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22/05/2023by EOS Intelligence EOS Intelligence No Comments

Is ChatGPT Just Another Tech Innovation or A Game Changer?

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ChatGPT, a revolutionary AI-based conversational chatbot, has been making headlines around the world. The AI-based tool can answer user queries and generate new content in a human-like way. By automating tasks such as customer support and content creation, ChatGPT has the potential to revolutionize many industries, resulting in a more efficient digital landscape and an enhanced user experience. However, the technology is not without its risks and poses a number of issues, such as creating malicious content, copyright infringement, and other moral issues. Despite these challenges, the possibilities for ChatGPT are infinite, and with the advancement of technology, the opportunities it presents will only continue to expand.

ChatGPT is an AI-based question-and-answer chatbot that responds to user queries in a conversational way, just like how humans respond. OpenAI, a US-based research and development company, launched ChatGPT in November 2022. Since then, ChatGPT has garnered increased attention and popularity worldwide. The tool surpassed over 1 million users within five days and 100 million users within two months of launch.

ChatGPT has become popular due to its capability to answer queries in a simple and conversational manner. The tool can perform various functions, such as generating content for marketing campaigns, writing emails, blogs, and essays, debugging code, and even solving mathematics questions.

OpenAI’s ChatGPT works on the concept of generative AI and uses a language model called GPT3 – a third-generation Generative Pre-trained Transformer. The AI chatbot has been fed with about 45 terabytes of text data on a diverse range of topics from sources such as books, websites, and articles and has been trained on a set of algorithms to understand relationships between words and phrases and how it is used in context. This way, the model is able to develop an understanding of languages and generate answers. ChatGPT uses a dialog format, asks follow-up questions for clarification, admits mistakes, and is capable of dismissing inappropriate or dangerous requests.

ChatGPT also has a simple user interface, allowing communication through a plain textbox just like a messaging app, thus making it easy to use. Currently, ChatGPT is in beta testing, and users can use it for free to try and provide feedback. However, the free version is often inaccessible and out of capacity due to the increasing traffic.

In February 2023, OpenAI launched a pilot subscription plan named ChatGPT Plus, starting at US$20 per month, which is available to its customers in the USA. The subscription plan provides access to ChatGPT even during peak times and provides prior access to any new features. OpenAI is also testing ChatGPT to generate videos and pictures using its DALLE image-generating software, which is another AI tool developed by OpenAI to create art and images from text prompts. OpenAI also plans to launch a ChatGPT mobile app soon.

How could ChatGPT help businesses?

One of the most impactful areas where ChatGPT can make a difference is customer support. The AI tool can handle a large volume of consumer queries within a short time frame and give accurate responses, which can boost work efficiency and reduce employees’ workload.

In addition, the tool can also be employed to answer sales-related queries. By training ChatGPT to understand product information, pricing, and other details, businesses can provide a seamless sales experience for customers. ChatGPT can also analyze user data and behavior and can assist customers to find the products they are looking for, and give product recommendations leading to a more tailored and enjoyable shopping experience. ChatGPT can be incorporated into websites to engage visitors and help them find the information they need, which can help in lead generation.

Another potential benefit of ChatGPT is its ability to automate content generation. ChatGPT can generate unique and original content quickly, making it an effective tool for creating marketing materials such as email campaigns, blogs, newsletters, etc.

ChatGPT could be used in a number of industries, such as travel, education, real estate, healthcare, information technology, etc. For instance, in the tech industry, ChatGPT can write programs in specific programming languages such as JavaScript, Python, and React, and can be very helpful to developers in generating code snippets and for code debugging.

In healthcare, the tool can be used in scheduling appointments, summarizing patient’s health information based on previous history, assisting in diagnostics, and for telemedicine services.

In the education sector, ChatGPT can be used to prepare teaching materials and lessons and to provide personalized tutoring classes.

These are just a few applications of ChatGPT. As generative technology continues to evolve, there may be many other potential applications that can help businesses achieve their goals more efficiently and effectively.

Is ChatGPT Just Another Tech Innovation or A Game Changer by EOS Intelligence

ChatGPT’s output may not be always accurate

While ChatGPT offers several benefits and advantages, the tool is not without limitations. ChatGPT works on pre-trained data that cannot handle nuances or other ambiguities and thus may generate answers that are incorrect, biased, or inappropriate.

Moreover, ChatGPT is not connected to the internet and cannot refer to an external link to respond to queries that are not part of its training. It also does not cover the news and events after 2021 and cannot provide real-time information.

