Blockchain in the time of Millennials and Gen Z
Let’s find out what motivates the younger generation to march along the blockchain band.
The internet changed the game for everyone. It didn’t merely tap the world on its shoulders, it rocked the whole thing. In this digital era, literally everything can be done online: shopping, banking, hailing a ride, ordering food, and more — a huge contrast from how Gen X and baby boomers get the job done several years ago. This digital revolution unfolded right in front of the very eyes of the Millennials and the Gen Z.
Today’s younger generation are the ones who grew up having most technological advances within their reach. As they were shifting from pacifiers to beer bottles and nap times into overtimes, the internet and all its various technological advancements rapidly came to life at the very same time.
With that in mind, it comes as no surprise that technology is ingrained and sewed into their everyday routines so naturally that it would be near impossible for them to live life without it.
Nowadays, games and social media are no longer the only things taking up their time and energy; surprisingly, more and more people are taking a huge interest in blockchain technology, playing a crucial role in today’s tech’s rise.
Why Blockchain is for the young’uns
Blockchain and the younger generation go together like coffee and cream. A cup of coffee on its own is great. But adding a little bit cream to it can make it more exciting and bring out its best flavors.
The younger generation, bold and embracing of innovation, fuels the swift rise of blockchain’s popularity. The tremendous boost is brought about by several trends that are common to their generation right now.
Tech know-how
Having vast knowledge in the field of technology gives the millennials and Gen Z population a leverage over people older than them in the blockchain industry.
“I think the crypto market is attractive to millennials because it’s a space with both a lot of growth and risk.”
— Chris Castiglione, cofounder of One Month
He also noted how millenials are most likely to take the risk of a volatile industry compared to older generations.
Welcoming blockchain is welcoming change
Witnessing so many families struggle to make ends meet during the 2008 global financial crisis, millennials became skeptical of traditional financial products such as stocks, bonds and insurance.
As a result, less of the younger population are investing the money they have. This empowers them to swing in the complete opposite direction of their parents’ and participate in platforms they have confidence in. Hence, they open their doors bright and wide to blockchain technology believing that it can offer more and exciting opportunities for them than the conventional ways to earn.
The blockchain also paves way for a fresher future with plenty of room to explore and grow. Use-cases for the blockchain are still at its infancy and more and more projects are launching to disrupt various industries using the technology.
And as we all know, millennials are naturally curious and thirsty for new knowledge.
Creating a trustworthy system
Trust is also a vital factor in the relationship of blockchain and the millennials. Imagine having to live in a society with corrupt politicians building a government for their benefits, biased and fake news infiltrating the mass media everyday, and all the other inconsistencies existing in the world. It is a no-brainer that millennials have a hard time believing the system.
Since this type of technology is decentralized, there is no way to grant all the responsibility to one main source, making it difficult to abuse the system. It also nearly impossible for someone to hack or manipulate the information stored in one block without disrupting the peace of other blocks.
With a generation riddled with doubts and trust issues, blockchain gives millennials a sense of security and a peace of their mind, since they are willing to trust technology more than traditional systems.
A decentralized system that offers transparency is more enticing for them rather than the existing institutions that are ruling the financial world.
Building a future for everyone
Millennials are all grown up now. They are slowly waking up to the inequities and are fully realizing the mistakes and lapses of the baby boomers and the generations that came before them.
Blockchain technology can help assist them break the faulty social and financial status quo that have long been existing for years. Check out this article on how blockchain can be used for good.
Unique behavioral characteristics of the Millenials and Gen Z age group suggests them to be a promising match to the benefits that blockchain technology has to offer. The potential for its disruptive and positive influence for the generations to come might very well be about to be reached.
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