Online learning platforms, MOOCs, and Edtech platforms are currently facing an issue with user engagement and retention. Many users find it difficult to remain motivated and engaged with the material, leading to low completion rates and a lack of skill acquisition. This problem is especially prominent in the digital skill learning space, where users are often trying to gain skills that are in high demand in the job market. According to a recent study, the average MOOC completion rate is only around 15%.
Another issue is the lack of personalization. Many users have different learning paces, styles, and backgrounds. A decentralized platform can leverage AI and machine learning to provide a more personalized learning experience. It can track the user's progress and provide tailored learning materials, which has been proven to increase student engagement and retention.
Web3 technology has the power to tackle this problem by building decentralized, blockchain-based online learning platforms. These platforms can use smart contracts and tokenization to encourage people to learn and show their knowledge, giving them rewards for doing coursework. Also, decentralized platforms let users own and control their data and qualifications, which can increase trust and clarity in digital skill learning. Previous research has found that blockchain-based platforms can make accreditation for learning more transparent and trustworthy.
Web3 adoption in Indonesia is still in the early stages. RANS Entertainment has a project called Ransverse, which has partnered with VCgamers. BINUS Metaverse is also working with Nusameta, a cooperation between WIR Group and Salim Group. These developments could lead to Web3 learning spaces, like virtual or blended learning, becoming more popular. This could help Web3 technology become widely used for educational purposes in the near future.
The Ed3 Movement is about using technology to make education more accessible and equitable for everyone. The Ed3 DAO is a great example of how Web3 technology can be used to create more equitable and accessible educational opportunities. It leverages the decentralized web to offer a transparent, secure, and community-driven platform for learning and skill development, which can benefit individuals and communities around the world. This is proof of how Web3 can revolutionize the education sector, harnessing the collective minds and contributions of the DAO community.
Referring from the use cases, there are several main advantages of using Web3 technology in education are:
a. Decentralization Web3 technologies let learners and mentors control their educational programs. This helps make sure everyone's needs and interests are taken into account when making decisions, such as in DAO communities.
b. Transparency Web3 technologies keep all actions and decisions on a public ledger. This builds trust and confidence among students, educators, and other stakeholders.
c. Verifiability Web3 technologies make verifiable credentials, like digital diplomas or certificates, stored on a blockchain. This gives students a secure and transparent way to prove their educational qualifications and achievements.
d. Interoperability Web3 technologies work with other systems and technologies. This makes it easier for educational institutions and employers to verify and share educational credentials.
e. Accessibility Web3 technologies make digital resources accessible from anywhere with an internet connection. This helps make education more accessible and inclusive, especially for students and educators in underserved or underbanked areas.
f. Security Web3 technologies keep records secure and unchangeable. This helps protect the integrity and reliability of educational resources and systems.
The trend of Web3 has made Education move towards Education 4.0, which is a digital technology platform. Because of the COVID-19 pandemic, there has been a greater need for online learning platforms, as in-person education has become difficult due to school closures and social distancing. A research by McKinsey in 2020 showed that online education enrollments had increased by 30-50% worldwide.
Online learning is becoming more important because it is flexible and easy to use. It is necessary to reduce the difference between people's skills and help people to adjust to the quickly changing job market, as the World Economic Forum reported in 2022. Indonesia is one of the 10 countries with the most growth in learners. Online learning has the power to reduce inequality in access to education and give people the abilities they need for the future of work.
The education sector is growing, and Web3 technology is set to be a major player in the creator economy. Blockchain and smart contracts enable creators to securely manage their digital assets and receive payments from fans. Non-fungible tokens (NFTs) allow creators to tokenize their unique digital assets, such as artworks and videos, providing a new way to monetize their work. Decentralized autonomous organizations (DAOs) can also be used to govern communities of creators and fans, creating new opportunities for collaboration and business models.