Another major limitation is that the tool is often out of capacity due to the high traffic, which makes it inaccessible. There are also other potential risks associated with these generative AI tools. Some of the threats include writing phishing emails, copyright infringement, generating abusive content or malicious software, plagiarism, and much more.

ChatGPT is not the first or only AI chatbot

While ChatGPT has garnered most of the attention in the last few months, it is neither the first nor the only AI-based chatbot in the market. There are many AI-based writers and AI chatbots in the market. These tools vary in their applications and have their own strengths and weaknesses.

For instance, ChatSonic, first released in 2020, is an AI writing assistant touted as the top ChatGPT alternative. This AI chatbot is supported by Google, has voice dictation capabilities, can generate up-to-date content, and can also generate images based on text prompts. However, ChatSonic has word limits in its free as well as paid versions, which makes it difficult for users who need to generate large pieces of text.

Similarly, Jasper is another AI tool launched in 2021, which works based on the language model (GPT-3) similar to ChatGPT. Jasper can write and generate content for blogs, videos, Twitter threads, etc., in over 50 language templates and can also check for grammar and plagiarism. Jasper AI is specifically built for dealing with business use cases and is also faster and more efficient and generates more accurate results than ChatGPT.

YouChat is another example, developed in 2022 by You.com, and running on OpenAI GPT-3. It performs similar functions as ChatGPT – responding to queries, solving math equations, coding, translating, and writing content. This chatbot cites source links of the information and acts more like an AI-powered search engine. However, YouChat lacks an aesthetic appeal and may generate results that are outdated at times.

ChatGPT-styled chatbots to power search engines

While a lot of buzz has been created about this technology, the impact of AI-based conversational chatbots is yet to be seen on a large scale. Many proclaim that tools such as ChatGPT will replace the traditional search method of using Google to obtain information.

However, experts argue that it is highly unlikely. While AI chatbots can mimic human-like conversation, they need to be trained on massive amounts of data to generate any kind of answers. These tools work on pre-trained models that were fed with large amounts of data sourced from books, articles, websites, and many more resources to generate content. Hence, real-time learning and answering would be cost-intensive in the long run.

Moreover, ChatGPT’s answers may not always be comprehensive or accurate, requiring human supervision. ChatGPT may also not be very good at solving logical questions. For instance, when asked to solve a simple problem – “RQP, ONM, _, IHG, FED, find the missing letters”, ChatGPT answered incorrectly as “LKI”. Similarly, when provided a text prompt, “The odd numbers in the group 17, 32, 3, 15, 82, 9, 1 add up to an even number”, the chatbot affirmed it, which is false. Moreover, the AI chatbot does not cover news after 2021, and when asked, “Who won the 2022 World Cup?” ChatGPT said the event has not taken place.

On the other hand, Google uses several algorithms to rank web pages and gives the most relevant web results and comprehensive information. Google has access to a much larger pool of data and the ability to analyze it in real time. Additionally, Google’s ranking algorithms have been developed over years of research and refinement, making them incredibly efficient and effective at delivering high-quality results. Therefore, while AI chatbots can be useful in certain contexts, they are unlikely to replace traditional search methods, such as Google.

However, leading search engines are looking to incorporate ChatGPT into their search tools. For instance, Microsoft is planning to incorporate ChatGPT 4, a faster version of the current ChatGPT version, into its Bing Search engine. Since 2019, the company has invested about US$13 billion in OpenAI, the parent company of ChatGPT.

In February 2023, Microsoft also incorporated ChatGPT into its popular office software Teams. With this, users with Teams premium accounts will able to generate meeting notes, access recommended tasks, and would be able to see personalized highlights of the meeting using ChatGPT. These add immense value to the user.

In February 2023, China-based e-commerce company Alibaba also announced its plan to launch its own AI chatbot similar to ChatGPT. Similarly, Baidu, a China-based internet service provider, launched a chatbot named “Ernie” in its search engine in March 2023.

Amidst the increasing popularity of ChatGPT, Google has also started working on a chatbot named “Bard” based on its own language model, Lambda. The company is planning to launch more than 20 new AI-based products in 2023. In February 2023, Google invested about US$400 million in Anthropic AI, a US-based artificial intelligence startup, which is testing a new chatbot named Claude. Thus, the race to build an effective AI-enabled search engine has just begun, and things have to unfold a bit to learn more about how chatbots can modify web searches.

On the other hand, AI technologies such as ChatGPT are sure to leave an impact on how businesses operate. With the global economy slowing down, resulting in low business margins, many businesses are looking to cut down costs to increase profitability.

