Affordable Education? Blockchain Provides The Missing Links
For students growing up in countries like the US, you learn one thing: Education is NOT cheap. As of 2018, Americans owe a total of $1.48 trillion worth of debt from student loans, a staggering figure. When brought down to the average graduate, this monumental amount filters down to $39,400 for each graduating student.
When dealing with numbers like these, education is not cheap or a laughing matter, it’s a matter of damage control. But if there’s one thing entering our collective learning curve, it’s blockchain.
How it’s applied to our daily lives and how it can improve our condition. And China is the country running with the spirit of innovation and fairness.
Chinese Universities use blockchain for affordable education
A group of top-tier universities in China have banded together to develop an accessible system for education. They plan to use a decentralised organisation with the aim of making educational resources more affordable. Spearheading this initiative is Tsinghua x-lab, an innovation incubator situated in China’s Tsinghua University.
Referred to as the Youth Education Chain League (YEC League), will place the union of universities in direct competition with the Ivy League. In their announcement, the YEC League refers to the latter as being accessible only to the elites.
The concept will be based on a blockchain protocol, all with the intention of developing a Decentralised Autonomous Organisation (DAO). This system creates an open-ended chain for other universities or research institutes to connect to. These new collaborators would simply connect to the wider blockchain as distributed nodes.
So why is this cool? Because it offers a dramatic decentralisation of cooperative research. But also provides students with an accessible way of obtaining resources to gain a university-level education.
China has been on a tear with implementing blockchain, filing patents to build on since 2015.