The education system has been dragged through various levels of criticism over the past few years. Many have stated that the education system has become deeply flawed. This level of criticism stems from universities failing to impart practical training that is highly important in order to join the workforce.
There seems to be a misunderstanding between what students should be taught and what is actually prescribed to be taught to them by curriculum creators. Factors such as this dissuade thousands of potential students that vie for quality education.
Tuition and grants have become an increasing factor in the college dropout rates with students not being able to afford an ever-increasing tuition cost.
Will free education help?
Let’s say you come from a really poor background. With free education, you can go to university and get a degree, and have the same or at least comparable opportunities to someone from a rich background. That’s the ideal situation, and due to other factors it might not be 100% equal, but this provides a critical social function: proving that social mobility is possible in a country.
Read more: Can Blockchain be used to end world poverty?
This can have huge knock-on effects. People inherently value education more as there is proof of its ability to improve everyone’s lives. Less poverty-related crimes are possible as there is less feeling among the poor that they don’t have a future. In fact, they could have a prosperous life, inherently less inequality, but also less desire to have more inequality since poor students and rich students necessarily work with each other, reducing “silos” and increasing empathy for each other, and all these factors continue to build on each other in a virtuous cycle.
Steps in BitDegree
A company called BitDegree is an Ethereum blockchain-powered online education platform that aims to change the way we get a degree. The company describes itself as “the world’s first blockchain-powered online education platform with token scholarships and tech talent acquisition.”
The creators of BitDegree have seen gaping holes in our education system as well as the online education sphere and have made it their goal to provide a better online education experience for students.
The platform works on incentives and a rewarding system that aims to fund, as well as curb dropout rates. Achievement tracking done using blockchain enables companies to recruit talented students by accessing key information on student’s portfolios, which is made public and completely transparent. This ensures companies dip their fingers into talented tech pools of students from different backgrounds.
BitDegree built this new and improved network on an existing foundation of 29 million existing users. Those users come from Hostinger and 000webhost, both described as a “loyal, web passionate, learning and open to innovation worldwide community.”
BitDegree works by rewarding students with bitDegree tokens as an incentive or scholarship by achieving certain milestones in an online course, as chosen by a company that seeks to hire from the pool of students.
BitDegree tokens can be transferred and exchanged for goods and services. Companies act as sponsors that derive economic gain by exchanging tokens for recruiting students.