ChatGPT could be extremely beneficial to companies looking to automate various business tasks, such as customer support and content generation. The tool can be integrated into channels, including websites and voice assistants. While this sounds beneficial, there is also a likelihood of the technology displacing some jobs such as customer service representatives, copywriters, research analysts, etc.

However, ChatGPT will not be replacing the human workforce completely since many business tasks require creative and critical thinking skills and other traits such as empathy and emotional intelligence that only humans have. This technology is expected to pave the way for new opportunities in various fields, such as software engineering and data analysis, and allow employees to focus on more value-added tasks instead of routine, mundane tasks, ultimately boosting productivity.

EOS Perspective

With their remarkable ability to generate human-like conversations and high-quality content, generative AI tools, such as ChatGPT, are sure to be touted as a game-changer for many businesses. The advancements in generative AI are expected to have a significant impact on various business tasks such as customer support, content creation, data analysis, marketing and sales, and even decision-making.

Investors are slowly taking note of the immense potential the technology holds. It is estimated that generative AI start-ups received equity funding totaling about US$2.6 billion across 110 deals in 2022, which echoes an increasing interest in the technology.

The adoption of generative AI technologies is poised to increase, especially in business processes where a human-like conversation is desirable. Industries such as e-commerce, retail, and travel are likely to embrace this technology to automate customer service tasks, reduce costs, and increase efficiency. In addition, generative AI is likely to become an indispensable part of industries such as finance and logistics, where high levels of accuracy and precision are required. Media and entertainment companies can also benefit from this technology to quickly generate content such as articles, videos, and audio.

That being said, generative AI is not without its risks, and the technology could be used to create fake and other discriminatory information. Hence, there is an inevitable need to ensure that generative AI models are trained and deployed in an ethical and responsible manner. Despite these challenges, there is increased research and significant activity going on in the field of generative AI, especially with regard to combining the capabilities of chatbots and traditional search engines.

The current chatbots will continue to evolve and will lead to the creation of even more advanced and sophisticated models. The popularity of generative AI tools such as ChatGPT is unlikely to wane, and the technology is here to stay, with the potential to create better prospects for business and a brighter future for society.

12/11/2020by EOS Intelligence EOS Intelligence No Comments

EdTech’s Growth Fueled by Coronavirus

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For years, tech adoption has been relatively slower in the education sector than in many other sectors. This considerably changed when COVID-19 hit in early 2020 and triggered the closure of educational institutions all over the world. With classroom doors closed and conventional methods of education taking a setback, e-learning gained momentum like never before. From virtual classes to tutoring and conducting meetings online to learning new skills, the pandemic propelled EdTech into the spotlight, putting it on a growth trajectory.

Changing face of the EdTech market

To control the spread of coronavirus, nearly 190 countries had implemented temporary school closures by the end of March 2020, disrupting education of more than 1.5 billion students. Over the coming days, as the count of people affected by the virus multiplied hourly, all educational institutions (including schools, colleges, universities, vocational training centers, and skill development institutions) were directed to remain shut until the situation improved, driving students to shift to online learning. This sudden change away from classroom learning has led to the adoption of online learning on a large scale.

Before the coronavirus pandemic, the EdTech sector was estimated to reach a value of US$ 342 billion, growing at a CAGR of 13.1% between 2019 and 2025. The forecast revisions accounting for the impact of the COVID-19 pandemic predict the global EdTech market to reach US$ 404 billion, with a CAGR of 16.3% by 2025. The sudden adoption of e-learning across educational institutions, as well as an increasing need for upskilling courses by working-class individuals, are driving the tech embracement in the COVID-19 pandemic scenario.

Moreover, with uncertainty still looming on the reopening of educational establishments, technology will need to play a critical role across all aspects of education – content generation, knowledge consumption, and assessments. This is expected to intensify the pace at which digitization happens in the education sector.

Investment at an all-time high

Over the last decade (from 2010 to mid-2020), global EdTech venture capital funding stood at US$ 36.8 billion, of which more than 50% occurred since 2018. Investment in EdTech has sky-rocketed over the last few years – the sector witnessed investment of merely US$ 0.5 billion in 2010 but reached a striking figure of US$ 7 billion in 2019, 14 times more in a span of nine years. Even during the COVID-19 pandemic, companies globally attracted US$ 4.5 billion in funding between January and July 2020, which is the highest ever funding raised during a comparable period in the last decade. It is expected that the trend will follow, and the investments will grow further, anticipated at US$ 87 billion over the next decade.

During the coronavirus outbreak, the demand for e-learning increased manifold, accelerating the investment spree in EdTech. While the USA is home to nearly 43% of the world’s EdTech companies (followed by India – 10%, Brazil – 9%, the UK – 8%, and China – 3%), as of 2020, the companies that received the high-value funding deals during COVID-19 period were situated elsewhere.

