Blockchain is one of the most disruptive technologies globally. The sector has seen immense growth in startups and investor interest. However, as with many tech industries, investment in blockchain has been characterized by gender inequality, with only around 5% to 7% of users being women. In 2018, a total of $85 billion in wealth was generated from bitcoin, out of which women accounted for only 5.88%. The gender bias is not unique to the blockchain sector but cuts across several tech-related sectors. Below are 5 strategies that can help increase women’s participation in the blockchain industry.
5 Strategies to Increase Female Participation In the Blockchain Industry
1. Change Public Perception
Blockchain and cryptocurrencies have their roots among technologists and computer scientists, two sectors that are historically known to be male-dominated. In addition, blockchain grew in popularity partly due to forums like Reddit and 4chan, whose audiences are also predominantly men.
The blockchain space has therefore suffered a wrong stereotype and brand imaging that does not support gender equality. Therefore, stakeholders need to develop policies to increase the familiarity of blockchain and cryptocurrencies among women. Generally, cryptocurrency knowledge is still very low among the general public, and it is projected that as society becomes more informed about this nascent sector, public perception will shift, and the gender gap will slowly close.
2. Empower Women to Learn
There is a need for empowered campaigns to draw women's attention to the crypto industry. Conferences addressed by women pioneers in the industry can also motivate women and open windows for dialogue about the role of women in the sector. Empowerment campaigns need to include young school-going girls through lessons on blockchain and opportunities that come with it.
3. Create User-Friendly Applications
In order to increase adoption and create a diverse customer and user base, there is a need to create blockchain products that are user-friendly to both genders. In addition, the industry needs to develop products that offer the universal day-to-day value of blockchain and cryptocurrencies.
Many disruptive technologies usually start with a small network of early adopters before releasing user-friendly versions to fuel mass adoption. Blockchain is undergoing a transition from early developers and adopters to mass adoption.
4. Increase Financial Literacy
Men are more active investors than women, even in the traditional finance industry, away from blockchain and digital currencies. In addition, lack of financial literacy is a leading contributor to the gender disparity in investment and wealth creation.
With cryptocurrencies also close to becoming a mainstream financial and investment product, there is a need to increase financial literacy among women to create a level playing ground in the new financial system. Increasing financial literacy and investment training among women and young people of both genders will create a level financial ground and stable financial position for the generation to come.
5. Increase Women’s Visibility in the Blockchain Sector
There is a need to put the few women in the blockchain space in strategic positions of influence that could motivate other women to join the space. This will increase the visibility of women in the industry and attract others to join.
Final Word
Gender inequality has always played out in many facets of life caused by natural selection, entry barriers, gender discrimination, and implicit bias. These issues require a systematic approach to root out and create an equal ground in the blockchain space.