In Part 1 of this blog series, we introduced the concepts of blockchain technology and how it plays a central role in the Web3 movement.
In Part 2, we will look at specifically the importance of blockchain and Web3 for millennials and businesses and how blockchain and Web3 will change the global economy in the future.
Why blockchain and Web3 are important for the future
The potential of blockchain and Web3 to transform most of our existing industries is unlimited. Most of what we do today is controlled by a centralized public or private entity which means they must secure our data, stay neutral between competing interests, take middleman commission fees, etc. The issue is that history has shown us that those in power cannot be trusted to always “play by the rules.”
On the other hand, blockchain and Web3 are an open-source and secure technology, decentralized, and transparent for everyone to view if the rules are being followed.
Millennials will play a huge role in shaping future cultural, social, and economic trends from tech adoption to food, music, and fashion. These days, millennials are more tech-savvy than ever, and more bullish about cryptocurrencies than stocks in the long run. Millennials have grown up in an age of government and corporate mistrust and value new innovations that can disrupt the old way of doing business while giving a fair, equal playing field to anyone that wishes to participate.
Thus, young talent globally is becoming aware of the future opportunities that blockchain and Web3 present. Many talented university graduates, young professionals, and even older, established professionals are now transitioning into applying for blockchain and Web3 jobs in what they see as a once-in-a-generation opportunity.
These jobs and opportunities are being funded by a large wave of global investment of more than $25 billion in 2021 alone by venture capital and investment firms looking for new industries with high potential for expansion.
How blockchain and Web3 can drive the future global economy
To drive the growth of the global economy, mainstream awareness and adoption of blockchain & Web3 need to happen. And for this to happen, blockchain and Web3 need to deliver a much better and easier solution to the issues of today.
As mentioned above, young people are attracted to the decentralized ideals of blockchain and Web3 due to many current issues.
Some of these include centralized platforms “de-platforming” certain users with ambiguous standards; middlemen parties charging high fees for services; data breaches; opaque business processes; currency depreciation in underdeveloped countries; lack of cross-border payment options; unwanted advertisements; lack of full control over generated content; and so much more.
Thus, the eventual switch to a blockchain-based decentralized Web3 Internet is a natural next step for the Internet.
In this Web3 Internet, users and brands can create user-generated content that cannot be controlled by a hosting entity. They can own and monetize this content with full control by utilizing a decentralized application.
For owning digital property, users can buy and sell NFTs of treasured items (art, music, rare items, etc.) on NFT marketplaces that run on top of decentralized blockchains.
For payments, users and brands can transact with one another all over the world using blockchain-based cryptocurrencies or stablecoins without banks or middlemen with instant settlement and little to no fees. These can also help to hedge against long-term currency depreciation by allowing users to hold their cryptocurrencies denominated in stronger alternative currencies. Web-based crypto wallets can facilitate these payments.
For preserving self-identity, users and enterprises can use decentralized identifiers (DIDs) to privately manage their personal information without having to rely on centralized third-party databases that can leak their data.
Users can also choose to opt-in to view certain advertisements in return for micropayments without being forced to view ads.
Once these solutions experiment and compete with one another to find the right product-market fit and tap into network effects, the opportunities for blockchain and Web3 to develop new business models and revenue streams are endless.
Sign up now for EMURGO Academy’s blockchain courses to learn about Cardano and Web3
With a booming demand for blockchain-related jobs and career opportunities that are increasing year-over-year, the supply of talented candidates has not been able to keep up with its pace.
Since technology adoption is usually based upon network effects, as these solutions find product-market fit, the industry as a whole will grow exponentially.
Companies such as EMURGO, a founding entity of Cardano blockchain – one of the largest blockchain networks by market capitalization and on the largest environmentally friendly blockchains – are helping to meet this demand today through its education arm, EMURGO Academy.
EMURGO Academy focuses on training the next generation of blockchain developers and professionals to empower their lives with new career opportunities working in Web3 and the blockchain industry.
With or without IT skills, everyone can learn about blockchain with EMURGO Academy.
For those with non-technical backgrounds, EMURGO Academy offers Foundations of Blockchain (click above) which covers all the basics.
For those with a technical background and taking a developer course, all students will be able to develop applications on the Cardano blockchain.
For those taking a business course, students will be taught everything needed to upskill their professional careers.
EMURGO Academy’s courses are taught online and can be adjusted to meet the scheduling needs of working professionals.
For more direct questions, please email education@dev.emurgo.io
About EMURGO Academy
- Official Homepage: education.dev.emurgo.io
- Course Information & Signup: Signup Page
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About EMURGO
- Official Homepage: dev.emurgo.io
- Twitter (Global): @EMURGO_io
- YouTube: EMURGO channel
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