India-based online tutoring firm Byju’s raised more than US$ 1 billion from January through September 2020 (US$ 200 million in January from Tiger Global Management, USA-based investment firm; US$ 200 million in February from General Atlantic, USA-based equity firm; US$ 23 million in June from Bond Capital, USA-based investment firm; US$ 122 million in August from DST Global, Hong Kong-based investment firm; US$ 500 million in September from Silver Lake, USA-based equity firm) to become the first company in the EdTech domain to reach a valuation of US$ 10.8 billion.

The second company was China-based Yuanfudao, an online live course platform, which raised US$ 1 billion in March 2020 from Hillhouse Capital (a China-based private equity firm) and Tencent Holdings (a China-based technology conglomerate).

Another noteworthy deal was also scored by China-based Zuoyebang, an online education tutoring provider, which received US$ 750 million in funding from FountainVest Partners (a private equity firm based in Hong Kong) and Tiger Global Management.

Moreover, mergers and acquisitions are also likely to grow in the near future, considering many small players will not have the necessary finances and expertise to revamp their business model to the changing market needs and are likely to merge with or acquired by larger players.

Increased adoption of advanced technology

The short-term rush in additional demand for EdTech solutions brought by COVID-19 is also expected to give headway to increased adoption of advanced digital technologies in the future. Solutions based on technologies such as artificial intelligence (AI), augmented and virtual reality (AR/VR), and blockchain (we wrote about the role of blockchain in virtual education in our article Blockchain Scores Well in the Education Sector) are likely to gain more momentum and be integrated into core education delivery.

It is expected that by 2025 AR/VR market in EdTech will reach US$ 12.6 billion from US$ 1.8 billion in 2019, growing at a CAGR of 38.3%. AI is expected to observe a CAGR of 40.29% between 2019 (from US$ 0.8 billion) and 2025 (to US$ 6.1 billion). Other technologies that will see a spike include robotics (expected to grow from US$ 1.3 billion to US$ 3.1 billion during the six-year period) and blockchain being increasingly incorporated into learning processes (expected to grow at a CAGR of 34.8% from US$ 0.1 billion to US$ 0.6 billion).

EOS Perspective

COVID-19 has proved to be a turning point for the EdTech industry and acted as a push for change that was already underway in the education sector. The pandemic downrightly disrupted the education system, making online learning an essential part of the way we learn; however, it is unlikely that digital learning will become the new norm. Now, whether e-learning becomes the sole mode of education or blends with physical classes, the EdTech market has growth potential, and the investment angle also looks bright.

Whilst a large number of players in the EdTech sector were able to capitalize on the need for education during the pandemic, not all digital learning platform providers will stick around. In the long term, players with a clear-product concept and a well-defined monetization policy will emerge winners. They must also be thoughtful of the fact that the unforeseen growth the sector witnessed during the pandemic is only transient and once educational institutes reopen, the demand for online learning is likely to shrink (even if by a small percentage).

In terms of user adoption, EdTech companies saw significant growth by offering free access to their platforms. However, this is not a sustainable strategy that firms can adopt in the long run. Once things get back to normal and the free trials end, companies will need to attune their product pricing and come up with more affordable plans. Nevertheless, emerging on the winning side of the pandemic will not be easy for the players as they walk a very thin line between offering innovative learning models and meeting market demands while still being able to generate revenue and remain profitable.

Moreover, while the new users multiplied quickly, retaining them is easier said than done. Emphasis on service quality and overall delivery experience would be crucial to convert current free subscribers into paying customers.

Bearing in mind that the current momentary spike in demand for online tools is not directly proportional to increased business, EdTech companies need to revisit their business strategies to achieve long-term growth. As the competition increases, companies must tweak their commercial business model to adapt to changing customer requirements and fulfill the need for on-demand educational lessons.

Additionally, the importance of collaborative partnerships with educational institutions (for their need for customized curricula, creating teaching modules and courses to train teachers) and corporations (the need for upskilling employees on technical competencies) cannot be underestimated. Business models based on such partnerships are likely to open new avenues of revenue generation. This will also negate the per-student acquisition cost for EdTech players.

Nevertheless, though the growth path for the EdTech sector may have a few roadblocks, in hindsight, the overall outlook towards the sector’s growth in the near future appears to be optimistic.

