How Women of Color Can Tap into The Blockchain Advantage
For many small business owners, blockchain and cryptocurrencies can seem unapproachable and even irrelevant. Yet with the announcement of the Metaverse, Web 3.0, NFT marketplaces, and technologies we never thought possible, the future may be nearer than we think.
Olayinka Odeniran, the founder and chairwoman of the Black Women Blockchain Council (BWBC), aims to onboard half a million Black women onto blockchain technology through her membership community by 2030. Olayinka desires to create a place where Black women can learn, explore and dive deeper into what makes blockchain unique.
After working in the financial industry for16 years as a chief compliance officer and an investment advisor, Olayinka noticed that Black women had difficulty raising capital for their businesses. Hence, as she explored various options, she began exploring bitcoin.
“The deeper I got into it, I saw that we as a people really need transparency and accountability in the finance industry,” she said. As a Nigerian native, Olayinka saw the rhetoric of mistrust in the government. She realized that blockchain technology had the potential to solve those problems. So, she began writing articles sharing her knowledge as a blockchain advocate.
“We don’t always have to be the consumers when it comes to technology. We can be creators,” said Olayinka.
The BWBC was born from Olayinka’s vision to change the male-dominated narrative. She began to seek minority women to advocate, support, educate, and promote the cause. Olayinka shares these advantages to help us get ahead of the future by understanding the benefits of blockchain technology for entrepreneurs of every background.
Before we get into the benefits, what is blockchain?
Blockchain is a distributed, decentralized ledger technology that tracks data movement and creates accountability.
Blockchain allows you to transact with anyone globally without a middleman like a bank. It will enable anyone to transfer money through a trackable secure ledger. This creates valuable use cases. Artists can now mint their artwork onto the blockchain, sell it, attach a royalty, and authenticate original artwork.
The ledger allows us to see who possesses the artwork at that time. You can see and trace the movement through the data with blockchain technology.
We have an opportunity to be creators in the blockchain ecosystem.
When women of color (WOC) entrepreneurs learn the foundation of blockchain, it empowers them to be creators and build the foundation of how this technology will be used. BWBC’s onboarding goal of 500,000 members could change the game for minority communities, ushering in a new wave of generational wealth and knowledge.
Think of when the Internet first launched. It started with just a few people, but soon everyone had a website. The early adopters received the best search engine rankings and recognition as thought leaders in their industries. While there are many use cases for blockchains across verticals, thousands or millions of untapped possibilities exist.
Blockchain provides an opportunity to compete without dealing with the bias of the finance industry.
With these qualities, we can eliminate human-constructed barriers based on race, gender, and class because, with blockchain, every actor is represented by a series of numbers. The opportunities limited by gatekeepers and systemic barriers are now afforded to anyone and everyone willing to learn.
“The demographic that isn’t really involved, is the Black community. Just enter. No one can keep you out,” said Olayinka. “Everyone is welcome, and everyone is able to participate. This is a viable space for us. I can buy a house or sell a house in the decentralized finance space, they don’t know I’m a Black woman, and I get the same interest rate as the next person. We can use technology to be on an even keel.”
Tapping into blockchain will help WOC entrepreneurs migrate to Web 3.0, the Metaverse, and future technologies.
Blockchain technology is scheduled to be the currency of the foreseeable digital future. Virtual office spaces will be purchased using bitcoin. Smart contracts will be developed with blockchain technologies that automate transactions when predetermined conditions are met.
As big businesses enter the Metaverse, they will adopt cryptocurrencies to facilitate new, electronically-hosted transactions. Visa, Mastercard, and JP Morgan are already banking in the Metaverse.
Here are three tips for those who are ready to jump in and explore blockchain technologies:
- Find a blockchain educational group. Olayinka hosts a weekly Clubhouse called “What the Hell is Blockchain?” She also recommends Black Bitcoin Billionaire Najah Roberts and blockchain consultant Cleve Mesidor.
- Shift your mindset. As you explore blockchain technologies, be prepared to shift your perspective. We’re used to relinquishing control of our outcomes based on third-party regulations. However, in this space, you’re navigating as your own bank. There are no regulations, so you have to consider how to navigate the area safely.
- Explore securely. Build a solid security knowledge base to maintain your assets and stay safe. BWBC is onboarding people and helping them acclimate to the space so that people can create and engage in blockchain technology while minimizing risk to their assets.
Learn more about the Black Women Blockchain Council membership and Olayinka’s work at https://www.community.bwbc.io/signup/.