• Friday, September 29, 2023
businessday logo


Empowering women through blockchain: Unlocking opportunities, driving innovation


In the blockchain industry, gender disparity continues to be apparent, where women’s involvement and representation are noticeably lower compared to men. Although the exact numbers vary depending on the source and the specific industry area being analysed, studies consistently show that women are underrepresented in blockchain and cryptocurrency in general.

The Global Crypto User Index reports that of the 378 venture-backed crypto and blockchain companies founded globally between 2012 and 2018, only one had an all-female founding team, and only 31 (8.2 percent) had a combination of male and female founders. Outside of leadership, women are also grossly under-represented in the workforce, with 95 percent of people in the blockchain industry being men.

Notably, bridging the gender gap in blockchain will bring financial inclusion and economic empowerment to women globally, which will invariably have a strong impact on reducing poverty, increasing education, and overall development of local communities. This is apparent because improving gender economic equality leads to remarkable communal growth and development.

Bridging the gap

Blockchain technology has endless possibilities but for it to succeed, inclusivity is key. Still, it can only be fully realised if organisations recognize that all individuals play an integral part in the success of their operations.

To address the gender gap in the blockchain technology sector, it is crucial for relevant stakeholders, such as government agencies and private organisations, to invest significant resources in education, adoption, and financial inclusion for women.

Read also: IWD 2023: Celebrating women making magic behind, in front of the cameras

Collaboration between the public and private sectors is necessary to achieve inclusive economic empowerment for women in this industry. By committing resources to these efforts, stakeholders can effectively bridge the gender gap and create a more equitable and thriving blockchain technology sector.

Binance, through its philanthropic arm, Binance Charity, uses the platform to promote women’s contributions to the blockchain. Its 8-week boot camp in collaboration with Utiva, for example, was established to equip women with the necessary tools and skills required for a career in blockchain. The training program covered several essential topics, including blockchain fundamentals, cryptocurrency basics, decentralization, web3, and the metaverse. Additionally, participants engaged in practical, hands-on projects to develop crucial critical thinking skills and tackle real-world issues with practical solutions.

As an organisation, Binance continues to address inequality in the blockchain industry, through inclusive and transparent employment principles.

Remarkably, its efforts continue to pay off, witnessing an impressive turnaround in the perception, and participation of women in the world of blockchain.

The advancement in blockchain technology should be fueled by values that prioritise quality contributions, disregarding gender, race, or political affiliations.

After all, the peer-to-peer system inherently embodies equality, with significantly lower barriers to entry and use compared to traditional financial markets. Inclusivity is paramount, as the blockchain industry strives to achieve critical mass and promote widespread adoption.