Read our other Perspectives on coronavirus here

Blockchain a Frontline Warrior in Battling Coronavirus Pandemic by EOS Intelligence

09/07/2020by EOS Intelligence EOS Intelligence No Comments

Blockchain: a Frontline Warrior in Battling COVID-19 Pandemic

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SARS-COV-2 has brought the world to a standstill. Technology and its creative uses have been playing a pivotal role in sustaining lives during the pandemic as well as combating the crisis. One such technology that has been at the forefront of the pandemic is blockchain. From mitigating supply chain issues with medicines and protection gear to facilitating transparency in donations to effectively tracking the spread of the virus and protecting patient privacy, blockchain technology is being applied across the spectrum to contain and manage the outbreak.

The current pandemic has brought to light many inefficiencies and limitations of the existing global healthcare systems, wherein governments across the globe are grappling to control the outbreak, challenged by the lack of a unified, interconnected, and trusted network to share data and track cases. Blockchain has several inherent properties, such as decentralized ledger, transparency, and immutability, that make it suitable for handling and managing various aspects of containing the pandemic.

Outbreak tracking

Global health authorities and governments across the globe are having a hard time gathering authentic data regarding tests and patient numbers, hospital beds, recoveries, etc. Currently, most of the data circulating is disparate and comes from multiple sources, such as hospitals, labs, the public, and media, instead of one authorized source. This is extremely damaging since it results in the creation of a great amount of inaccurate and duplicate data, which, if trusted, makes the process of tracking and containment both time-consuming and ineffective. This is counter-productive to the management of a disease that is as fast-spreading as COVID-19.

Blockchain technology can come into play in effectively tackling this issue. Owing to its distributed and immutable nature, blockchain can provide a feasible solution for tracking the outbreak. Blockchain-based apps facilitate organizations across the globe to form a single connected network where data can be shared in real time and securely. Moreover, since data stored in the blockchain is immutable, it is protected against unauthorized changes, and its distributed nature ensures protection against fraudulent data (since each entry requires consensus algorithms and smart contracts). Lastly, blockchain efficiently manages high volumes of data (as in the cases of the COVID-19 pandemic) on a real-time basis, which cannot be managed using human resources.

However, in addition to these factors, the aspect that stands out the most and makes the blockchain technology ideal for monitoring and managing outbreak-related information is the level of privacy it offers. People do not wish for their information to be shared publicly or be used for other purposes. Thus, it is a challenge to get patients to collaborate with governments and healthcare institutions to share information regarding their condition and wellness. For instance, the Israeli government recently permitted healthcare institutions to track citizens’ mobile phones to control the spread of coronavirus. This has raised concerns from human rights organizations as citizens are not comfortable with sharing their personal information.

Since blockchain uses a distributed ledger, which ensures accountability and transparency with regard to access to its stored data, the information shared through blockchain cannot be extracted or misused. Moreover, information stored in a blockchain cannot be hacked. This encourages patients to share information regarding their condition, symptoms, location, and underlying health conditions without fear of the information being misused or shared with any third party.

Furthermore, information shared by patients in a blockchain network may not only be used for tracking the outbreak but also facilitate health centers’ study of the disease characteristics and patterns to develop treatment and solutions.

For instance, WHO has been using a blockchain-based data streaming platform, called MiPasa, which facilitates the sharing of information amongst need-to-know organizations such as state authorities and health officials. The platform is built on top of Hyperledger Fabric and partners with IBM for blockchain and cloud platforms. The application cross-references siloed location data with health information to track and prevent the spread of the outbreak, all while protecting patient privacy.

In another example, an Atlanta-based developer of blockchain-enabled healthcare applications, Acoer, developed an application called HashLog, which allows real-time logging and data visualization of the spread of the infection. HashLog provides real-time updates on the spread of the disease by tracking the movement of infected people to identify potential outbreaks and prevent further spread. The application uses the Hedera Hashgraph distributed ledger technology, and each entry is recorded through a verified hash reference on the ledger, ensuring that the data is correct.

Donations

In addition to tracking and preventing outbreaks, blockchain also plays an important role in securing donations. From hospitals and state authorities with insufficient funds for medical supplies to economically weaker sections of the population losing sources of income due to lockdown, the current pandemic has displaced a huge number of people across the globe. Thus, in such times, donations play a critical role in sustaining livelihoods and providing healthcare supplies to the affected people. However, given the fraud associated with donations in recent times, lack of trust is a common factor affecting the success of donations. Several individuals want to help and donate, however, are discouraged due to fear of their money being misused.

For instance in India, the government and police warned citizens against several fake relief schemes that have been floating in the name of COVID-19 relief, some even mirroring the Prime Ministers Relief Fund. These kinds of activities deter willing people from donating.

