Unsurprisingly, over a long time, the digital world has been greatly run and influenced by the male population. Unlike various other technology-centric industries around the globe, the blockchain industry is currently unorganized and raw. This presents both an opportunity and challenge for everyone, especially the women gender to enter the industry.
As we know, Blockchain Technology is quite different as compared to other industries due to its unique system processes and operational procedures. In other words, blockchain integrates different existing features into a single unit, often created for global distribution and decentralization.
According to industry experts and other influential figures, the challenge is to assess this climate through a vigilant, proactive approach. The challenge ranges from creating an environment appropriate for work and ensuring that the teams meet the deliverables as committed.
In this discussion, the blockchain technology is explained specifically catering the women involvement and contribution.
Role of Women in Blockchain and Cryptocurrency
Is blockchain technology a good investment, or support women?
Yes, as compared to other technology-based sectors! Currently, the new generation of entrepreneurs financed by the global society of Initial Coin Offering (ICOs) is taking the center stage.
Many female CEOs from these organizations consider the need of an all-inclusive culture as hugely important. Unfortunately, women were not considered equally competent and important in the global industry. But the blockchain market is digressing from the perception and changing the landscape.
Do women in technology sectors feel biased?
Ivanti, an IT specialist has conducted a global survey on 500 women in the tech industry and the data has revealed the following results: 63% of women have admitted that they aren’t taken seriously. While more than half of the answers suggested that women employed in the technology industry need to have top patience in the face of criticism and be aware of their worth. The main question is:
Why is this the case that women are subjected to discrimination in the global marketplace?
The statistics evidently state that women feel they aren’t respected and considered professionally mature as much as their male counterparts. While the fear of voicing their opinions is obvious.
Disparity in involvement and participation
As per the recent data provided by Coin.dance, a staggering 94.73% of Bitcoin community engagement comes from men, while the remaining 5.27% from women. Furthermore, a survey conducted on Reddit stated that 96% of Ether users are men, and in another survey around 84% of wallet owners were male.
From the above data, we can conclude that the difference between the involvement and participation of men and women is glaringly concerning.
A study termed as “Risk and Reward Are Processed Differently in Decisions Made Under Stress” has explained the roots of such discrepancy.
The study explains how men tend to take more risks and decisions under stress, while women take fewer risks—a major reason why the percentage of women is minute as compared to men in the blockchain and cryptocurrency industry. Apparently, banking and financial professions require professionals to make risky decisions in diverse situations, hence, amplifying stress over the course.
Doug Sundheim, a professional leadership consultant in an article asserted that women tend to emphasize more on negative repercussions than males.
The imbalance and shifting trends
Possibly, the major reasons why a huge imbalance exists in an industry featuring cryptocurrency investments are the uneasy nature of cryptocurrencies and different levels of risk tolerance naturally assigned to men and women.
Phu Styles, founder of the Women in Blockchain Foundation informed Cointelegraph about another potential reason why fewer women are involved in the cryptocurrency business.
She explained how the case with most technology things is also similar to the blockchain industry—i.e., men are the intended target for crypto. Also because of the lack of market and practical exposure makes it less exciting and more difficult for women to enter the business.
However, the signs of the trend shifting are positive as the blockchain and cryptocurrency business is reaching out to penetrate a variety of fields and create a plethora of opportunities.
In other words, it is becoming clearer how blockchain technology without cryptocurrency isn’t a feasible idea.
The Commodities Future Trading Commission’s Primer on Virtual Currencies describes how the industry is seeking uses in financial markets and institutions, government agencies, and cross-industry applications including smart contracts, digital recognition, and more. Fortunately, this calls for numerous opportunities to open in the near future.
How to bring women into action?
Kelsey Cole, co-founder of a Blockchain-based online ad platform, Adbank, at a recent event “Women in Crypto” recommended the following steps for women who wish to enter the thick of the action in the industry.
- Create a wallet and note down its private key—a designation in blockchain and cryptocurrency business normally requires a considerable awareness with some kind of cryptocurrency wallet.
- Try participating in activities and communities that translate into knowledge and reputation enhancement as much as possible.
- Conduct regular and thorough research on the market and technology-based trends. Remember from both a career and investment viewpoint, the incorporation of due diligence is essential for success.
Phu Styles further narrated her vision of the practical workarounds needed to encourage more women to enter and contribute to the business. She wants every future crypto investment should willingly seek to invest in female-based blockchain companies and government grants should be offered as a motivation to raise or facilitate such projects.
Speaking from a personal perspective, she also wants existing professionals in the blockchain business, both men and women, to share their valuable experiences and insights for newcomers to have a great head start.
Allie Mullen, head of global marketing at Mogul—an award-winning female-based platform, notified Cointelegraph that in order to increase the percentage of involvement and participation of women in this business, it is important to spread ample education and awareness.
Mullen believes that understanding the general concepts and dynamics of any industry, no matter how complicated, is actually quite simple than they appear at the first glance.
For example, people have several misconceptions regarding the technology and often ask, “Does blockchain need cryptocurrency?”, “Is the blockchain and cryptocurrency business specifically aimed for software engineering and finance professionals?”, and other similar questions.
However, with the right education and industry exposure, there are countless opportunities beyond the horizon (in fact, we have just scratched the surface and much more is yet to be discovered given the technological reach and potential in this industry).
The thoughts of both Styles and Mullen clearly indicate that for women wishing to land themselves a decent role in the Blockchain and Crypto industry, establishing a healthy knowledge base is relevant. And becoming well-acquainted with the market knowledge and practical scenarios will soup their career prospects in the global technology market like never before.
Imran Abdul Rauf is a Digital Marketing Strategist, employed at CMOLDS, and specializes in content marketing, email marketing campaigns, lead generation, and other aspects of digital marketing. A content enthusiast by the day, and hardcore gamer by night, Imran is also a regular guest contributor at some of the top tech and digital marketing platforms.