Bridging the Blockchain Knowledge Gap: A Q&A Guide for B2B Consulting and Development Firms and Elsewhere
The blockchain world is again booming, but there’s a glaring issue: not enough people really understand it. For many years, blockchain technology has been primarily associated with cryptocurrencies, overshadowing its vast potential in other use cases. This narrow focus affects how businesses, developers, IT architects, journalists, and even government officials perceive and leverage blockchain. To make matters worse, the ISO/TC 307 standard on Blockchain and DLT (distributed ledger technology), crucial for blockchain standardisation, is often overlooked. I drafted some of the challenges and solutions in what I think, a friendly Q&A format.
Why is Blockchain Education Important for Businesses and Governments?
Q: Why should businesses and governments care about blockchain?
A: Blockchain can (yes they can) revolutionize how businesses and governments operate by providing secure, transparent, and efficient ways to manage data and transactions. For example, in supply chain management, blockchain ensures transparency from production to delivery, reducing fraud and errors. Governments can use blockchain for secure voting systems, reducing the risk of tampering and increasing trust in the electoral process. Additionally, blockchain can enhance public record management, ensuring data integrity and reducing administrative costs. At this point of time (end of July 2024) the technology is still a bit expensive and complex to run, but it is here to stay.
What Are the Main Challenges of Insufficient Blockchain Education?
Q: What problems arise when customers don’t understand blockchain?
A: Customers might have unrealistic expectations or be overly sceptical. For instance, a company might expect blockchain to solve all its problems without understanding its limitations, leading to disappointment. Conversely, they might miss out on valuable opportunities due to scepticism.
Q: How does a lack of blockchain knowledge affect IT architects and developers?
A: IT architects and developers still struggle to design and implement blockchain solutions effectively. Without proper education, they could create insecure systems or fail to integrate blockchain properly. This leads to higher costs and potential security risks. Blockchain is and is not ‘yet another technology’ from the belt. Arcitects and developers need to start thinking differently if they want to use it properly.
Q: Why is it important for journalists to understand blockchain?
A: Journalists shape public perception. If they don’t understand blockchain, they might spread misinformation. For example, overhyping blockchain as a cure-all or, conversely, portraying it as overly complex and useless, can mislead the public and businesses. There is a big risk of overhyping the technology again with the November 2024 US President elections and Trump wanting America to lead the way with bitcoin and Kamala Harris campaign seeks ‘reset’ with crypto companies.
Q: How does blockchain education impact government officials?
A: Government officials must understand blockchain to create effective regulations and policies. Without proper education, they might craft laws that stifle innovation or fail to protect public interests. Educated officials can foster an environment that balances innovation with security and compliance.
How Can We Improve Blockchain Education?
Q: What’s the role of universities in blockchain education?
A: Universities should offer comprehensive blockchain programs. For example, technical faculties could focus on cryptographic principles, smart contract development, and blockchain architecture. Business faculties should cover blockchain’s impact on business models, supply chain management, and regulatory issues. Programs like MIT’s Blockchain Lab and Stanford’s Blockchain Research Center are great examples of academic institutions leading the way.
Q: Can you give an example of a good blockchain education practice?
A: Sure! The University of Nicosia offers a Master’s in Digital Currency, one of the first degree programs dedicated to blockchain. They provide a mix of theoretical knowledge and practical skills, helping students understand both the technology and its applications in the real world.
Q: How can online learning platforms (MOOCs) help?
A: MOOCs (Massive Open Online Courses) like those on Coursera, edX, and Udemy make blockchain education accessible to everyone. For example, Coursera offers a Blockchain Specialization by the University at Buffalo that covers everything from basic concepts to advanced applications. These platforms are flexible and often affordable, allowing professionals to upskill at their own pace.
Q: What is the CHAISE blockchain education initiative?
A: The CHAISE blockchain initiative is a major effort to address the blockchain skills gap in Europe. It aims to develop a strategic approach to DLT education and training by creating a standardized curriculum and certification. This initiative involves collaboration between various educational institutions, businesses, and regulatory bodies, ensuring that the workforce is well-prepared to meet the demands of the blockchain industry.
What’s the Role of Standards Like ISO/TC 307?
Q: Why is ISO TC307 Blockchain and DLT important?
A: ISO/TC 307 sets international standards for blockchain, ensuring consistency and interoperability. For example, without these standards, blockchain solutions might not work well together, leading to inefficiencies and increased costs. Promoting ISO/TC 307 helps create a cohesive blockchain ecosystem, making it easier for businesses, governments, and other organizations to adopt the technology confidently. I have the honour to be recognised as one in the experts in this field and alongside others I contribute for ISO/ TC 307 Blockchain and DLT.
Why Is Immutable Data Crucial in the AI Age?
Q: How does blockchain’s immutability benefit businesses and governments in the AI age?
A: Blockchain’s immutability means that once data is recorded, it cannot be altered. This is incredibly valuable in the AI age, where data integrity is paramount. For instance, in healthcare, immutable patient records ensure accurate and trustworthy data, enhancing the effectiveness of AI-driven diagnostics. Similarly, in finance, immutable transaction records help prevent fraud and maintain transparency. Governments benefit too, as immutable records can ensure the integrity of public data, from land registries to identity management systems.
Practical Steps to Bridge the Knowledge Gap
Q: How to improve blockchain knowledge among professionals and officials?
A: Here are a few steps:
- Develop Targeted Programs: Universities should create dedicated blockchain programs for both technical and business students.
- Industry Collaboration: Academic institutions should partner with blockchain companies for real-world insights and practical experience.
- Professional Development: Offer courses and certifications for working professionals to update their skills.
- Standardisation Awareness: Promote the importance of ISO/TC 307 through webinars, and workshops, and integrate it into educational curricula.
Q: How can governments support blockchain education?
A: Governments can fund blockchain education initiatives and integrate blockchain literacy into national education standards. Public-private partnerships can also help scale these efforts, ensuring that blockchain knowledge reaches a wider audience. They can also encourage regulatory bodies to participate in educational initiatives, ensuring that policies are informed by the latest technological advancements.
My Final Thoughts (not my ‘final’ thoughts) 😂
Bridging the blockchain education gap is essential for businesses, developers, IT architects, journalists, government officials, and other stakeholders. As someone working closely with blockchain standardisation, I can attest to the transformative potential of a knowledgeable and skilled workforce ready to harness the full potential of blockchain technology. This will drive innovation, enhance security, and create more transparent and efficient systems across various industries.
P.S. For an in-depth analysis, check out the academic paper on Blockchain Education: Current State, Limitations, Career Scope, Challenges, and Future Directions.
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