Blockchain technology can be used to effectively combat this issue. Since all transactions in the blockchain are secure, transparent, and traceable, donors can track their funds and see where they are utilized. This gives confidence to donors that their funds are being used for the exact purpose that they intended.

One such example is Hangzhou-based blockchain startup Hyperchain, which built a blockchain-based donation tracking platform for supporting government and hospitals (such as Tangshan People’s Hospital, Jiayu People’s Hospital, and Xiantao No. 1 People’s Hospital) in the donation process. The platform has attracted more than US$2 million in donations.

Supply chain tracking

Blockchain technology has been deemed extremely useful in managing and tracing the supply chain in several sectors as retail (for more insights on this, read our article Blockchain Paving Its Way into Retail Industry). However, given the current pandemic, the technology can also utilize similar functionalities and play a significant role in tracking of medical supplies.

Given the pace of the spread of COVID-19, authorities and healthcare organizations across the globe have faced a shortage of medical supplies, such as masks, sanitizers, PPE kits, ventilators, testing equipment, as well as some medicines. This drastic increase in demand has resulted in the distribution of a large number of counterfeit and faulty products. Blockchain technology can play a significant role to combat this. Given the data provenance in blockchain and its immutable nature, it is possible to identify and trace back every touchpoint of the medical supplies to ensure its authenticity.

In addition to filtering counterfeit products, blockchain also helps streamline the supply chain process to ensure hospitals and doctors secure timely supplies to treat patients. Blockchain can provide real-time updates regarding demand so that medical manufacturers can adjust production levels accordingly. In addition, it can help fast-track supply chain contracts through the use of smart contracts and facilitate faster payments, thereby improving overall efficiency.

In February 2020, China-based AliPay, along with the Zhejiang Provincial Health Commission and the Economy and Information Technology Department, launched a blockchain-based platform to facilitate the tracking of medical supplies required for fighting SARS-COV-2. The platform has improved trust within the medical supply chain since it records and tracks the entire provenance of preventive supplies, including masks, gloves, and PPE kits.

Apart from the medical supply chain, blockchain can also help limit supply chain disruptions faced by several other industries due to lockdowns in several parts of the world. However, companies that are using blockchain for managing their supply chain have an advantage as they have better visibility into their complete supply chain and thereby can identify points of disruption in a timely manner.

Avoiding future pandemics

Blockchain is on the front line for fighting the current pandemic, but it also has the potential to prevent future disease outbreaks. Most of the current healthcare surveillance systems across the globe are outdated and lack the required timeliness and efficiency in sharing information with local as well as international health enforcement organizations. Moreover, sometimes there is a question of deliberate delay in the sharing of critical information.

To this effect, blockchain-based health surveillance systems can help mitigate future outbreaks. Since they operate on a decentralized ledger, the surveillance data is transparently available to health organizations across the globe in a real-time manner, without the fear of any political disruptions. Timely knowledge of a potential outbreak is the first and most critical step in preventing a similar situation in the future.

In addition to the above-mentioned applications, blockchain companies, along with institutions, are developing creative solutions that help reduce challenges faced by people due to COVID-19 in their day-to-day lives. For instance, Toronto-based blockchain company Emerge launched a public safety app called Civitas, which assists citizens and local authorities across Latin America. This app matches one’s official ID to confidential medical records stored in the blockchain to identify whether the person is allowed to leave the house or not. Thus, the app allows police to verify if the person has travel permission just on the basis of their government ID and without gaining access to the person’s medical records. The app also determines the safest time and day for going out for essentials for people who are experiencing COVID-like symptoms.

Moreover, as discussed in our previous article (Blockchain Scores Well in the Education Sector), blockchain is also extremely useful in the virtual education scenario, which is now the new way of schooling for a large part of students across the globe.

EOS Perspective

Blockchain technology has several inherent properties that make it ideal for helping to manage and combat the current pandemic. Its decentralized, traceable, and immutable properties make it especially desirable for managing contact tracing and outbreak tracking, which are critical in handling a pandemic efficiently. Moreover, the benefits of blockchain are further amplified when used alongside other technologies, such as artificial intelligence, cloud computing, and big data.

However, despite its several uses, the issue of scalability plagues blockchain adaption at a larger scale. Blockchain is still a nascent technology and lacks high-level scalability. With COVID-19 affecting most of the world, the current blockchain companies do not have the level of scalability to provide all-encompassing global-level solutions.

Furthermore, blockchain technology does not operate alone, and it needs to be configured with the operating legacy system of companies and other stakeholders. However, most legacy systems are relatively old and, therefore, do not support blockchain technology. Updating or reconfiguring a legacy system is a tedious process (both in terms of time and money), and companies may not want to tie up resources for that at the current time.

