Metis ($MTS): Bringing blockchain technology into the USD20.8bn (year 2023) online education market.
The ongoing COVID crisis brought forward unpreceded times. For instance, people all over the world are forced to disrupt their usual work routine and adopt an online, digital working environment. In weaker economies, slower trade flows and consumption have led to different degrees of unemployment and the need to retrain at a cheap cost. The confluence of these market forces has led to a greater audience towards online education.
According to Marketsandmarkets, the Massive Open Online Course (“MOOC”) market size is expected to grow from USD 3.9 billion in 2018 to USD 20.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 40.1%. This is a massive opportunity for blockchain integration.
The MOOC is expected to grow rapidly due to the low barriers of entry such as fee and open registration, transparent platforms and open-ended groups. In addition, MOOCs integrated social networking and online resources facilitated by leading universities. MOOC encourages learner’s engagement by structuring education according to learning goals, prior knowledge and skill, and common interest. Large numbers of enrolling global students have led a high CAGR projection as shown in the table above.
MOOC education issues
Despite the robust enrolment rates of MOOC education, our research have shown that completion rates have been dismal. In general, only 15% of all enrolled students complete the full course of study.
A study conducted by Columbia university have shown that students enrolling for MOOCs tend to have a high level of intrinsic motivation when seeking new knowledge. However, these students have significant distractions. Opportunity costs could come in the form of leisure time, paid working hours, or some unprivileged individuals, hired help to offset life chores in favour for studying time are some of those. These resulted in stronger MOOC dropout rates which in our opinion can be prevented or at least reduce, through the adoption of blockchain technology.
Mentis will share our comprehensive solution gradually in our coming medium articles.
Join Metis today and together we can democratize the market for education and empower the masses through education!
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