Role of Blockchain Education in Economic Growth

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Blockchain technology, despite being relatively new, has left its mark on the global financial markets. Many experts compare the rise of Blockchain with the dot com bubble, which changed how every business operates forever and allowed for multinational businesses to cross billions of dollars in value.

This descriptive technology is thought to be as effective as the introduction of the internet was. Keeping the importance of Blockchain technology in mind, relevant authorities throughout the globe should make efforts to include Blockchain technology in their school curriculums.

Importance of Blockchain Education

If you want to know why Blockchain technology is so beneficial and important, you must first understand how it works and what its real potential is. The simplest explanation of Blockchain is that it is a platform that can be used to store as much data as you want, but the stored data can’t be altered by any person. The technology uses millions of computers connected to it around the globe to distribute the store data evenly. This eliminates the need for servers and decentralizes the whole data storage system to ensure integrity.

The first ever project hosted on Blockchain technology was Bitcoin. The huge success of Bitcoin and its potential gave rise to the development of many other cryptocurrencies on the Blockchain. Today, we have over 1000 cryptocurrencies in circulation. Since cryptocurrencies are being pushed as an alternative to the fiat money system we have today, developing technology, which controls everything related to cryptocurrencies, is believed to become even more important in the future.

This technology can be used for many other projects and markets in addition to the financial market. For example, with the help of decentralized features of Blockchain technology, you can develop decentralized applications to run your business automatically. In fact, lots of businesses have already started thinking about developing their own Blockchain-based applications.

Smart contracts are the backbone of Blockchain applications since they execute certain tasks when a specified target is reached. This is only a tiny glimpse into the digital and fully automated future Blockchain technology promises.

How can Blockchain Revolutionize Education?

After the Internet revolution, people are focusing on Internet-related education and other technological diplomas. Due to the education system focused on Internet applications, we have been able to achieve the heights we are at today in the Internet world. However, since Blockchain is the next big technology after the Internet, we should start focusing on Blockchain technology today in order to capitalize on the benefits it provides in the upcoming years. We should create an educational system in which children are taught about Blockchain technology.

There are several different methods that can be applied to achieve a high level of Blockchain education around the globe. Starting from schools, they can start teaching their students about the basics of Blockchain technology. Moreover, developers and companies benefiting from Blockchain technology should also teach the general public about the true potential of this effective technology.

Small courses can be made by Blockchain professionals and provided to the people willing to learn more about this technology around the globe. Today, the Blockchain market has an acute shortage of Blockchain professionals as more companies have started their Blockchain projects than ever before.

Very few people actually know about Blockchain technology, and even fewer indulge in Blockchain educational courses as almost none are being provided by higher educational institutions. So, most of the high-earning experts in this field are still self-taught. These experts should start teaching more young developers to fulfill the shortage of experts in their domain and flood the market with revolutionary Blockchain ideas.

Keeping in view the importance of Blockchain technology, many higher education institutions have started their own courses on Blockchain. However, the number of Universities providing these courses is still very low, and this indicates a clear need for more such initiatives.

How are Educational Institutes and Companies Approaching Blockchain Education?

The corporate sector and educational institutes are already trying to educate people about the use of blockchain technology. This is meant to help people understand the technology better than ever before and help create more professionals for the industry as well. To fully understand the benefits of Blockchain technology, people can easily benefit from the certifications provided by corporates and relevant teaching centers.

Big universities like Princeton, John Hopkins, NYU, Cornell, and many others have accepted the importance of Blockchain technology and have implemented it into their computer science-related subjects. This way, they are helping the younger generation understand the benefits of Blockchain technology and learn to develop dApps that can work seamlessly with a decentralized ledger. Smart contract creation is also taught to help students with their new projects.

Stanford University has a different way of implementing Blockchain related education into the mainstream. The method uses a unique and inclusive approach to this type of education rather than adding whole new courses into the curriculum. This approach is more likely to be adopted by archer educational institutes. In fact, some technical training institutes related to IT are already updating their courses and adding Blockchain-related topics to it. Since Blockchain technology is a branch of computer technology, it should be added to every high-level computer course.

Impact of Blockchain Education

One of the best benefits of Blockchain education is that we will be able to see much more improvements in the field within a short period of time. This will be made possible by increasing the number of Blockchain experts in the market and flooding it with new ideas. Educated people with bright minds can make the existing Blockchain technology even better.

An increase in the number of Blockchain experts in the market will definitely make a huge difference. Since decentralized applications are in the early stages these days, new experts coming into the market can improve their functionality and effectiveness by a huge margin.

Moreover, people educated about Blockchain can also easily get jobs these days. So, the indirect benefit of more jobs is also there. As we already mentioned, the field related to cryptocurrency and Blockchain is suffering from a severe shortage of experts, and with the help of proper education, one can easily fill the gap and make a decent living.

With the help of proper experts in the field, the technological aspects of Blockchain technology can also be improved in the long run. One of the main benefits of Blockchain technology, known by the common man, is that it is immune to any hacking attempts. With the help of the latest security measures developed by experts, this technology can become even more secure in the future.

Crypto Adoption and Blockchain Education

Blockchain technology is the main supporting factor behind the cryptocurrency market. Bitcoin was the first ever cryptocurrency to have been developed more than a decade ago. With more people learning about how Blockchain works, the number of people investing in cryptocurrency has also surged significantly. This trend has increased the value of bitcoin and almost every other cryptocurrency significantly.

However, most of the investors in the cryptocurrency market are basically speculators. For example, they are only there to take advantage of the price fluctuations frequently happening in the market rather than investing by learning more about the functionality and potential of a cryptocurrency.

