Some false notions about blockchain technology is one of the primary factors slowing down the rate of blockchain adoption in most parts of the world. One common misconception is that people believe it is the same thing as Bitcoin, or its application is only restricted to cryptocurrency.
Blockchain is simply to Bitcoin what the internet is to an individual; an electronic system, which can be used to build different applications and cryptocurrency is just one of them. Seemingly, the reason behind the misconception is the fact that cryptocurrency is one area where the system is mostly applied. Hence, adopting the technology in other areas such as healthcare, education, and gaming could clear the stereotypes.
Another misconception is that many believe that it is a magical database. Limiting the technology to finance is also a great injustice to the potentials of BT. These misconceptions are, however, understandable because blockchain was released into the mainstream for Bitcoin, and the two are inseparable in the minds of many.
But to significantly increase people’s interest in blockchain, it needs to be separated from Bitcoin and cryptocurrencies. Although it seems impossible, it is achievable. When people’s interest in blockchain is tied to cryptocurrency, there is every tendency that their interest will become volatile as cryptocurrencies.
One way to put an end to this great injustice is to diversify the technology – applying it to other sectors. Crypto communities around the globe who are the key beneficiaries of the technology must learn to further professionalize the space by venturing into other applications of blockchain. In other words, cryptopreneurs can still trade digital currencies and push for the adoption of BT in other areas apart from cryptocurrency.
The need for blockchain professionals and institutions
The internet is one revolutionary space that has affected almost every aspect of human life for over thirty years. It has become prevalent in this current era, making it almost indispensable. But one thing to note is that, just like the internet, blockchain technology will be transformative, especially in the tech and IT sector a few years from now.
Gartner, a well-known analyst firm, also predicts that the technology will be worth $10 billion by 2022, and by 2030, the business value would have grown by $3.1 trillion. With such numbers, it requires a lot of workforces, and Africans need to be prepared to push for adoption. Institutions in Africa like Africa Blockchain Institute and AltHash Education are already training students to become enthusiasts, developers, and other professionals in different blockchain fields.
Furthermore, integrating blockchain studies into the educational system could lead to rapid mainstream adoption, as there will be an unprecedented influx of professionals into different sectors.
Although integrating blockchain studies into the educational system will be a rigorous process, and it will take a very long time, the possibilities are not far-fetched. Creating awareness and bypassing the sluggish system of reforming policies in most African countries will also go a long way to infuse it into the curriculum.
Recently, the only sustainable means of educating people on blockchain technology are institutions and platforms created by blockchain enthusiasts. And these institutions also have their challenges. The challenges range from employing staff to getting students to sign-up and utilizing funds. These challenges, however, have not deterred these Institutions from making significant progress in educating students about the technology for the future.
Although blockchain adoption seems slow in Africa, the progress so far is commendable. But more work is needed to correct these misconceptions and other vices – spreading the blockchain gospel, building institutions, professionals, and enthusiasts to operate beyond the shores of Nigeria and Africa as a whole.