Cyprus Mail 19 July 2021
During the first two decades of the 21st century, major technological revolutions took place, which fundamentally changed the lives of citizens worldwide.
This is a revolutionary technology, which is thought to change the data in too many areas of the new economy. Applications of this new technology are already flooding the finance sector and are finding increasing resonance in sectors such as financial services, supply chain management, digital governance and even art. Businesses and public bodies invest heavily in Blockchain in order to take advantage of the radical changes it will bring to the organisation and functioning of modern societies and economies.
It is worth noting that Cyprus is currently among the most progressive countries in the field of Blockchain, having voted since 2019, the National Strategy for the adoption of Blockchain technology, and is currently working on the creation of a legislative framework, which will govern the fields of various applications. It is therefore important to inform the public about this technology, its importance and the impact it will have on the lives of all of us in the near and distant future.
Considering that blockchain's emerging technology will continue to monopolize global and local interest and influence every aspect of human everyday life and business and education in blockchain can only be a one-way street for Students of Cyprus. For example, the University of Nicosia, which has been a pioneer in this field, has developed innovative programs, so that graduates can secure an important supply, and an inextricable competitive advantage in the field of work or research, both today and tomorrow.
The Importance of Blockchain Technology
At the research level, Blockchain technology (a term attributed to Greek as "array chain") was first introduced in 1993. He is the "spiritual child" of an individual or group of people known by the pseudonym, Satoshi Nakamoto, who in 2008 published the text with the technical characteristics of Bitcoin establishing the first digital currency and the first practical application of Blockchain. But since then, this technology has evolved into something bigger. By allowing digital information to be distributed but not copied, Blockchain technology has created the backbone of a new kind of internet. Although originally intended for digital currencies, Bitcoin, now this new technological community has more uses in technology. Blockchain acts as a public database for both Bitcoin and most applications that use it, which in connection with other technologies ensures the secure and transparent processing and registration of data from a decentralized network. For the first time in the history of mankind, this technology supports thousands of digital currencies, applications, and daily transactions worth billions, without the need for mediation by a central managing authority, while maintaining absolute transparency and security.
How Blockchain is applied to human everyday life
Since 2008, Blockchain has been evolving systematically, resulting in the emergence of thousands of other cryptocurrencies, with different characteristics as well as uses. It was soon realized that this technology can be used not only in the transfer of digital money but also in the electronic transfer of other means of value (shares, bonds, title deeds, etc.). Smart contracts have now given a huge boost to technology and created an entire ecosystem with a field of applications in the banking system, health system, energy, the issuance of academic or title deeds, etc.
Recent development and an interesting field to explore is how Blockchain technology can be combined with other innovative technologies, such as artificial intelligence, robotics, the internet of things and machine learning. The combination of these technologies will be the so-called "fourth industrial revolution" and is expected to lead to spectacular and exponential growth.
Grounds in business premises
According to the World Economic Forum's forecasts, by 2025 10% of world GDP will be based on Blockchain technology. Indeed, expert analysts argue that the impact of Blockchain is expected to reach even the advent of the internet.
Transparency, stability and security in blockchain interactions and transactions are, among other things, the cornerstones of innovative technology. From 2018, new blockchain-based initiatives are being born on a daily basis worldwide by changing the data. Despite the fact that a technology remains under development, Blockchain has already gained strong foundations in areas such as:
Business
The major technology companies were the first to support Blockchain in developing new digital products and services. Microsoft enables Microsoft Azure Enterprise customers to access Ethereum Blockchain as a Service. Google, which is developing a proprietary Blockchain model to support the cloud sector, is also on the same wavelength.
Digital Payments
Cryptocurrencies are the predominant sector where the capabilities of Blockchain technology are used to the fullest. Providing the potential for secure and decentralized digital money as well as total anonymity in transactions, Blockchain brought to the fore the end of traditional currencies and ushered in a new era for the global economy.
Politics
At the same time, more and more governments around the world have expressed strong interest in Blockchain technology aimed at digitally transforming and storing citizens' data in a decentralised context.
Tourism
Blockchain has proven to be able to boost the global tourism industry as well, enabling tourists to pay for goods and services through bitcoin and other cryptocurrencies.
Public Administration
Blockchain's technology has also been used to resolve public administration issues. China, one of the most technologically developed countries in the world, leverages Blockchain technology more than any other country, investing huge capital in the development of technology. The Chinese state in recent years has introduced Blockchain to the public sector as well. In cooperation with Miaocai Network, China's Finance Ministry uses blockchain technology extensively to simplify tax-related procedures such as the issuance of tax documents.
Supply Chains
In addition, supply chains have been using Blockchain more and more in recent years. Technology has provided multiple benefits to the industry as Blockchain's capabilities fully serve the needs of industries across the logistics range.
National Security
In 2016, the United States Department of Homeland Security announced an ambitious plan to securely store and transmit classified information and data based on Blockchain. Using the capabilities of technology, data from security systems is encrypted and stored in a way that significantly reduces the risk of breach. Blockchain can also be used to support discriminatory social groups, as technology enables communication and organization on the internet while protecting users' anonymity.
Real Estate
In Ukraine some time ago the world's first property sale took place via Blockchain. Renowned cryptocurrency advocate and founder of TechCrunch, Michael Arrington sold a property in the Kiev area by relying on Blockchain Ethereum in partnership with Propy, the start-up that specializes in real estate sales through Blockchain
Security
The implementation of blockchain in the insurance market is one of the main priorities of the major insurance companies by 2030, which aim both to create new innovative products and to better meet the growing needs of policyholders.
Blockchain and University of Nicosia
Blockchain training remains very limited, despite the huge growth of the technology in recent years. The University of Nicosia has been a pioneer in this field, demonstrating the following firsts:
- First university to accept Bitcoin as a means of paying for tuition fees (2013).
- The world's first university offers an innovative master's degree in digital currencies (MSc in Digital Currencies) which is taught remotely (since 2014) and is entirely dedicated to deepening blockchain technology and digital currencies. Hundreds of graduates of this specialized master's degree are employed in important and high positions in the financial sphere worldwide.
- The world's first university offers a massive open online course on the key aspects of blockchain technology, attended by more than 45,000 students in over 110 countries.
- It was the first university in the world to issue degrees in Blockchain (since 2014) and is now evolving this technology through its subsidiary Block.co. Through this company, any company, organization or interested party is now given the opportunity to easily and quickly confirm the authenticity of academic titles on the blockchain.
The Institute For the Future, which operates as part of the University of Nicosia, it currently has one of the largest research and academic groups in the world.
MSc in Blockchain and Digital Currency and Living Program
The University of Nicosia, as a pioneer in blockchain education, introduces from next academic year the first lifelong postgraduate program in digital currencies and blockchain, which will be taught in Greek, thus filling a significant gap in academic education. The new program is a continuation of the distance master's degree that has been successfully offered since 2014 in English.
The flexible structure and directions of the program allow students from disciplines such as finance, finance, business administration, law and information technology to link their past knowledge and experiences to the field of digital currencies and blockchain. By participating in the program, students become part of an exclusive team of experts in the fields of business, finance and information technology with specialized knowledge, experience, and a broad understanding of the financial, legal and technological aspects of blockchain and how they will transform society and the economy globally.
