The major financial disruptor may not be cryptocurrencies, but their underlying tech - blockchain. It could disrupt the financial world as we know it today.
You must be living in a cave if you have never heard of cryptocurrencies and their underlying blockckchain technology.
Financial experts and investors alike have a new list of buzz words including Bitcoin, Ethereum, and Ripple, among other popular virtual currencies. The latter had a crazy year, in which their value skyrocketed, making headlines around the world.
However, some analysts and potential investors remain skeptical towards the cryptocurrency world. Probably one of the reasons lies in the dangerous levels of volatility. It appears that there is another way to invest in the sector – blockchain technology.
So, it seems like the major financial disruptor may not be cryptocurrencies, but their underlying technology. According to CNBC, blockchain is a technology that has the potential to change the way we live, work, consume and interact.
“If you can develop an expertise at this stage in time at blockchain, you’ll have excellent job prospects and probably be pretty popular among your company because a lot of folks are trying to see where it fits in.”, commented Antonis Polemitis, CEO of the University of Nicosia and a lecturer teaching blockchain and cryptocurrency courses.
The University of Nicosia launched the first master`s degree in digital currency and blockchain, a course that is available online. As Polemitis said, they do it with the belief that the industry would be as revolutionary as the internet in a few decades.
It is not only the universities that look into blockchain technology and its possible future applications. Technology company IBM has also invested in a blockchain department that tries to use the technology in different industries. As CNBC`s report claims, IBM is signing deals with collaborators like Walmart to trace food and manage information in clinic dog trials. On top of that, IBM is working with Northern Thrust on transforming private equity administration by the use of blockchain technology.
Whereas blockchain has many benefits like making fast, cheap and safe transactions, it is also removing the middleman. It might be a problem because this could mean that a number of human jobs would be replaced or eliminated.
“What blockchain offers, is not disrupting the job of barista, or the hamburger flipper. It’s going to disrupt the jobs of what we consider white-collar workers, some of these people have master’s degrees, and they are going to be out of work because of this technology.”, Campbell Harvey, a Professor of Finance at the Fuqua School of Business, Duke University, told CNBC.
If it is true that the future of the financial sector would be disrupted by blockchain technology, education in the field seems to be very important. Universities like the University of Nicosia, Princeton University, Standford, Duke, Berkeley, the University of California, and New York University offer courses on the trendy subject.
It is interesting to follow up on the cryptocurrency boom. But it is also quite curious to see whether blockchain technology will emerge as a game-changer in the financial sector.