooms (in post-corona conditions).
The professor can handle a proper learning experience only to 200 students for each course and since is a small commitment, he can handle up to 4 different courses, for a total of 800 students.
This means that on day 1, right before starting the first class of the first course, the professor was able to gather 80'000$. He decides to invest them in low-risk funds that could give him back interests in a short period, and time is equal to the course length, in this case, let's say 4 months.
While attending the courses, student's will have daily tests, mid-terms and a final exam. All their performances together will create the final grade and together with it a performance index, the result of an algorithm that intakes a set of data with their performances over assignments and shows how they were doing during the course.
At the end of the exams, if scored over the minimum threshold, the students are going to receive back a slice of the fee of the course based on their performances. If they were interested in the subject, they will score well and receive back a lot that could be invested in another course, while if they didn't it's not going to be so high.
What has to do with blockchain and crypto? ⛓️
Well, all the operations mentioned before will not need human intervention at all once everything is settled, it will be only a matter of smart contracts. No human-error, no time wasted of someone to take care of all those automated operations and most importantly, everything will be extremely scalable. Students will pay through a link that will do automatically everything, including moving the money to the right accounts or swap the currency if needed, and when the course will end the professor will need a few clicks to make the payments.
The main advantage of this approach is the reduced financial exposure of students during their studies and once established the capacities of the professor, the rooms and performances, could pay entirely or partially the professor and be used as a financial mechanism from educational entities.
Also, the data coming from the different tests and the overall performance index could be used for the degree/studies plan certification at the end of the student career. It's something that is already on its way in some of the most technologically advanced universities and this could be a small block added to make things easier from the administrative point of view.
Maybe a special token will be necessary to optimize the performances in the long run, but the concept is there and could be most likely built on top of already existing blockchain-enabled for smart contracts. Potentially for the MVP but also for the first applications to see how it scales and work.
Potential context of application 📚
The first thing that comes up to my mind is universities and professional learning centres, a place where people have to pay for education. But also schools with optional course with external teachers, online platforms offering MOOCs and so on. With the proper amount of students, the time variable can become not fixed and will make things even easier.
Some final notes ✍️
Of course, this is not a new concept, is already used as a marketing tool in some cases and someone already made a hypothesis about it maybe, but the automation coming from smart contracts and the possibility to invest and earn passive income while offering liquidity should not be undervalued. The absence of human error and wasting of time coming from the possibility to use smart contract could make the difference and also the use of data should be taken into account.
The difference is in the final purpose: allow passionate students to reduce their financial exposition and reuse the same money for improving education.
Thanks for the attention and the time taken to read this article 😇
Please feel free to comment with your opinions, thoughts and whatever comes up to your mind. If you need more info don't hesitate to reach me for additional info or just a good conversation about the topic.
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