Meten EdtechX Education Inc. (NASDAQ: METX) stock is surging high by 14.17% in the current-market on Friday 12 March after announcing that the company has devised its new strategy to make use of Blockchain technology in the education industry. As the leading ELT service provider in China, the company delivers training of the English language and future skills to Chinese students and professionals. Meten EdtechX Education provides its services under some industry-leading brands like Meten (adult and junior ELT services) and ABC(primarily junior ELT services) and has its learning centers all around the country.
What is happening?
Being a distributed ledger technology, Blockchain encourages consensus as it acts as a record-keeping platform. Blockchain works in a way that its participants can download and validate individual ledgers as well as it is permanent because those ledgers cannot be changed. Now, METX is planning to apply these characteristics in the field of education.
Through the use of Blockchain technology the company intends to facilitate students with transparent, credible and tamper-proof digital certificates in order to avoid academic dishonesty. It is a model for safe collection and sharing of data. Also this technology can be used to manage share and protect digital content, making it extremely useful for faculties to protect their intellectual property. Lastly the company is expecting that through this technology they can make and create a fraud free and trusted means for copyright and digital rights protection.
The company aims to accelerate technological innovation and facilitate digital transformation of the online education industry, and with the current pace of ongoing experimentation the company is expecting successful results of this initiative.
This is definitely a promising step by the company and it will gain them the interest of investors.