The whole financial industry is currently dabbling around cryptocurrencies like Bitcoin, Ether, etc. To put it simply, these virtual currencies operate without formal banking system; hence, they are decentralized. Other important factors are the security and transparency they offer via encryption techniques powered by blockchain technology. As blockchains keep a public digital record of every cryptocurrency transaction that takes place and cannot be modified by anyone, businesses of various sizes have started realizing the enormous opportunities that can be unlocked by this technology.
If we look at the current state of cryptocurrencies, a report released by Deloitte presents a startling projection — it says that 10% of global GDP will be contributed by blockchain applications before 2025. Other crucial outcomes of this technology are the following:
- IoT systems like smart refrigerator or smart cars will use cryptocurrency to achieve automation.
- “Smart contracts” will become mainstream to initiate, save, authenticate, and execute plethora of logistic processes in the retail domain.
- Blockchain tech can also be merged with crowdfunding platforms to enforce transparency and accountability of companies looking to raise funding.
However, irrespective of the positive outlook, we must be wary of the fact that blockchain-based cryptocurrencies will be successful only if it penetrates deep into the masses. That can be possible if both men and women will get into this with acceptable usage percentage. But, the current market is largely dominated by men while women have a great opportunity to influence the global economy via trading and investment in the crypto coins. In fact, there are even lesser number of female entrepreneurs in the bitcoin domain in comparison to other domains. According to surveys, more than 90% of bitcoin investors are men and only 1.76% (reported by Cointelegraph) of the bitcoin community comprises of women. Entrepreneurship arena, which has many successful women founders, can get benefit if female entrepreneurs can positively look at ICOs to raise capital instead of depending on the age-old venture capitals. If we only look at the consumer space, women already have tremendous influence. The global community needs to ensure technical knowledge and talent development to foster the adoption of this modern technology via education, guidance, industry experience and evangelism. While some of the talented females who also happen to be early adopters have started influencing the crypto domain, the community needs to ensure that more women should take part. However, largely the onus lies on women themselves – they need to start attending more events and talking to the experienced people in this sector. In short, ensure that you are learning from people and experimenting with cryptocurrencies at small level while starting off.
Women can pave the way more for women and help succeed each other in crypto currencies. This is paramount as this is still early days for crypto domain and women must ride the wave as this can disrupt every single business in future! This way women will have fare representation to mold the future tech. Here is an article that enlists “8 Influential Women to Watch in Bitcoin” for inspiration.