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Can Digital Assets Ease Unemployment?

Can Digital Assets Ease Unemployment?

According to a recent survey by Malaysia’s Ministry of Higher Education earlier this week, 75,000 new graduates this year will be facing challenges in finding employment.

Another statistic published by the Ministry of Human Resource stated that more than 80,000 citizens lost their job since early this year. The main contributing factor would be Covid-19 pandemic.

Plausibly, the government is actively introducing incentives to reduce the unemployment rate. However, the pandemic is still ongoing there are sectors unable to continue their business as usual. The fresh graduates and the unemployed will be affected hard.

The flourishing gig economy

Undeniably, the gig economy has tremendous impacts on helping to reduce unemployment. Plus, the next five years estimation, 40 percent of the Malaysian workforce is in the gig economy.

Moreover, the government has been supporting by allocating millions in the form of grants in promoting gig economy platforms. While the future projection looks promising, let’s not stop there.

The way of blockchain and cryptocurrency

The Malaysian government allows digital assets trading like Bitcoin through authorized digital asset exchanges. Yet, the country is still a long way to catch up with the latest projects and innovations.

However, the awareness of Bitcoin in Malaysia is still low. It is an opportunity for the well-informed but the uncharted territory for the rest. Currently, there are plenty of ways to earn through digital assets without really spending too much to get started.

The blockchain and cryptocurrency industry is more than just being digital assets. It helps in adding and enhancing values in introducing innovative applications. 

For example, Brave is a web browser software with cryptocurrency rewards for users. What’s more interesting is that it has a built-in feature to tip others that registered through Brave Rewards verified content creator.

There are also blogging and social media platforms powered by blockchain technology. To name a few examples are Steemit, Hive, and the upcoming one, Torum. In these platforms, the rewards will be in the form of digital assets, and can users can earn it by publishing posts, giving a Like, or sharing the content.

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Apart from that, projects such as Emanate, DLive, and VibraVid reward users for uploading music, running streaming, watching, and listening too. It works similar to Youtube, Spotify, Twitch, TikTok, and more.

The real main question here would probably be this; why should they use these platforms if it has non-blockchain counterparts with more users and more popular?

Undeniable that more popular and established platforms are the preferred ones. However, blockchain-based platforms are growing in numbers and gaining popularity. Plus, digital assets have its’ advantages over fiat currency, such as privacy and no third-party intervention.

These platforms should be able to provide more alternatives for the unemployed to ease them financially and earn digital assets. Currently, there is no sure formula to replace full-time employment or to be dependent on these platforms. Yet.

Surely there will be better platforms and attract more audiences and users along the way.

Do you think Digital Assets can help to reduce unemployment in the future?

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