3 Ways Millennials Will Use Blockchain Technology

We are now at the point where millennials, the largest population segment on the planet, are coming into power in society and the financial sphere. In 2017 they had $200 billion in discretionary income and this amount will only grow in future years. This is the generation that grew up with technology and expects all aspects of life to include the benefits of technology.

Considering this, is it shocking that millennials are so keen on blockchain technology?

Blockchain is set to completely change so many aspects of our lives, improving how we interact and how we manage. Properly harnessed, it will bring about a new, technologically-enhanced age.

So how are millennials using blockchain? The primary link most people know about is blockchain and cryptocurrency. Considering this is the generation that was starting adulthood as the big banks threw the markets into chaos, it shouldn’t be too surprising that millennials do not trust major banks and are very interested in cryptocurrency.

What’s really interesting is how they are using the technology. Cryptocurrency is so much larger than just bitcoin and the wide range of cryptocurrencies means there is a coin that meets your unique needs. People can now invest in ICOs that match their interests or belief sets and have a much stronger link to their finances and portfolios. In this way they know the impact their money is having.

Then of course there is the huge upgrade cryptocurrency is from conventional currency. Cryptocurrency is safer (in terms of fraud and identity theft), universal, easy to send to anyone across the globe and decentralized.

The millennial generation are set to be the ones to oversee the change from basic currency to cryptocurrency. There are still glitches to be figured out, but once they have done that the financial world will be the better for it.

Another way millennials are using blockchain? The digital distributed ledger. This fantastic and useful tool is also part of cryptocurrency technology, but its potential extends far beyond that.

Millennials are campaigning for a better world and technology that helps make the world more accessible and transparent is obviously seen as an important and necessary upgrade to our current system.

Considering how politically and socially conscious millennials are, it shouldn’t be a shock to learn the role blockchain has in improving charity and nonprofits. The blockchain technology, by improving transparency, is helping to track what happens to donations. By improving the nonprofit sector in this way FinTech will make it safer (and more appealing) to donate to worthy causes.

Not only that, blockchain and cryptocurrency can be a better way to get funds to needed parties. The United Nations, for example, uses cryptocurrency in its World Food Bank trial program, giving Syrian refugees in Jordan cryptocurrency vouchers to purchase food.

As the blockchain technology gains a stronger hold and millennials become higher earners the full ability of blockchain to improve nonprofit endeavours will become apparent. I look forward to seeing this.

Beyond making the nonprofit process easier, blockchain also has the real potential to reduce economic inequality and this is one of the reasons millennials are drawn to the technology.

Blockchain is a great example of a decentralized system, something that can be used on a global scale. With decentralization we can make our global financial system free of fraud and corruption and more transparent. Once we bring in AI, we can find ways to better distribute not just money but all the elements we need to survive.

Properly harnessed, blockchain has the potential to bring us into an era of social equality. This is a goal millennials could reach. They know technology and are very socially aware. It’s exciting to think about the positive impact they could make.

The future is FinTech. Already the revolution has changed how we do banking and it hasn’t even hit its stride yet. With the millennial generation increasing its power on the market and in society this really shouldn’t be a surprise. As their power grows and as FinTech evolves we are going to see more amazing breakthroughs using the technology and our financial realm will become all the stronger because of it.

Blockchain will play a big part in this shift. This is a technology people should definitely acquaint themselves with and prepare to fully embrace.