Blockchain technology has done a lot of great things since it came around. To begin, we have seen how it transformed how money is stored and accessed across the globe. Crypto exchange platforms - a product of blockchain technology - now make it easy to instantly send payments peer-to-peer without the need of a middle man or traditional financial institutions. Blockchain technology also facilitates the transfer of data across networks through its immutable storage.
When you look at various sectors like health, education, insurance, etc, you see how blockchain is being used to provide solutions to challenges the traditional systems have struggled with for a long time now. All these show that blockchain technology has done a lot of good. But then, there is more work to be done.
In this article I will discuss how the blockchain can play a role in a vital area too often neglected - human capital development. This is a broad subject that cannot be exhausted in a single post, but I will narrow it down to the following:
- Understanding the concept of human capital
- The vital role blockchain technology can play in human capital development
Alright, let us start from the first item on the list
Understanding the concept of human capital
The concept of human capital is not too hard to understand. It simply describes the potentials, assets or anything of value which a person possesses, that can make them more productive wherever they are. So human capital is just everything in you that can boost your economic importance or productivity. This include your natural intelligence, special skills, talents, and other things.
The HR of any organization will tell you more about human capital. They understand that the input of each employee is important for the general well-being and success of the organization. So successful organizations invest a lot in human capital development. The way they do this vary from place to place. But generally, most companies send their staff to course upgrade programs to improve their knowledge and skills. They do other things too, but this is just an example to help us understand what human capital is all about.
In general, almost everyone appreciates the importance of human capital. That is why parents send their kids to school to acquire knowledge and skills. We subconsciously appreciate human capital when we go to hospitals for regular checkup and treatment - because health is an aspect of human capital. At this point in this discussion, you already have a more rounded understanding of what human capital is all about - everything in you that makes you more productive and economically valuable is human capital.
Before I talk about the role of blockchain in human capital development, lets briefly look at this point below
Why Human capital should be developed
You probably figured out the importance of human capital. So why should we develop human capital? In one word - productivity. Yes in the job sector, everyone is expected to be increasingly more productive. Even in the larger economic setting, it is important. People (humans) make up any economy. The more skilled, intelligent and healthy people there are in a place, the better the economy. A city with more old and sick population will probably be less viable than one with a healthy, youth population. Even in a family, when everyone is up and doing, things go well.
However, productivity may not be the main goal for blockchains to get into human capital development. In the next section, we will look into an aspect that is largely ignored in this issue.
Why blockchain technology should be interested in human capital development
Blockchain technology can play a very vital role in human capital development, one that will probably bring more benefits that just productivity. Why should blockchains get into human capital development? The answer for me is not just productivity. It is..
Mass adoption
Isn't that what every blockchain project want? To have more investors, more valuable users, more engagement, more publicity. There are many great blockchains that can benefit from investing in human capital development. Our dear Hive is one of them. Am sure that sooner or later, this area which I consider an area of marketing strength will be discovered and explored - and that is the essence of this publication.
Basically, see how I believe this will work. Everyone wants to be a part of something that has brought them value. Everyone wants to get involved in something that has already made an impact. Blockchain technology is relatively still new, even in so called 'developed economies'. What could be the best way to introduce this new concept to everyone and even to potential investors? It is to show them how blockchain is already making impact around them.
So investing in human capital investment will be a great way to showcase the value that blockchains (Hive for example) can bring. After all, many people (including some investors) believe in only what they see. So when you encourage people of value to invest or get involved in a blockchain project, they will be more eager to listen because they have seen its human capital development contributions locally. They want to take action because it is no longer something unknown to them, having seen the value such project has already brought.
Blockchain role in human capital development
Investing in human capital development is a vital role blockchain projects can play. Like I mentioned at the onset, this subject is broad because human capital development encapsulates a lot of things. But I believe, the blockchain can start playing a role from somewhere. If I where to suggest, they can start from a crucial sector and that is...
education and capacity building
Depending on location, the education sector needs blockchain investment for its growth. So a blockchain project can decide to invest in the education and capacity building sector in various ways. Again considering the geographic location, this may include the following:
under Education and capacity building..(For example in Africa)
- Improving the teaching standard of education by equipping instructors with modern teaching tools
- Helping students to learn with modern technology.
- Setting up IT education centers and exposing students to IT education that is badly lacking in public and private schools
- Offering blockchain courses to select members of the sector who are potential investors or blockchain users
- Trying to partner with private or public institutions with the aim of offering capacity building courses for its staff
- Organizing tech competition events for students with a view to improving their IT knowledge and skills.
- Organizing blockchain workshops for higher members of academic institutions. (like )
The above are just sample ways that I think blockchain projects can invest in human captial development in the education sector (in Africa for example).
Now the ROI target will be..
From all stake holders in that sector. The education sector will be exposed to that blockchain project and have the opportunity not just to be ordinary users, but valuable investors in the blockchain. This can even open up the opportunity to get in touch with the education authority with a view to benefiticial partnerships for the blockchain (Hive for example)
The above is an example of how blockchains can play an active role in human capital development under education. One can still think of other sectors like health, business, crafts, transportation, employment, etc.
Final thoughts
Marketing blockchains have not been easy. Today's blockchain marketing models have been pretty straightforward - focusing on random users online. Or doing blockchain charity projects and attending periodic blockchain events hosted in various places. While all these could be great ways to reach out to new investors and users, investing in the very fabric of society could be an added means of facilitating mass adoption of any blockchains project. In this case, investments in human capital development should not be neglected as it has always been.