Inspiring the Next Generation of Ladies in Blockchain

The blockchain industry has taken the world by storm, experiencing a remarkable surge in recent years. In 2018, its value reached an impressive $1.57 billion, and experts predict it to skyrocket to a staggering $163 billion by 2027 — over a hundredfold increase. However, despite this meteoric rise, a pressing issue arises: the glaring lack of diversity in the sector, particularly the under-representation of women.

During a fireside chat at the World Blockchain Summit 2023 held in Singapore between 2 to 3 August, one of the topics covered was “Women in Blockchain: Pioneering the Future of Decentralised Technologies”. Fiona Murray, Head of APAC Sales at Ripple, and Sonny Mohanty, VP APAC at Nordek addressed the issue of how can the blockchain space address the scarcity of female workers when so few women are actively involved in crypto and blockchain at a foundational level.

Fiona expressed her concern that women “are under-represented. We’re actually everywhere…Women are everywhere in blockchain…but we are under-represented. Under about 30% of tech startups in the blockchain are women.”

This echoes the fact that gender disparity has given rise to a significant diversity gap within the industry. The blockchain space operates at breakneck speed, inundating individuals with a constant stream of information and challenging them to swiftly comprehend new concepts and transform them into real-world applications. Unfortunately, women's participation in the blockchain ecosystem has been hindered by historical trends, such as a lack of investment in women-founded companies. Consequently, women may find themselves more encouraged to pursue conventional corporate career paths.

A crucial factor influencing women's engagement in the blockchain space is the timing of their entry and the extent to which their interests align with the industry. The sector's cyclical nature means that joining during a bullish market and subsequently experiencing job losses during a bearish market may compel individuals to revert to corporate ladder-climbing structures for stability.

According to Fiona, it is not the fact that there are not enough women out there who are smart, intelligent, and risk-taking; it is because women are not necessarily putting themselves forward. Things may be perceived as scary or daunting on the outside but once you are inside, it is not. Creativity in how to encourage others comes into play as well.

Fear factors like not having knowledge about the space, negativity portrayed by the media, a lack of proper education, and the likes, can hinder women from entering into blockchain.

Sonny concurred with the crucial role that women play in shaping the future of technology, frameworks, and programmes. Women cannot afford to be passive and settle for the safe and familiar path, as that would only keep them lagging behind the ever-evolving curve of progress.

Whether we are men, women, or from diverse backgrounds, it is high time we all embrace ownership of the future we are collectively building. There are promising opportunities for everyone, and this includes the vibrant communities of women in crypto and blockchain. These communities are filled with enthusiastic and approachable individuals eager to engage in meaningful discussions and share insights. So, taking that first step and expressing your interest can be the catalyst that opens up exciting new paths forward. Everyone needs to come together, support one another, and create a future that empowers and is inclusive. It is as simple as saying, “I’m interested,” Fiona added.

While celebrating the accomplishments of women in blockchain, it is crucial to explore the potential trajectory of this remarkable journey. By staying inquisitive and open-minded, we can speculate on future trends and opportunities for women in the blockchain space. As the technology continues to evolve, embracing emerging concepts like decentralised finance (DeFi), non-fungible tokens (NFTs), and smart contracts, there is ample room for women to lead the way and make their mark in this dynamic ecosystem.