There are two main reasons why the blockchain concept is likely to appeal strongly to Generation Z: the close association of blockchain tech with social media; and how this close association allows for new digital marketing opportunities for businesses.
The analysis comes from Mariam Nishanian, part of the Dentacoin organization helping the global dental industry embrace cryptocurrency as payment for dental treatment. These ideas around blockchains are set out in the white paper “Dentacoin: an Ethereum-based Token for the Global Dental Industry.”
Blockchains equal trust
The new assessment breaks blockchain relevancy down into four areas. The first area is ‘Trust’. Since blockchains are timestamps and transaction data, secured through cryptography, no person can go back in time and amend information in a previous block. Since a blockchain network is formed from millions of users globally it is, with current technology at least, impossible to change information in the blockchain.
For businesses this means that a company would no longer be able to pay a technology form to hide inappropriate reviews or to create fake ones. This level of trust appeals to younger people especially.
The review concept forms part of the Trusted Review Platform which was introduced by Dentacoin to enable patients to leave reviews about dental services.
Crowdfunding opportunities
The second area of importance is with the potential for crowdfunding. Many crowdfunding schemes have proved successful through raising capital via token sales or Initial Coin Offerings. Here a firm can collect funds by giving away a custom token. With this form of transaction there is a degree of safety in knowing that the contribution made will go directly to the project. A further appeal, for many, is that the transaction over the blockchain remains anonymous.
Freedom of speech
Third comes ‘freedom of speech’. This is applicable in regions of the world where there remains a level of censorship. The blockchain concept in relation to social networking provides authentication and anonymity.
Online anonymity
The concept of online anonymity forms the fourth and final attraction. Unlike Millennials, who seem to enjoy sharing every moment of their lives on platforms like Facebook, it would appear that Generation Z prefers online anonymity. The implication of this is that as Gen Z grows into maturity, over the next three to five years, online anonymity and security of personal information will be sought after and blockchains provide a means to achieve this.
