f5-nz logo
Story image

Digital natives love the blockchain because they trust it

22 Aug 2018

The younger ‘digital native’ generation may turn out to be blockchain’s driving force in years to come, as they grow to distrust centralised institutions and systems.

That’s according to Dentacoin Foundation’s communications manager Donika Kraeva, who believes that there is a direct correlation between Generation Z’s lack of trust and high adoption of crypto assets and blockchain.

Kraeva says that blockchain is a safe, reliable, and efficient way of storing value without any involvement from third parties.

Apparently digital natives’ don’t like interference, especially from governments and banks. Digital trust is also more important than ever. Blockchain, Kraeva adds, provides digital scarcity and digital trust worldwide.

Blockchain also provides online anonymity - a topic that is still controversial.

“[It] has been described as a “Double-edged Sword’ by many industry experts. Online anonymity is increasingly being preferred over open social media interactions for a variety of reasons. Industry analysts believe that the demand for online anonymity and security of personal information will only grow exponentially as Gen Z grows into maturity,” Kraeva says.

Blockchain can also facilitate crowdfunding for new generations of startups. Token sales and initial coin offerings are ‘almost foolproof’ ways of generating capital because they offer safety and trust.

Kraeva also argues that blockchain also helps freedom of speech. How? Because it transmits information through networks, even in countries where public censorship is rife.

“By tapping into the decentralised nature of the blockchain, information can now be transferred without the fear of censorship, no matter where in the world it originates from.”

Kraeva believes that blockchain is ‘almost tailor made’ for the entrepreneurial generation Z, which will be able to drive new use cases.

One of those use cases is charity, as some startups use blockchain for charitable giving and relief efforts around the world.

“A popular example is UTOPI, a blockchain project which give individuals access to exclusive and exciting events with the proceeds directly going into a particular charity without any third-party involvement,” Kraeva explains.

Meanwhile, healthcare is also set to benefit from blockchain as it can put the patient at the centre of the system with added security, privacy, and interoperability of health data.

“Even though blockchain is increasingly being integrated into several industries of the world, the decentralised approach of blockchain technology will be crucial for the future of healthcare,” Kraeva says.

“As [digital natives] have a tendency to distrust centralised institutions and systems, the decentralised nature of blockchain-based healthcare would gradually appeal more to the newer generation.”

Story image
Spark completes stage one of Optical Transport Network project
The first piece of the new OTN 2 fibre network was installed between Glenfield and Papakura in Auckland, and is now live and operating at 800 Gigabit per second (Gb/s). Spark’s previous links operated at 100 or 200 Gb/s. More
Story image
'Project Thunderchild' uncovers what's wrong with cloud-based gaming
Massive subscription-based streaming platforms like Google Stadia and Microsoft xCloud connections can be far from stable.More
Story image
Apple pledges 100% carbon neutrality by 2030
The commitment includes efforts to reduce carbon emissions by bolstering the use of low-carbon or recycled materials, investment into energy-efficient projects, as well as investment in conservation and environmental restoration programmes around the world.More
Story image
LPM Property Management leaves Amazon S3 buckets unsecured
"We take the protection of our clients' data very seriously. That's why we promptly dealt with this issue once we were made aware of it. The data is fully protected after our external technical contractor acted to ensure it was safe. There is no evidence at all to suggest any unauthorised access."More
Story image
Hands-on review: EKSA E900 Pro gaming headset
Built for gaming, it promises to give that authentic gaming experience, so you’ll know if that character behind you is making threatening noises. More
Story image
5G arrives in Palmerston North - Spark
The city is the first location in New Zealand to have access to 5G on both mobile and wireless broadband.More