By Tapan Sangal
Blockchain, a term not commonly used a few years ago, is now the talk of the town due to its application in the financial ecosystem. However, its impact expands beyond the scope of the financial sector. Being decentralized and immutable, Blockchain can find applications in healthcare, defense, infrastructure, and education.
Blockchain education: The key to economic growth
Blockchain technology has been making waves as one of this era’s most disruptive and promising technologies. Most people have associated it with the dawn of the dot-com era, which revolutionized how businesses can run and created industries worth billions of dollars. This analogy directly invokes the need to accelerate the study of this innovative new technology in greater depth.
Blockchain education can be delivered in multiple ways. The education curriculum can accommodate subjects that teach students about Blockchain in schools and institutions of higher learning. The Central government could introduce blockchain education in the National Education Policy (NEP). Special courses can also be curated in colleges/institutions to teach people how to create and implement Blockchain.
Companies that develop blockchain technology and even those that adopt it can launch initiatives through which they can sensitize and educate the public about Blockchain, its uses and its potential. The government should also focus on creating legal provisions – cyber-crimes, smart contracts etc.
Why is blockchain education needed?
Blockchain education is critical to achieving financial freedom and personal wealth growth. To understand the importance of blockchain education, one must first understand the technology itself and its capabilities.
The most basic explanation of this modern technology is that it is a decentralized ledger that can store data progressively, but stored data cannot be altered or changed. The decentralized nature of Blockchain makes the ecosystem fraud-proof as well as transparent. Additionally, the blockchain network is supported by computers distributed worldwide rather than the traditional approach, where centralized servers support networks.
In today’s world, blockchain technology is revolutionizing every aspect of human life. With the advent of the Artificial Intelligence, Internet of Things (IoT), the availability of cheap computing and global internet services, innovations can be brought about into even the most minute processes and applications ranging from financial transactions and electoral voting to academic lessons and testimonials.
Why is Blockchain the future?
Blockchain education will result in more skilled blockchain experts, leading to secondary advantages of blockchain education, such as creating jobs. It provides a creative approach to storing information, executing transactions, conducting tasks, and building trust.
Also, Blockchain benefits education by increasing transparency, improving accountability through smart contracts and incentivising learning. For instance, Blockchain’s immutable ledger technology drafts a chronological list of events that have transpired in real-time. This inherent property could help track a student’s academic and career trajectory.
According to the International Data Corporation (IDC), worldwide spending on blockchain technology across all sectors is projected to grow by more than $14 billion by 2023. Moreover, cryptocurrencies are merely the first use case of blockchains.
The ‘National Strategy on Blockchain’, as brought out by the Ministry of Electronics and Information Technology (MeitY), is a move towards enabling trusted digital platforms to create a blockchain framework for developing applications based on this modern technology.
How can corporate organizations help?
Organizations can initiate and promote apprenticeship and internship programs to help propel the state of Blockchain education. We also feel that there is an urgent need to start legal blockchain education initiatives to remove the roadblocks in the space of distributed ledger technology. There is also a significant gap in the field of blockchain regulatory compliance. We feel that organizations should start giving importance to this ignored field which could exponentially improve the area of Blockchains.
The author is founder, chief, evangelist, P2E Pro. Views are personal.
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