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Survey: Millennials Don’t Mind Retirement Plans Facilitated with Crypto

Survey: Millennials Don’t Mind Retirement Plans Facilitated with Crypto

Marketing consultancy Edelman has published a new report that reveals millennials have sizeable investments in the cryptocurrency industry. The report also noted that 74% of millennials into crypto say tech innovations like blockchain make the global financial system more secure.

This has been corroborated by a recent study carried out by eToro revealing that almost half of the millennial generation trust in the cryptocurrency market exchanges more than the traditional stock market exchanges, and US respondents would also consider a 401k retirement plan in crypto.

eToro’s study sampled 1,000 online traders and reportedly found 43% of the millennial respondents losing trust in the traditional capital market. Meanwhile, 77% of the older generation sampled are dogged customers of the established capital market.

Accordingly, Managing Director of eToro Guy Hirsch commented on a “generational shift in trust”, which is what blockchain stands for ideally. He went on to suggest that the shift may have been due to the economic crisis and the resulting financial impediments meanwhile the institutions which were supposed to provide confidence were blossoming at the peril of the customers.

Forward-thinking generation

Sometime last year, Swiss Fintech company Creologix concluded that most millennials were not saving for retirement but were, however, stocking up on cryptocurrencies in an attempt to leverage the financial security these new asset classes may provide. eToro’s report also indicated half of the respondents from the survey showed interest in a 401k plan facilitated by crypto.

In the United States, perhaps one of the reasons driving these millennials more into crypto is because of the insurmountable pressure of college debts as well as the quest for financial stability, especially with the speculation of another global economic crisis on the horizon.

Compared to other traditional investment vehicles, cryptocurrencies also have been reported to have more appeal to millennials whereby a survey had inferred that: “For Millennials the soaring performance of Bitcoin – followed by an almost equally profound correction – holds more intrigue than the prospect of steady growth in house prices.”

Paradigm blend

The cryptocurrency industry has taken up a likeness to the traditional capital market as it mimics mechanisms such as the traditional funding in the form of initial public offerings and translating it to initial coin offerings, which in its own way has contributed to mass adoption of blockchain and its underlying asset classes.

In order to remain consistent with the technological shifts, as seen with social network evolution, user experience-centered markets tailored by millennials, most legacy institutions are now in conformity with trends in the blockchain industry. And as the report further stated:

“Despite millennials trust in crypto over traditional stock, they are still enthusiastic about the prospect of traditional financial institutions offering crypto assets.”

More so, most of the millennials acknowledge interest in crypto-related products if offered by TD Ameritrade, Fidelity, or Charles Schwab.

Moreover, the crypto industry continues to prove itself as the revolutionary financial technology innovation it’s touted to be, as it attracts institutional investors to the emerging crypto derivative classes; security tokens as well are finding their way into the industry.

 

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Malta to Store Education Certificates on Blockchain

Malta to Store Education Certificates on Blockchain

Local English publication Malta Today has reported that the country will now store all education certificates on a blockchain-based platform.

According to the report, the latest move came after the successful implementation of a two-year-old pilot project. Now, the pilot project will be upgraded to include all schools in Malta, whereby secondary school certificates issued by independent schools, state or church will be stored on the blockchain. A two-year contract has been signed by the Maltese government with software company Learning Machine, which will upgrade the present system, noted the report.

Prime Minister Joseph Muscat remarked during the signing ceremony that Malta was the first country to adopt to blockchain-based education certificates. He added that in 2017, his government decided on a policy to make the nation a haven for blockchain and gradually it has been successful in achieving that. Malta remains one of the most progressive countries when it comes to blockchain and crypto regulations. In July 2018, a set of bills was passed by the Maltese government in order to provide legal certainty for the crypto sector.

Malta may be the first country to take such a grand step but in January, the University of Bahrain also announced that it would issue diplomas on the blockchain. As part of a pilot program, the Massachusetts Institute of Technology (MIT) had also decided to issue blockchain based education certificates to more than 100 graduates.  A special app was used to issue those certificates which will enable students to share a verifiable certificate with their employers and other parties.

In December 2016, media reports came out claiming that the Kenyan government has decided to use IBM’s enterprise-grade blockchain solution in order to create a tamper-free and transparent education management system.

 

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Zuckerberg Suggests Facebook Blockchain Use for Data Authorization

facebook

Mark Zuckerberg has recently discussed the consequences of using blockchain technology for authorization of user data on Facebook. He expressed his views during an interview with Jonathan Zittrain, a prominent Harvard Law professor.

The discussion revolved around topics such as the future of society and technology. Zuckerberg maintained that Facebook itself is a decentralizing force despite its over-centralization of data and authority. He added that people of his generation invested their time and efforts in technology because it imparts power to individuals and is massively decentralized.

He did admit that Facebook is looking to integrate blockchain technology into its system to give users additional control over their data. He explained that in future, information could be stored on some decentralized platform and retrieved “without going through an intermediary”.

However, he maintained that the main issue related to the use of blockchain is not its computational intensity rather its moral implications. Although users can get more control by using a decentralized system, it can also lead to unforeseen problems. It will be difficult to rescue users in such a situation, much more than a centralized system, he added.

Zuckerberg said that one way to move towards a decentralized structure was to offer more encryption capabilities as the company was doing in its messaging services. Various benefits offered by using encryption such as privacy and security were also outlined by the Facebook CEO.

Zuckerberg said:

“People rightfully have an expectation of us [Facebook], that we are going to do everything we can to stop terrorists from recruiting people or people from exploiting children.”

Nevertheless, he stressed that people should feel confident that Facebook will not allow any terrorist group to exploit children or recruit adults for terrorist activities.

Earlier in February, Facebook acquired a blockchain startup, Chainspace, in order to train its staff in crypto-related skills and expertise.

 

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