The main purpose behind the creation of cryptocurrency was to make digital payments easier than ever before and to replace the traditional fiat currency used by every country these days. However, despite all the efforts made by cryptocurrency creators, very few people have adopted cryptocurrency as a method of paying for their everyday needs. So, the true potential of cryptocurrency is not being explored yet.

There are various reasons why the cryptocurrency adoption rate is so low and slow. The main things to blame here are hacking attempts on crypto wallets, a lack of proper guidelines on how to use cryptocurrency, and a high level of volatility in the crypto market. Another big reason why the cryptocurrency is not being adopted so fast is that there is a lack of proper education about cryptocurrency and the Blockchain technology behind it.

So, any cryptocurrency struggling to increase its adoption rate should provide proper Blockchain education to its potential users. Education will demystify crypto technology for a layman, and people will start trusting cryptocurrency more than ever before. This is the best method through which the adoption of cryptocurrency and other decentralized applications made with Blockchain can be accelerated.

Why is Blockchain Technology Considered Disruptive?

Blockchain technology is one of the most innovative technologies of this era, and it has the potential to change how the financial industry and lots of other businesses work around the globe. This technology has specifically targeted the banking sector, where centralized applications are being adopted by banks to improve the efficiency and automated nature of their transactions. This can save the banking industry a lot of money as well due to the automation and trust it brings.

Whenever cryptocurrency is implemented for digital payments by banks, transactions are processed and executed way faster than their traditional alternative. More experts are coming into the market or focusing on the scaleability factor of Blockchain technology to make it a perfect solution for every business on the face of this planet.

Since the technology is being adopted by banks faster than ever before, more people should be educated about the trust ability, immutability, and transparency of Blockchain technology. Therefore, the concerned authorities in every country should make some type of system in which they should educate every person with a bank account about how the Blockchain system works. The list of banks who have already stepped in Blockchain technology or are making strong efforts to do so is getting longer by the day.

Data Integrity Provided By Blockchain

In Blockchain technology, every type of data is recorded in such a way that no one can manipulate it. That is because of the decentralized nature of Blockchains. This is why Blockchain technology is absolutely necessary for every system which can benefit from the transparency provided by this technology.

For example, if governments around the globe start using Blockchain technology to develop decentralized applications and cope with corruption, the process can be made a lot easier. The same goes for businesses that struggle to keep a record of their procurements and deliveries.

With the help of Blockchain, they can develop applications that track every product on the chain automatically and avoid intervention from any human. Many businesses can benefit directly or indirectly from the use of Blockchain in their system. However, this is not possible unless the business owners are provided with proper Blockchain education and how it can automate their business while making it transparent as well.

Smart Contracts

With the help of smart contracts, businesses and individuals can sign deals with each other in a decentralized manner without requiring any third party to intervene. In smart contracts, various protocols are added to the Blockchain, which is executed automatically upon completion of certain tasks by a specific entity. For example, escrow systems can be built with smart contracts which release payments automatically upon completion of specific milestones.

Another industry that can benefit hugely from smart contracts is the real estate market. In this business, smart contracts can replace traditional contracts and can require different parties involved in a transaction to fulfill their obligations automatically. This way, you can also penalize the party at fault without even going through a manual inspection of the whole process. The code used in a smart contract can automatically release property or any type of asset specified in the contract upon completion of a specified financial transaction by the buyer.

In a nutshell, the whole business industry around the globe can benefit hugely from smart contracts. However, one of the major factors which are preventing this from happening is the slow adoption rate. That is because most of the people concerned with the real estate business are unaware of the existence of technology like Blockchain, which can automate their market.

However, with the help of proper Blockchain education, we can easily benefit the real estate industry in a short period of time. For example, most of the investment gathered by bitcoin came after its real potential was realized by people around the globe. But by then, it was too late for many of them since the market was already saturated.

The acceptance of Blockchain technology in the banking sector in recent times is a perfect example of how Blockchain education can change anyone’s perspective about the technology. At the start of Blockchain technology, it was opposed by many banks and financial institutions around the globe because they thought it would disrupt the traditional market. They thought of Blockchain technology as their rival. However, after getting proper Blockchain education, they have now started embracing it and are even investing heavily in Blockchain-based applications to make a profit as soon as possible.

After the true potential of this technology was revealed to the world, the companies on Wall Street realized the mistake they had made and quickly started to embrace it. That is because they realized the amount of damage they will have to suffer from if they do not take advantage of Blockchain technology within time. This was only made possible because Blockchain proved its potential with successful projects like Ethereum.

The fear of missing out has led most of the large businesses around the globe to start developing decentralized applications with Blockchain technology. Only proper Blockchain education has led us to this stage, and we need even more educated businessmen around the globe to take Blockchain technology to new heights.

In addition to adopting it, Wall Street has even formed WSBA. It is a nonprofit alliance made to increase awareness about the benefits of Blockchain technology and why businesses all over the world should adopt this technology as soon as possible.

Takeaway

The key takeaway from this guide is that Blockchain technology is disrupting the traditional financial markets, and businesses, as well as financial institutions, need to implement this technology into their daily operations as soon as possible to stay relevant.

Instead of the high potential of Blockchain technology, the adoption rate is still very low. That is mostly because of the lack of proper Blockchain education amongst professionals.

Young developers who understand the potential of this technology have already started specializing in Blockchain technology, and many are making a decent living by working in this industry as well. Still, there is a huge gap and a need for more professionals in the Blockchain industry. Once this game is filled with more professionals with high knowledge of Blockchain, the technology can be improved further and can be made much more reliable for even a layman. Banks have already started to implement Blockchain technology in their applications, and more businesses are investing their money in decentralized applications than ever before. This creates a huge job market as well.


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