be-nz logo
Story image

Digital natives love the blockchain because they trust it

22 Aug 2018

The younger ‘digital native’ generation may turn out to be blockchain’s driving force in years to come, as they grow to distrust centralised institutions and systems.

That’s according to Dentacoin Foundation’s communications manager Donika Kraeva, who believes that there is a direct correlation between Generation Z’s lack of trust and high adoption of crypto assets and blockchain.

Kraeva says that blockchain is a safe, reliable, and efficient way of storing value without any involvement from third parties.

Apparently digital natives’ don’t like interference, especially from governments and banks. Digital trust is also more important than ever. Blockchain, Kraeva adds, provides digital scarcity and digital trust worldwide.

Blockchain also provides online anonymity - a topic that is still controversial.

“[It] has been described as a “Double-edged Sword’ by many industry experts. Online anonymity is increasingly being preferred over open social media interactions for a variety of reasons. Industry analysts believe that the demand for online anonymity and security of personal information will only grow exponentially as Gen Z grows into maturity,” Kraeva says.

Blockchain can also facilitate crowdfunding for new generations of startups. Token sales and initial coin offerings are ‘almost foolproof’ ways of generating capital because they offer safety and trust.

Kraeva also argues that blockchain also helps freedom of speech. How? Because it transmits information through networks, even in countries where public censorship is rife.

“By tapping into the decentralised nature of the blockchain, information can now be transferred without the fear of censorship, no matter where in the world it originates from.”

Kraeva believes that blockchain is ‘almost tailor made’ for the entrepreneurial generation Z, which will be able to drive new use cases.

One of those use cases is charity, as some startups use blockchain for charitable giving and relief efforts around the world.

“A popular example is UTOPI, a blockchain project which give individuals access to exclusive and exciting events with the proceeds directly going into a particular charity without any third-party involvement,” Kraeva explains.

Meanwhile, healthcare is also set to benefit from blockchain as it can put the patient at the centre of the system with added security, privacy, and interoperability of health data.

“Even though blockchain is increasingly being integrated into several industries of the world, the decentralised approach of blockchain technology will be crucial for the future of healthcare,” Kraeva says.

“As [digital natives] have a tendency to distrust centralised institutions and systems, the decentralised nature of blockchain-based healthcare would gradually appeal more to the newer generation.”

Story image
2020 has profoundly changed how we work – so what now?
To navigate these changes now and into the future we need to build adaptable technologies and resilient workforces that can adjust on the fly.More
Story image
Fiverr launches platform to bring freelancers closer to business
Fiverr says it wanted to create an integration that could fit into an organisation’s workflow and become ‘part of the digital onboarding experience’ for employees, meaning freelancers can access email, Slack, Dropbox, and the Fiverr Business team account.More
Story image
Video: 10 Minute IT Jams - Who is Globalization Partners?
Today, Techday speaks to Globalization Partners general manager for Asia-Pacific Charles Ferguson, who talks about Employer of Record technology and its strategic advantage for companies looking to expand internationally.More
Story image
Remote working brings benefits to businesses, but it's not without its challenges
"Now, its time to reflect and analyse this, to see what positive patterns have arisen that we need to reinforce and what negative patterns we see, that need to be changed."More
Story image
ServiceNow extends Microsoft partnership with new Teams functionality
Powered by ServiceNow’s digital workflow platform, the Now Platform, the new capabilities are also said to improve agent productivity by enabling them to more effectively collaborate and complete key tasks in Microsoft Teams.More
Story image
Firms that use social as a 'megaphone' miss out on transformation - Hootsuite
Organisations often limit social to the marketing department, but instead it should be connected into the ‘lifeblood and workflow’.More