For decades the so-called digital divide referred to those who had fast internet connections and those who didn’t, or those who understood daily life online versus those who remained in the analog world. The world around us is changing rapidly, and new technologies are emerging that will redefine the digital divide between those who understand what blockchain and cryptocurrencies can do and those who don’t.
Their benefits extend far past the trading of tokens on exchanges--blockchain applications can enable efficient cross-border payments, facilitate asset tracking and effective supply chain management, and formulate smart contracts that remove the middlemen from complex agreements. Unfortunately, not enough people understand crypto’s potential, and educators and organizations alike must strengthen our efforts to teach the public about this revolutionary technology.
Today, the U.S. is primed for dramatic innovation, as blockchain-based products will transform numerous industries from finance to manufacturing to government. Younger generations must capitalize on these developments as they transform industries across the economy, but doing so will require a new approach to their education. The economy stands on the precipice of immense change, but we cannot allow this new digital divide to grow.
One issue that I suspect prevents widespread blockchain embrace is that many people associate it with speculative token trading and memecoins, which has turned many into skeptics. However, the blockchain has numerous applications far beyond speculative finance, and companies across the U.S. have started integrating aspects of it into their daily operations. For example, a string of Taco Bell franchises has created decentralized networks of air quality sensors that improve customers’ experiences and generate valuable data analytics for the company.
JPMorgan boasts its own stablecoin to facilitate its clients’ ability to make payments via the blockchain. In 2023, it allowed the bank to add a programmable aspect to its payments system which permits clients to have payments made automatically as long as preset conditions are met. The ease and efficiency of this system would not be possible without the underlying blockchain technology.
I know firsthand the importance of teaching the next generation about this potentially revolutionizing industry. In 2013 I taught the first blockchain course in the U.S.; only four students enrolled in my class, but interest has increased. Today, my college offers undergraduate and graduate courses in law, supply chain management, information systems, and finance that cover the fundamentals and development of blockchain technologies, AI, web3, metaverse, and other applications involving digital scarcity.
Improving these education efforts at a university level will do wonders for the next generation of scholars and innovators as they matriculate into the job market. However, the effort to educate people about the blockchain and cryptocurrencies should not be exclusive to those individuals between the ages of 18 and 22 with the means to attend institutions of higher education. The U.S., and crypto in general, will need apolitical, informed, education-based organizations that provide a voice for retail holders, education on the technology, and a trusted place to go to learn more. Groups like the newly announced National Cryptocurrency Association are primed to fit this bill, and others will soon follow suit, it appears.
The growing crypto digital divide in the U.S. is an opportunity to reset the stage on cryptocurrency and blockchain. To propagate the mass adoption of the technology and realize the vast potential it has to benefit businesses--both large and small--as well as consumers it will take a concerted effort that goes beyond the universities.
