24 May Why Individuals & Companies Should Educate Themselves on The Blockchain
I read an interesting post on Blockgeeks that is bang on and provides a compelling case for real education in blockchain. Here is my summary of the post.
Simply, they don’t have any choice.
#1 To Not Be Left Behind
Let’s take a look at the spectacular demise of Kodak as an example.
Kodak owned the photography industry. The term “your Kodak moment” became synonymous with photography. Sadly they went into denial that the digital photography revolution was in fact happening., and paid the price!
Steve Sasson, the Kodak engineer, actually invented the first digital camera back in 1975. “But it was filmless photography, so management’s reaction was, ‘that’s cute—but don’t tell anyone about it,” says Sasson.
Kodak failed to see digital photography as a disruptive technology.
Fear Sets In …
A former vice-president of Kodak Don Strickland says:
“We developed the world’s first consumer digital camera but we could not get approval to launch or sell it because of fear of the effects on the film market.”
The management was focused on the film success and they missed the digital revolution after starting it, subsequently filing for bankruptcy in 2012.
#2 Upcoming Interoperability
We are entering the era of third-generation blockchains. Blockchains like Cardano, ICON, AION identify as third-generation. One of their key objectives is achieving interoperability.
Interoperability … enabling interaction across chains, big data oracles and legacy networks.
What does that have to do with education?
Interoperability enables more companies to incorporate and interact with blockchain companies. Therefore, they will be looking to hire people who have some education or qualification in applying blockchain technologies.
With the current lack of talent available right now, they are upskilling and educating their current workforce in the foundations and application of the blockchain technology. This will make sure that they do not follow the Kodak example.
#3 Upskilling vs Hiring
Let’s take a look at some data this report prepared by McKinsey Global Institute. It puts the upskilling vs hiring debate to rest as it is far more economically efficient to upskill existing employees than to hire new ones.
According to the report, approximately 14% of the global workforce (equating to around 350 million workers) may need to switch occupations as digitisation and automation disrupt the world of work. The significance of this change is “akin to coping with the large-scale shift from agricultural work to manufacturing that occurred in the early 20th century in North America and Europe, and more recently in China”.
Retraining and upskilling the existing workforce is an urgent priority, and is the responsibility of corporations and individuals and not the government.
Let’s look at some of the results of the survey :
66% of the companies around the world believe that addressing the potential skill gaps is at least a top 10 priority, with 27% believing that it is a top 5 priority if not more.
Seventy percent of executives at companies with more than $500 million in annual revenues see technological disruption over the next five years affecting more than 25% of their workers.
Only 18% of the companies believe that hiring is the only way to go forward, while an overwhelming 41% feel that retraining is the way to go.
The surveys clearly show that companies feel like re-training their employees is the way forward in the upcoming digital age.
At least 58% of those polled believe that enterprises need to take charge in addressing these skill gaps. Not the federal government, not the state government, not even education institutes. It needs to be enterprises.
Why Should Individuals Educate Themselves on Blockchain Technology?
Currently, there is a enormous demand for blockchain-related jobs.
# Lots of Money in the Space
Firstly, there are institutes set up by early investors and hence made huge ROI in their investments. Plus, there are startups who have raised ridiculous amounts of money from various ICOs. ICOs are an extremely controversial topic enabling companies to raise millions of dollars in super fast time.
ICOs have raised twice the amount of money they did in the entirety of 2017, in the first five months of 2018 alone! Also more institutional investors have entered the space to fund these projects as well.
So, what does all this mean?
There is a new growing sector which needs more manpower, however, there aren’t a lot of people out there who have the required qualification, skills and knowledge. As a result, because of the demand, the salaries offered are usually extremely attractive.
#2 Remote Flexibility
According to another study done by Softchoice, they found out the following two facts:
- 74% of employees say they would quit their jobs to work for an organisation that would allow them to work remotely more often, even if their salary stayed the same.
- Compared to Baby Boomers, millennials are twice as likely to feel more productive and better-equipped working at home than at the office.
Also, according to this report by CNBC,
“more than two-thirds of people around the world work away from the office at least once every week, according to researchers.”
Remote jobs are advantageous for both employees and employers.
For employees it:
- Increases efficiency and productivity
- Decreases stress and increases overall happiness
For employers it:
- Helps save up on office real estate prices
- Reduces the overall employee turnover
This is another area where blockchain companies outdo their legacy peers.
#3 Being Part of Something Revolutionary
There is no doubt about the fact that blockchain technology is revolutionary. We have a system where an asset isn’t owned by a single person/entity and the entire system is transparent(if needed) and untamperable. So, keeping this in mind, who doesn’t want to be part of something this revolutionary?
Here is what we know:
- Enterprises need to take charge of the increasing skill gaps
- Individuals can heavily benefit from learning about the blockchain technology.
Here comes the bad news. Remember the McKinsey survey that we were discussing a little earlier? According to it,
“only 16% of private-sector business leaders in this group feel “very prepared” to address potential skills gaps, with roughly twice as many feeling either “somewhat unprepared” or “very unprepared.” The majority felt “somewhat prepared”—hardly a clarion call of confidence.”
The Uber Academy offers focused short courses and partners with selected RTO’s and colleges to deliver the actual accredited qualifications in Applied Blockchain. We believe that the courses and qualifications on offer will definitely give your career a huge boost. So, do not miss out on the Blockchain Revolution. Check out our educational programs now.