Pew Research Center defines “Millennials” as the generation born between 1981 and 1996. The generation after them, Generation Z, was born in 1997 or later, which means many of them are either in college or thinking about starting college. And much as Millennials changed their schools and workforces with new values regarding work-life balance and independence, Generation Z is going to cause their own radical changes in how our educational system works.
So how can educational institutions meet the new needs of Generation Z? Blockchain might provide the answers on several fronts. One company, SuccessLife, is demonstrating how blockchain-based education can serve Generation Z.
Many members of Generation Z were small children during the Great Recession of 2008. They witnessed the devastating financial impact of that event and its multi-year fallout at an impressionable age, when basic values and fears are being formed. As they’ve grown up, they’ve seen their older Millennial siblings struggle under mountains of student debt, high housing costs, and a difficult gig-based job market.
The result is one very thrifty generation. They’re oriented towards building savings and getting real utility for their money. Fast Company reports that most members of Generation Z are approaching college not as a place to “find themselves”, but to develop a successful career path, ideally in less than four years. Some Generation Z members are choosing to skip the traditional higher education path entirely, instead of pursuing entrepreneurship and highly tailored educational experiences that are devoted exclusively to helping them develop relevant skills.
Blockchain is an ideal platform for managing education in a utility-conscious generation. Its immutability and potential for automation through smart contracts mean that transactions and agreements processed through blockchain are completed far faster and with fewer errors. Educational institutions who handle blockchain thus experience lower administrative costs.
Furthermore, blockchain allows for tokenization of educational payments and units. Generation Z isn’t interested in an educational package where they overpay for classes and services that aren’t providing them with utility. Blockchain allows a smarter, more efficient system for tying specific payments to specific classes, built for Gen Z members who are more interested in paying only for the education they need rather than “subscribing” to a comprehensive education package.
The Millennial generation is tech-savvy, having come of age around the emergence of Web 2.0, social media, and smart mobile devices. But Generation Z is the world’s first truly digitally native generation. Their childhoods and adolescent years have been shaped by the ubiquitous presence of these technologies. They are not only comfortable with a wide variety of social media and digital platforms but see them as an essential and natural component of their day-to-day lives. As digital natives, they’re also more aware than generations before them of some of the pitfalls of online life. They fully understand, for example, that things on the internet can be stuck there forever, and subsequently are less forthcoming about what they share online.
Above all else, digitally native Generation Z members expect digital platforms to meet their needs efficiently and effectively. The generation that grew up with Amazon and Uber has little patience for clumsy or outdated technological platforms. Blockchain is the next logical step for educational services who know they need to be tech savvy in order to reach Generation Z members.
Many emerging companies are promising blockchain tools for bringing education to Generation Z. SuccessLife is unique because it’s backed by Success Resources, a successful group of companies with over 25 years of experience organizing and promoting seminars and workshops. Existing relationships between potential token holders and Success Resources mean that the SuccessLife platform is already launching with over six million potential customers.
SuccessLife is soon launching a public ICO to distribute SuccessLife Tokens. These tokens can be used to access SuccessResource’s vast online archives of educational workshops and seminars. The SuccessLife marketplace will also include digitally conducted masterclasses on skills development, as well as live personal coaching and training.
Token holders can participate in a dynamic and supportive online platform They can contribute their own content (and get token rewards), view other user-created content, and access tickets to live events. The immutability, speed, and rights management capabilities of blockchain tokens allow the entire system to be run securely and efficiently.
Other companies are exploring bringing blockchain to streaming video and other content – Tok.tv, for example, is developing a blockchain token for users to access sports–but the personal development and education market has been neglected. And this market space will be essential to Generation Z, whose entrepreneurial spirit will make them personal development seekers and leaders. SuccessLife lets those Generation Z entrepreneurs access personal coaching on starting a business, financial advice from Rich Dad, Poor Dad author Robert Kiyosaki, or motivational help from personal development superstar Tony Robbins. Blockchain ensures that these tokenized, high-utility educational resources will be made accessible with the seamless speed and security digital natives expect.