Last month, a student in my Economics 101 discussion section asked about the potential of Blockchain in international trade. The instructor quickly dismissed the idea because Blockchain was a “volatile technology” limited in its application to cryptocurrency investments and non-fungible token purchases.
My instructor is not alone: 62% of people in the country think that blockchain is the same thing as cryptocurrency. This is not the case. Blockchain is a secure technology that processes and tracks digital transactions, and it is found in every nook and cranny of the online world. From digitizing car titles to running Ponzi schemes, Blockchain is more developed and integrated into society than most people seem to believe.
Due to its growing use, it is more important than ever to learn about the pros and cons of Blockchain technology. The University of Michigan should offer courses that teach students about software to give graduates competitive career relevance in the job market and protect them from evolving blockchain-based cybercrime.
Recently, a number of industries have adopted Blockchain to increase their efficiency. Researchers store and authenticate large data sets via Blockchain. Artists protect and certify their digital works by integrating unique Blockchain codes. Even lawyers are turning to technology to ensure client privacy, legal records and digital signatures. Students, regardless of field, could benefit from learning how Blockchain works, as it now underpins virtually every discipline and profession.
Despite the professional applicability of Blockchain, the University does not offer enough courses in this area to properly support students. There is a clear deficit in Blockchain education delivered at the institutional level: three LSA courses cover Blockchain topics (but require significant prerequisites), the Ross School of Business offers two FinTech mini-courses, and the University’s other 11 undergraduate schools offer no more than one or two mini-courses that cover Blockchain lessons and topics. Compared to artificial intelligence enrollment – in which students are exposed to chatbots and have the opportunity to take AI specialization courses – blockchain opportunities fall short.
The soft skills gained from learning the software are useful regardless of how often a student will use Blockchain in their job. Becoming more adaptable to technological innovations avoids structural unemployment, which is increasingly becoming a problem: As developments such as AI are more widely adopted, people looking for work must stay ahead of progress. Blockchain is becoming increasingly dominant in its dozens of uses, but only one in four American adults have any idea what the technology is.
Simply increasing coverage of the basic uses and mechanisms of Blockchain would give UM alumni a huge advantage in the job market and maintain their professional relevance. They would be able to keep up with the progress of Blockchain integration while ahead of their peers at other universities who do not possess this knowledge.
Employers are more likely to hire a recent graduate if they demonstrate technological knowledge. As blockchain represents a very important part of the digital world, it is now necessary to understand it to become a technology expert.
Of course, as with any new and exciting technology, Blockchain has significant potholes that can make it dangerous for users. For example, the decentralized nature of the software makes it easy for users to take advantage of it without customer service or a central support system. In 2017, hackers were able to take advantage of code flaws and siphon hundreds of millions of dollars from Ethereum. In addition, since the Blockchain is immutable, it is not possible to modify the information stored in its code. While this makes it more secure for the financial industry (because records of transactions are permanent and cannot be tampered with), it also stores information that is best removed, such as a 2019 incident in which sensitive images of child abuse were embedded in the code.
Blockchain-based cybercrimes are increasing with frequency, and due to users’ general lack of familiarity with the technology, they can be difficult to spot before the attack. Cybercrimes include digital wallet scams, which trick users into compromising their financial accounts, and smart contract flaws, which are vulnerabilities in code that can be exploited by hackers. Thus, beyond its practical benefits, Blockchain education creates a protective layer of knowledge against cybercrime.
There is an abundance of interactions with Blockchain, highlighting the urgent need for better education on its mechanics. In 2021, 53% of students had at some point invested in cryptocurrency. Despite this, students are unlikely to take financial literacy courses dealing with blockchain-based cybercrime, even if they study finance.
Literature that links financial literacy to cybersecurity tells us that educated users are much less likely to fall victim to scams and fraud. Given the increasing trend of student investment in blockchain-related sectors, the university should integrate blockchain education into the core curriculum to provide students with the tools they need to protect themselves against the increase in blockchain-based cybercrime.
Whether harnessing the unparalleled efficiencies that Blockchain can bring to the workplace or distancing themselves from the ever-evolving threats of digital finance, everyone will benefit from becoming more fluent in the technology. In the meantime, students can familiarize themselves with Blockchain by following improvements to the software, participating in online mini-courses, and staying up to date with its new implementations. Even a cursory understanding of this technology can make all the difference in a person’s job prospects.
Stephanie Bouserhal is an opinion columnist who writes about cryptocurrency in her “Crypto Critiques” column. She can be reached at scbous@umich.edu.
