Why Education in the Blockchain Space is Essential
Cory Hymel
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February 28, 2023
That some people still believe that blockchain and cryptocurrency are synonymous indicates that a correct understanding of blockchain technology, which is still in its infancy, is essential. While statistics show that only about 2% of institutions of higher learning embrace blockchain learning, a recent survey showed some 64% of blockchain-informed parents want it taught in schools. Also, 67% of the college graduates that participated believed that cryptocurrencies should become a part of mandatory education.
Cory Hymel, Gigster’s VP of Product, recently spoke to Audrey Whitlock of ReTtrain Canada on the evolution of education regarding the technology underlying cryptocurrencies and various other industries. The following are some highlights of some insights as shared by Audrey.
ReTrain Canada is filling the existing blockchain knowledge gap by teaching people about blockchain, cryptocurrencies, cybersecurity, Web3, and other emerging technologies for the following reasons:
Blockchain is an emerging way for organizing and utilizing data online while giving users a sense of ownership, immutability, and ease of use. As a new innovation in computer science, the world is just beginning to recognize its applications beyond cryptocurrencies. Unfortunately, only a few institutions offer unbiased blockchain education.
Money is dynamic, and that’s why items like strips of leather, meteorites, cowrie shells, and fiat currencies have all served as forms of currency. The introduction of cryptocurrencies, the latest attempt to introduce new money in the form of bits of encrypted data, has remained complicated for most people who are used to coins, paper bills, and cards. ReTrain Canada sees a future where cryptocurrencies will have more significant potential in finance, especially in the developing world, as they become another alternative in the global financial systems.
The importance of unbiased blockchain education is informed by crises in the crypto sphere, such as the recent collapse of the once $32 billion crypto exchange FTX that could have shattered the confidence of existing and aspiring crypto investors. For the cautious optimist concerned that contagion from the FTX saga is already spreading, the correct position is that the FTX drama will reshape the currently unregulated crypto sphere entirely and force governments to introduce some form of regulation and investor protections similar to having funds in a bank.
The buzz about Web2 to Web3 migration that introduces the prospects of a higher bar for the control and benefits derived from one’s identity, information, and assets has taken the internet by storm. The introduction of Web3 wallets, decentralized finance (DeFi), and other Web3 apps are at the heart of the ongoing transition to the next iteration of the internet. Web3 wallets, NFTs, blockchain gaming, and DeFi are all part of a wide array of applications, including options in finance such as staking, token, exchange, and lending, further that the world is asking about.
After finding its way into the real world following the introduction of Bitcoin in 2009, blockchain has continued to penetrate various industries as entrepreneurs continue to explore its potential. Blockchain has found its way into areas like supply chain tracking, health records management, digital identity verification, etc. View our interview with Audrey Whitlock to learn more about the importance of continued proper blockchain education.