It’s a pretty safe bet that you’ve already heard of blockchain technology, cryptocurrency and the enigma that is Bitcoin – they’re arguably some of the biggest buzzwords to come out of the digital era. However, for something that’s got a lot of people talking – and the likes of Microsoft and JP Morgan Chase investing billions in establishing business-friendly versions of it – there is an overwhelming majority of people who still don’t have a clue about the cryptocurrency industry.
Vega (a brand of the Independent Institute of Education – The IIE) in partnership with CoinEd, an organisation focused on educating the public on cryptocurrency and blockchain technology, share some of the biggest reasons why you can’t afford to ignore this emerging technology.
Blockchain experts are in high demand
There is currently a huge demand for talent in this industry, with many companies on the hunt for people who not only understand the blockchain industry, but who can also do everything from mining Bitcoin to being able to consult on contentious issues like legality and taxation. However, the talent pool for this industry remains rather shallow, with a ratio of 14 job openings to a single blockchain developer, according to a recent TechCrunch article. Whether you’re looking to change your career or make yourself an indispensable asset at work, understanding the technology will open more doors for you in the professional world.
It’s going to be an industry-wide game change
Blockchain technology is expected to have a massive impact on several industries in the future, most notably the financial sector. For instance, blockchains make it possible to rule out third-party involvement in financial transactions, allowing for safe and secure digital cash transfers between two individuals. According to Kreaan Singh, CEO and co-founder of CoinEd, this is just one example of how blockchain technology is set to disrupt industries.
“At the moment, cryptocurrencies and blockchain technology is still in a phase of experimentation and development, but we are seeing incredible similarities to the growth of the internet in the 90’s and rapid adoption in the early 2000’s, he says. “When this happens in the blockchain industry, we’re going to see true value, and those who have taken the time to understand what the technology is about are the ones who stand to benefit the most.”
Get your privacy back
Looking back on 2017 alone, the sheer volume of isolated incidents of data breaches has placed the world on high alert, particularly when it comes to the security of people’s private and sensitive information. Online users are becoming increasingly sceptical about sharing their personal information over the internet, especially in light of the recent Facebook privacy scandal that saw millions of users information lifted and used without permission, but blockchain technology may be a solution to this problem in the future.
Instead of sharing everything from our identity numbers to our bank details with every individual platform we interact with online, blockchains allow us to store that information in a ‘decentralised’ ledger that we can easily and securely connect with third party platforms when the need arises. This means that you would no longer have to worry about ‘Big Brother’ watching your every move – and at the very least, it would mean having to remember fewer passwords.
We are still the early adopters
Technologically speaking, blockchain technology is where the internet was 20 years ago and, much like the early stages of the internet, blockchains will create opportunities that we have not even imagined yet.
“The cryptocurrency and blockchain community is relatively small in South Africa and even the world, and it needs buy-in from more people to reach its full potential,” says Singh. “This is why we’ve partnered with Vega to deliver a course that provides people with a better understanding of the technology, while encouraging wider adoption of the technology in South Africa.”