Given these drawbacks, blockchain may not be deployed at a global-scale level during this pandemic, however, its inherent benefits have made companies, authorities, and global health organizations ponder, explore, and evaluate its potential in managing such situations in the future. While the COVID-19 pandemic has caught the world largely unprepared, organizations and companies across the globe are gearing up to ensure this history is not repeated, and blockchain technology has emerged as a critical part of the solution.

18/05/2020by EOS Intelligence EOS Intelligence No Comments

Blockchain Scores Well in the Education Sector

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Blockchain has now been widely accepted as a technology offering superior capabilities when it comes to data security, transparency, and immutability. This has made it extremely relevant in industries, such as finance and healthcare, where security is critical. However, after getting a foothold in such industries, the technology is extending its reach beyond current uses into other sectors. One such industry is education, where blockchain can facilitate a safe, secure, and auditable ledger covering all education-based data and transactions. However, since blockchain is still new and relatively unexplored in this space, its wide applicability and commercial acceptability is yet to be proven.

Blockchain is fast finding its ground across several industries and education industry seems to be no exception. While still behind in terms of implementation, especially when compared with other sectors such as finance and healthcare, education sector is exploring various blockchain-based applications that can improve data security, facilitate degree verification, and prevent plagiarism, among other things.

Read our other articles on blockchain where we talk about the technology gaining prominence in several industries, including healthcare, retail, banking, car rental, and aviation.

Data breach/security

Industries such as finance and health have been using blockchain to protect their customers’ data. Blockchain can find similar application in the education sector, which is also highly susceptible to data breaches. As per Gamalto, a Netherlands-based international digital security firm, in 2017, the education sector was third (after finance and healthcare industry) with regards to the highest number of experienced data breaches, accounting for 13% of all data breaches across industries.

The use of blockchain to protect student information and records can help mitigate the issue of data breaches. With schools and universities storing data digitally on blockchain, they would be able to store and share student data without making it accessible to hackers. Moreover, data stored on blockchain would help improve transparency and accuracy, reduce human errors and paper-based processes, and eliminate fraudulence.

With schools and universities storing data digitally on blockchain, they would be able to store and share student data without making it accessible to hackers.

Data being stored on blockchain also helps employers be assured that the candidate or student seeking employment has authentic degrees and qualifications.

In February 2019, the Maltese government signed a contract with blockchain startup, Learning Machine, to store all educational records and certificates in the country on a blockchain. The project is a two-year pilot project and aims at ensuring that all educational certificates, including university and secondary school certificates (encompassing state, church, and independent schools), are issued and stored on blockchain. The project is expected to minimize bureaucracy and provide greater security for students’ private data.

Data access and verification

Currently, most institutions store student data within their own systems and the student needs to approach the university to obtain the certification. Alternatively, prospective employers need to verify the authenticity of a candidate’s certificates from the respective university/institution. In cases where a student has multiple degrees and certification, this process becomes cumbersome and susceptible to errors.

Blockchain-based diplomas can offer an easy solution to this issue. With certifications being stored on a blockchain, students can obtain fast and easy access to their records and can share them with potential employers without the latter being concerned about their authenticity.

With certifications being stored on a blockchain, students can obtain fast and easy access to their records and can share them with potential employers without the latter being concerned about their authenticity.

Moreover, in case a university closes down or the credential records are destroyed due to extraordinary circumstances (fire, earthquake, war, etc.), student’s certifications still hold merit and would be verifiable based on blockchain records.

In 2017, MIT introduced a pilot program under which it offered digital diplomas to 111 graduates in addition to the traditional diplomas. These graduates were given an option to receive their diplomas on their smartphones via an app, called the Blockcerts Wallets. The pilot project, which was a partnership between MIT and Massachusetts-based software firm, Learning Machine, enabled students to quickly and easily share a verifiable and tamper-proof version of their diploma with prospective employers, other schools, as well as friends and family.

Apart from MIT, several other institutions offer digital credentials through blockchain. For instance, Open University’s Knowledge Media Institute (KMI) was awarded about US$550,000 (GBP 450,000) in 2018, to develop and employ blockchain technology to allow learners to manage and verify their educational and employment records.

Copyright and plagiarism

Plagiarism is a big issue in the academic world, with people having easy access to other people’s research or educational resources for free over the Internet. However, the use of blockchain can effectively address this problem. One of blockchain’s key characteristic is that information can be securely stored without being tampered with. Thus, academic materials stored in a blockchain-based platform can be accessed by public but cannot be altered or plagiarized. Moreover, any contention regarding originality of information can be tracked and protected with a time stamp.

