Blockchain technology first became prominent in 2010 when the Bitcoin whitepaper was published. Many people still associate blockchain with cryptocurrencies like Bitcoin or Ethereum. However, the underlying technology is very exciting and has captured the imagination of a large global community.
This wasn’t just because it was seen as a great investment opportunity. The technology’s ideals resonated with many who felt traditional systems were failing them or those on the edge of society. It was meant to be inclusive and free from elitism, but now, 12 years later, we’re seeing the same exclusionary practices in tech and finance that we’ve struggled with. So, what can we do to change this?
Inclusivity by design
The creation of blockchain aims to provide access to financial services for everyone. You need to look no further than traditional finance to understand why this has resonated with so many people. About 1.7 billion people worldwide still don’t have access to bank accounts. Not having a bank account can make it hard to send and receive money. It can also make it difficult to save money, get credit, or secure insurance. And without these things in place, it only takes one emergency to ruin everything.
This is where blockchain comes in. After the 2008 financial crisis, the traditional financial system has left the global population behind and has low consumer trust. Blockchain turns the system on its head by removing the need for trust entirely. Blockchain technology is like a large database that securely records transactions without needing a central party to verify them. It doesn’t have a single copy. Every computer in the network stores and updates multiple identical copies in real time. All recorded transactions are immutable, transparent, and encrypted. This allows us to remove the middleman from any transaction while still maintaining security, transparency, and efficiency.
This technology has vast possibilities, such as legal agreements, financial transactions, and global supply chains. At its core, it promotes inclusivity. People previously unable to access finance due to geography, social status, or financial status can now participate in global systems.
Exclusivity by implementation
Unfortunately, somewhere along the way, we have lost or at least deprioritized the ideal of inclusivity.At a time when the wider technology industry rightfully faces criticism for having workforces composed of about 33% women, a study showed that number slips to just 14.5% within the blockchain. For an industry designed to open up global financial and social services to a more diverse range of people, this lack of diversity is disappointing.
So what can we do to fix it?
The Wild West
Many individuals, regardless of their background, still consider entering careers or investing in blockchain-related fields off-limits. This is because the industry is still young, not fully regulated, and somewhat of a ‘Wild West,’ particularly when it comes to the newer applications of technology like NFTs. Even the most experienced people in the industry still suffer from hacks, scams, and mistakes, which means they lose their assets.
And with newer assets like NFTs, regulators are still playing catch up, so there is no guarantee that stolen assets will be returned. This is something I experienced firsthand in January when my two “Boss Beauties” NFTs, digital artworks that use profits to create opportunities for women through mentorship programs and scholarships, were removed from my digital wallet without my knowledge or consent. This was more than just losing investment to me. As someone who has built their career on championing diversity in blockchain, losing Boss Beauties NFTs was a real kick in the teeth.
Fighting for a safer industry
With hacks, scams, and theft still a very real possibility, it’s no wonder many don’t feel empowered to participate in the blockchain. So, how can we change this and ensure everyone can access and understand the space? Reducing risk for investors is essential if we’re going to see mainstream adoption of blockchain and all the brilliant things that come with it.
I took my case to the High Court and got an injunction to freeze the NFTs taken from my wallet. This was a huge relief and the first time NFTs were recognized as legal property. This case has the potential to make the blockchain space safer and encourage more people to engage with exciting and meaningful assets in the emerging digital economy.
Representation matters
To encourage people from different backgrounds to participate in the industry, we should highlight the experiences and achievements of marginalized groups. This shows that blockchain’s potential is available to all, regardless of gender, age, background, or nationality.
This is why I created Women in Blockchain Talks. By telling the stories and celebrating the successes of women in blockchain, WiBT demonstrates that the technology wasn’t designed solely for a select few. Blockchain is the future of business and money, and we all must take our place in it. We have helped both men and women find mentors, explore opportunities and embrace new ways of thinking. My team and I ensure that participants can start or advance their careers, gain knowledge about cryptocurrency investment, or simply understand and navigate this new landscape in a safe, secure, and supportive manner. This gives individuals the confidence and skill set needed to make the most of these opportunities.
We can’t build the blockchain industry in siloes. We need to work together to build an inclusive industry that is not only safe for all its participants but is a welcoming space for everyone, regardless of age, race, gender, or background.
BY LAVINIA D. OSBOURNE FOR ADELLO MAGAZINE
