Learning and Earning: What is the Knowledge Economy?

Better education, in the current scenario, has increasingly begun to correspond to more income. The higher the level of education, the higher the income earned by an individual, generally speaking. In addition to regulating your income, education also conditions your lifestyle. Reports suggest that a good level of education helps you lead a healthier life, committed to social and personal welfare.

When looking about the global economic setting, education plays an indispensable role. It is not only an important yardstick for the global competitiveness index, but also holds a crucial impact on the employment landscape across the globe. It is justified to say that the significance of education vis-à-vis the economy is on the rise.

What is the Knowledge Economy?

You can call a knowledge economy a system of production and consumption of intellectual resources. It involves the integration of knowledge and technology, transferring human intellect onto machines for others’ consumption. Treating education as a resource for production, the knowledge economy strives to shift society’s reliance from natural and physical products to education-oriented activities through the use of technology. It is the most recent stage in the global economic setup.

The role of media and internet is paramount in the development and growth of the knowledge economy. In the age of information, this economic framework endeavours to create intellectual capital. One of its prominent characteristics is the growth in knowledge-intensive services such as educational institutions, communication centres, and more. The emphasis on innovation and productivity is an important outcome.

one0x’s Contribution in Making a Knowledge Economy

one0x is a blockchain database that strives to create a knowledge economy driven by rewards incentivization. It publishes, verifies, and authenticates one’s knowledge in the form of learning activities. Empowering individuals to make greater use of their knowledge, one0x contributes to the creation of a knowledge economy wherein individuals with knowledge share it with others, serving the objective of reinforcing education for both the teacher and the learner.

The Impact of Fourth Industrial Revolution

The beginning of the Fourth Industrial Revolution is marked by an escalated use of technology in almost all spheres of life. Digitalization has already delivered a massive impact on the worldwide economic space in the recent decades. The proliferation of technology in every aspect of the economy has compelled the industries to build a workforce equipped with technical expertise and an innovative bent. Furthermore, the shifts and advancements in technology will call for constant upgrading of the workers’ skill sets.

The growth of the Fourth Industrial Revolution has resulted in the creation of the knowledge economy. As is suggestive, knowledge is a resource to not only produce and distribute more knowledge but also to enhance the quality of the existing goods and services in the market. This exchange of information multiplies both the recipient’s and the contributor’s knowledge base.

A prominent example is evident in The Blockchain University, an online portal that combines learning with blockchain to create a new framework for this new education industry we’re about to witness. It delivers online classes, meetups, workshops, hackathons, and experience sharing, among several other activities, in a way that is a clear indicator of things to come for the education sector. All of this is backed by one0x, a global standard for building dynamic reputation and performance trails for every learner, as he moves between various learning avenues.

Learning through Incentivization: one0x

Modern economies need to remodel the educational framework that befits today’s digital era. The need of the hour is to provide individuals with appropriate technological education to contribute to the making of the knowledge economy. A chief hurdle in the process is the lack of individual motivation, the onus for which falls on the faulty education system.

The present educational setup ignores a fundamental demand of the student psychology: creating a consciousness of “learning is earning”. As a result, there is an absence of personal motivation and education is imposed on the students.

The knowledge economy seeks to capitalize on incentives in order to encourage learning. One of its principal objectives is to fuse the two diverging concepts of ‘learning’ and ‘earning’ into one. one0x seeks to function as a catalyst to accomplish this objective. As an educational blockchain ledger, one0x will create an online ecosystem of teachers and learners from across the world to build a global knowledge economy.

A vital concept in one0x’s framework is that of ‘working learners’ — which will provide diverse education to students with different levels of potentials. Its central idea is to create a process of continuous learning with incentives to maintain individual motivation.

The Advantages of a Knowledge Economy

The formation and growth of the knowledge economy present several beneficial opportunities to the society. To begin with, knowledge is infinite. As a raw material, knowledge is a replenishable resource. It only grows with the increase in human population as each human being is born with the capacity to contribute to the society’s existing stock of knowledge.

1. In addition to its unlimited supply, knowledge is empowering. Education, as stated already, empowers individuals both financially and socially. Therefore, the product created from knowledge is freedom and strength that lasts for a lifetime.
2. A chief benefit of the knowledge economy is that you do not have to do anything more than share with others what you already know. By building a bridge between learning and earning, it helps you accomplish twofold purposes:

- Earn a livelihood for yourself

- Contribute to the society’s upliftment

Considering the rapid depletion and overexploitation of natural resources, the knowledge economy exhibits an ideal prospect to base future economic development on. There is a good deal of potential to be harvested from the combination of technological advancements and academic expertise.

In line with with these advantages, one0x operates through several blockchain ledgers that collectively monitor the learning activities taking place on the platform. These ledgers maintain a record for an entire lifetime, eliminating all limitations of learning within the four walls of a classroom. Furthermore, the platform enables students and teachers to communicate as co-learners wherein both the participants are both learning and teaching.

one0x holds the vision of creating a futuristic model of education that involves perpetual learning and exchange of ideas.