One of blockchain’s key characteristic is that information can be securely stored without being tampered with. Thus, academic materials stored in a blockchain-based platform can be accessed by public but cannot be altered or plagiarized. Moreover, any contention regarding originality of information can be tracked and protected with a time stamp.

This also helps publishers keep track of reuse of their material and be rewarded based on actual use and reuse of their papers (similar to how they are rewarded for citations of their research material), thereby eliminating any free-use of their materials on the Internet.

Taking things a step further, teachers or publishers could be awarded crypto-coins for the reuse of their material through smart contracts. This way publishers would not have to use intermediaries such as research journals, which charge high fees and thereby limit access to the material.

Creation of decentralized education marketplaces

Education industry still operates in a closed and centralized way with universities and education providers giving credentials for courses through their own diplomas and degrees. Even in case of digital education solutions, there is always a body providing credentials for the course undertaken. Due to this, education remains relatively expensive and not approachable by all.

However, blockchain-based platforms can help solve this problem by creating decentralized education marketplaces, where the quality of education provided is validated by students and educators participating in the course. Using blockchain, these marketplaces connect students and professors who in turn use smart contacts to undertake the course they are interested in. At the end of the course the student receives an immutable certificate of completion and the ledger records the professor who taught the course.

An example of such a company is Switzerland-based ODEM, which was founded in 2017. ODEM is a blockchain-based decentralized marketplace for educational products and services, wherein professors and students come together to teach and learn various courses. The two parties engage through smart contracts and the ODEM ledger recognizes the courses a student has taken or a professor has taught, which boosts their reputation on the ODEM platform. Moreover, ODEM creates ‘skill badges’ for professors and students who complete courses in their network. This helps the decentralized platform as more students wish to undertake courses with professors who have multiple skill badges (thereby higher proficiency in the subject), while professors are also more interested to work with students with multiple badges (i.e. have displayed interest to learn and expand their skill set in the subject).

Several other blockchain-based education marketplaces have emerged. In February 2018, a blockchain-based university, called Woolf University was founded, which allowed any accredited educator to launch and teach courses that would advance users toward a degree.

EOS Perspective

Blockchain-based applications are gaining momentum across industries and the education sector is no exception. As in many other sectors, blockchain has the potential to revolutionize the industry, especially with regards to storing data and sharing credentials. Several start-ups have entered this space and are already challenging industry norms.

More so, blockchain-based start-ups in the education sector are becoming even more relevant as the world struggles with calamities such as bush fires or the coronavirus pandemic. As schools and universities shut down due to the ongoing pandemic, blockchain-based platforms play an important role in ensuring that education is not disrupted. Recently, blockchain-based educational platform, Odem, has offered its online integrated learning platform and certification management system free of charge to schools and educators that have shut down due to the virus scare. In the midst of the pandemic, the platform has received interest from Italy, Ireland, Germany, Cairo, and the USA, with a US-based University discussing uploading about 500 courses onto the Odem blockchain to combat class time lost due to the outbreak.

While blockchain appears to be in a strong position to reinvent the education sector, it is easier said than done. Blockchain requires alterations in industry-wide business processes, which not only require significant amount of investments but also involvement of government bodies to develop blockchain regulations as well as build the requisite infrastructure for the technology. Currently the cost of processing and storing data through blockchain is high and scalability remains an issue.

Moreover, currently most schools across the globe have their own systems to store and manage student’s information, progress, and certifications. These would require to be standardized if the use of blockchain grows and new standards would need to be developed. This is an extremely tedious and time consuming procedure and several schools may not be interested in sharing information with third parties.

That being said, blockchain is expected to penetrate the education sector in the years to come and many institutions have already started toying with the technology and its applications. However, just like in case of some other industries, it is yet to be seen if blockchain manages to revolutionize the entire industry or offer few niche applications in some areas and limited geographic scope. It will have a lot to do with the cost and ease of adaptation of the technology in already exiting school systems.

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Read our other articles on blockchain where we talk about the technology gaining prominence in several industries, including healthcare, retail, banking, car rental, and aviation.

Data breach/security

With schools and universities storing data digitally on blockchain, they would be able to store and share student data without making it accessible to hackers.

Data access and verification

With certifications being stored on a blockchain, students can obtain fast and easy access to their records and can share them with potential employers without the latter being concerned about their authenticity.

Copyright and plagiarism

Creation of decentralized education marketplaces

Other solutions

EOS Perspective