Building Mass Adoption: Research and Education’s Role in Blockchain Technology
Education introduces us to the information that we didn’t know that we need to know. In other words, if people are not educated about blockchain technology, it will be that much harder for the field to evolve.
Panelists for our upcoming LA Blockchain Summit panel discussion on April 9 and 10 at the Los Angeles Convention Center will be speaking about the topic: “Research and Education’s Role in Blockchain Technology.” Our panelists commented this week about the importance and difficulties of researching and educating people about Blockchain, and why it’s worthwhile.
Education =’s Mass Adoption, but Not Without Good Research
Within the Blockchain industry, education is so important because the introduction to the unfamiliar is what will bring the technology into the final stage of mass adoption. However, this pursuit of educating the general population about Blockchain technology will be difficult due to a number of reasons.
As Panelist and Co-Founder of UCLA’s Blockchain, Alex Nascimento, said, “Educating people on the possibilities of the technology is by far the most effective way to achieve mass adoption.”
What Makes Researching and Educating People About Blockchain Difficult?
The development of an understanding of Blockchain technology is complicated because it requires a multi-disciplinary background. Within one industry, you go from game theory to advanced algorithms to computer science to finance. The multi-disciplinary requirements of Blockchain technology illustrates the need for an integrative introduction into Blockchain that will build enough background for someone to truly understand Blockchain holistically.
Research and the development of educational materials for the Blockchain industry can also be difficult because of the lack of personnel that is available. Like Alex Nascimento said, “(there is a) lack of talent that understands both; Blockchain technology as well as research best practices.”
“It takes time for someone to fully understand the concepts and how the technology works. Thus, there is importance in educating folks through well-structured educational programs,” Nascimento said.
Researchers and educators within the space need to go further to prove credibility because Blockchain is such a relatively new industry. However, as Panelist Josh Gnaizda pointed out, founder of Crypto Fund Research, the demand for credible sources of information within the Blockchain industry is also a market opportunity.
“Because Blockchain is a relatively new and growing industry, there’s definitely a unique opportunity to establish credibility. The flip side to this is that credibility takes time and commitment to build, but only seconds to destroy.”
Why is Blockchain Research and Education so Important?
In order to take full advantage of Blockchain, it needs to be fully understood. For example, if your company is using Blockchain, a foundational background into the technology would be beneficial for everyone from your sales team to your marketing team to your executives.
Panelist Alex Nascimento also commented on this topic: “Investing in corporate education of Blockchain technology is by far the most efficient way for companies and executives to capture the potential gains resulting from this disruptive technology.”
In addition to capturing the gains on a personal level or for your business, research and education are also important for the future of job growth. Blockchain technology is a driving force behind startups across the world.
Like we talked about on Episode 3 of our podcast, Security Tokens Uncensored, job growth continuity will be a driving factor into more government and legislative support for Blockchain. Capitol Hill wants to support industries that create jobs for America. As Deloitte pointed out, regulatory support alongside of research and education are three significant components of the challenges that hold Blockchain back from widespread adoption. Government and regulation support should make this process easier and more accessible, thereby promulgating the industry further.
More Credible Institutions Need to Develop
Governments and legislation will be more supportive of Blockchain once the industry creates a demonstrable number of jobs, as well as once more credible institutions become more established. Government and law support will not come without credible research and education. The more “good” people and credible institutions enter into the industry, the more normalized the industry becomes. As the Big Four financial institutions and Big Four accounting firms further integrate themselves into the market, and as the biggest tech companies in the world like Amazon, IBM, and Facebook integrate themselves into the market, you know things are getting serious.
In closing, as we see more credible institutions with reliable information and safe solutions enter or further integrate themselves into the industry, we will see more support and understanding of blockchain technology. As useful information is disseminated beyond the industry, people will understand the technology and potential of it better than they do now. Mass adoption comes down to understanding and using the technology, but you cannot use what you don’t know about.
Go out there and spread the word.