Last month, a student in my Economics 101 discussion section asked about Blockchain’s potential in international trade. The instructor promptly dismissed the idea, as Blockchain was a “volatile technology” limited in its application to cryptocurrency investment and non-fungible token purchases.
My instructor is not alone: 62% of the country believes Blockchain is the same as cryptocurrency. It’s not. Blockchain is a secure technology that processes and tracks digital transactions, and it can be found in every corner and crevice of the online world. From digitizing car titles to carrying out ponzi schemes, Blockchain is more developed and integrated into society than most people seem to believe.
As a result of its increasing usage, it is more important than ever to educate ourselves on the benefits and drawbacks of Blockchain technology. The University of Michigan should offer courses that teach students what the software is to give graduates competitive career relevance in the job market and protect them against evolving blockchain-based cybercrimes.
Recently, a number of industries are now adopting Blockchain to increase their efficiency. Researchers are storing and authenticating large data sets through Blockchain. Artists protect and certify their digital artwork by embedding unique Blockchain codes. Even lawyers are turning to the technology to secure client confidentiality, legal records and digital signatures. Students, regardless of the field, could benefit from learning how Blockchain functions because Blockchain now underpins virtually every discipline and trade.
Despite Blockchain’s job applicability, the University does not provide enough classes in the field to properly support students. There is a clear deficit in Blockchain education provided institutionally: Three LSA courses cover Blockchain topics (but require hefty prerequisites), Ross School of Business offers two FinTech mini courses and the other 11 undergraduate schools of the University offer no more than one or two mini courses that cover Blockchain lessons and topics. Compared to artificial intelligence matriculation — in which students are exposed to chatbots and given opportunities to engage in AI specialization courses — Blockchain opportunities fall short.
The soft skills gained from learning about the software are useful irrespective of how often a student will use Blockchain in their job. Becoming more adaptable to technological innovations prevents structural unemployment, which is increasingly becoming an issue — as developments like AI become more widely adopted, individuals seeking employment must stay ahead of the advancements. Blockchain is becoming more dominant in its dozens of uses, but just one in four of all American adults have an idea of what the technology even is.
Simply increasing the coverage of basic Blockchain uses and mechanisms would provide U-M alumni with a huge advantage in the job market and maintaining career relevance. They would be able to keep up with the advancement of Blockchain integration while outpacing peers from other universities that do not have that knowledge.
Employers are more likely to hire a recent graduate if they demonstrate technological familiarity. Because Blockchain is such a large part of the digital world, understanding it is now needed to become tech-savvy.
Of course, as with any new and exciting technology, there are prominent potholes in Blockchain that can make it dangerous for users. For example, the decentralized nature of the software makes it easy for users to be taken advantage of without a customer service or central support system. In 2017, hackers were able to take advantage of code flaws and siphon away hundreds of millions of dollars from Ethereum. Furthermore, because Blockchain is immutable, altering the information stored in its code is not possible. While this makes it more secure for the finance industry (because transaction records are permanent and cannot be tampered with) it also stores information that’s better off deleted, such as an incident in 2019 in which sensitive child abuse images were embedded into the code.
Blockchain-based cybercrimes are increasing with frequency, and — because of the general deficit in user familiarity with the technology — they can be difficult to spot prior to the attack. Cybercrimes include digital wallet scams, which trick users into compromising financial accounts, and smart contract flaws, which are vulnerabilities in a code than can be exploited by hackers. Thus, beyond its practical benefits, education on Blockchain creates a protective layer of knowledge against cybercrimes.
There is an abundance of interaction with Blockchain, emphasizing the urgent need for more education on its mechanisms. In 2021, 53% of college students had at some point invested in cryptocurrency. Despite this, it is unlikely that students will take financial literacy courses that go over Blockchain-based cybercrimes, even if they are a finance major.
The literature that links financial literacy to cybersecurity tells us that educated users are much less likely to fall victim to scams and fraud. Considering the upward trends in student investment in Blockchain-related industries, the University should incorporate Blockchain education into the core curriculum to provide students with the tools they need to protect themselves against the rise in Blockchain-based cybercrimes.
Whether it be harnessing the unmatched efficiency Blockchain can bring to the workplace, or distancing oneself from the evolving digital finance threats, everyone will benefit from a better grasp of the technology. In the meantime, students can acquaint themselves with Blockchain by keeping up with the improvements in the software, participating in online mini courses and staying up-to-date with its new implementations. Even a surface-level understanding of this technology can make a world of difference in one’s employment prospects.
Stephanie Bouserhal is an Opinion Columnist who writes about cryptocurrency in her column “Crypto Critiques.” She can be reached at scbous@umich.edu.
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