In the era of rapid technological advancement, blockchain and cryptocurrency are among the cutting-edge technologies that have grasped global attention. Blockchains are used to maintain a decentralized, transparent, immutable, and secure record of transactions. According to a reportby Grand View Research, the global blockchain technology market was valued at $17.46 billion in 2023. The industry is expected to reach $1.43 trillion by 2030, growing at a compound annual growth rate (CAGR) of 87.7%. In 2022, North America accounted for 37% of the global blockchain industry revenue. However, the Asia Pacific region has been estimated to have the fastest growth rate over the forecast period.
The growing acceptance and adoption of cryptocurrency, the rising popularity of decentralized finance (DeFi), and non-fungible tokens (NFTs) are fueling the growth of blockchain. Blockchain technology is poised to disrupt various industries, including healthcare, supply chain, manufacturing, and financial services.
The Estée Lauder Companies Inc. (NYSE:EL), a giant in the beauty industry, has been using blockchain to track various components in its supply chain since 2020. The company uses blockchain to track ingredients vulnerable to environmental or labor inconsistencies. Aveda, a brand by the Estée Lauder Companies Inc. (NYSE:EL), uses blockchain to keep track of their Madagascan vanilla supply. The Estée Lauder Companies Inc. (NYSE:EL) has partnered with Wholechainto ensure visibility in the entire supply chain while also enabling stakeholders to check the ingredients' quality.
Mediledger Network, administered by Chronicled, uses blockchain in healthcare to curb counterfeit medicine. Mediledger Network works with many pharmaceutical companies, including Pfizer, Johnson & Johnson, AstraZeneca, and Genentech. It uses blockchain to validate the authenticity of a drug through the supply chain. It also allows healthcare organizations to process large amounts of product-related data.
Companies are also using blockchains to enhance their customer experience. In December 2021, Nike, Inc. (NYSE:NKE) acquired RTKFT. The virtual clothing startup enabled Nike, Inc. (NYSE:NKE) to launch Cryptokicks, allowing collectors to own digital along with physical versions of their shoes. The digital versions can be worn in Nikeland in the Roblox (NYSE:RBLX) metaverse. Cryptokicks "forges" NFTs to its shoes by fitting each pair with a tiny chip linked to a blockchain. Nike, Inc. (NYSE:NKE) has also started using decentralized digital identities rooted in blockchain to transform its traditional loyalty program system. Swoosh, a platform by Nike, Inc. (NYSE:NKE), allows users to co-create virtual products. This gamified loyalty program uses blockchain to maintain a transparent and secure record of customer activities.
While blockchain has utility outside of cryptocurrencies, its most prominent use case is digital currencies. According to a reportby Grand View Research, the global cryptocurrency market was valued at $5.15 billion in 2023 and has been projected to grow to $11.71 billion by 2030 at a CAGR of 12.5%.
Despite having a turbulent year in 2022, cryptocurrency has managed to stay relevant in the current financial world. Some of the most prominent companies working on blockchain and cryptocurrency include Mastercard Incorporated (NYSE:MA), Visa Inc. (NYSE:V), and Paypal Holdings, Inc. (NASDAQ:PYPL).
On August 7, Reuters reportedthat Paypal Holdings, Inc. (NASDAQ:PYPL) became one of the first major fintech companies to embrace digital currency by launching a US dollar-based stablecoin. This launch has helped restore some of the confidence lost in cryptocurrency because of several high-profile collapses and strict regulations being imposed.
However, cryptocurrency is not out of turmoil yet. On August 25, Reuters reported that Mastercard Incorporated (NYSE:MA) and Binance, a crypto exchange platform, will end their four crypto card programs by mid-September in four countries including Argentina, Bahrain, Colombia, and Brazil. Neither Mastercard Incorporated (NYSE:MA) nor Binance has publicly disclosed the reason for the termination of the programs. However, it could have been done in the wake of US lawsuits against Binance filed in June.
Blockchain and the Financial Services Sector
According to the report by Grand View Research, in 2022, the financial services sector had the biggest share of the global blockchain revenue, 37%. Blockchains have the potential to transform how the future of traditional financial institutions would look. Transactions on Wall Street are marked by the involvement of a third party like brokers and market makers which slows things down. On July 26, CNBC reported that banking giants like JPMorgan, Goldman Sachs, and Citi want to put Wall Street on blockchain, where they can tokenize various assets. This shift could transform the entire process, making it more streamlined and efficient. The financial services sector is experiencing an insidious but profound change, slowly transitioning into a future intertwined with blockchain.
In November 2022, according to an articleby Blockworks, Onyxx by JPMorgan, a bank-led blockchain platform, ran its first decentralized finance transaction on a public blockchain, using Ethereum to exchange Japanese yen for Singaporean dollars. The successful tokenization experiment was a monumental step for DeFi. Umer Farooq, the CEO of Onyx JPMorgan, commented on the potential of blockchain in Wall Street saying:
"We have always believed that this technology has the ability to really revolutionize and rewrite financial market infrastructure whether that infrastructure is to move money, securities, or any other kind of assets. So despite all the ups and downs of prices and crypto and all that, I think we've been pretty consistent that the technology itself has a lot of power to rethink financial infrastructure."
On June 5, Bloomberg reportedthat JPMorgan has introduced a blockchain-based platform to settle interbank dollar transactions among six banks in India. This platform would support New Delhi's attempt to push GIFT City (Gujarat International Finance Tec-City) forward. The blockchain-based platform is expected to ease the time required for settlements greatly and would be available around the clock.
Blockchains are innately transparent and cut down the need for intermediaries. Tokenization has been gaining popularity worldwide; however, it is important to note that it is not a cure-all. The CNBC article highlighted that implementing tokenization and blockchain would solve only a segment of problems that financial institutions face today, and the transformation could be slow. However, blockchain technology is poised to be a significant part of the financial sector in the future. Many formal education institutions have already gauged the incoming digital revolution and are equipping their students with the knowledge to participate fully in this transformation. We have listed the top universities to learn about crypto and blockchain technology.
Top 15 Universities for Learning Crypto and Blockchain Technology
To make a list of the top 15 universities for learning crypto and blockchain technology, we have used the QS World University Rankings 2024. The QS ranking uses various indicators, including sustainability, employer reputation, and employment outcome, to rate the top universities in the world. We sifted through the top 50 universities to see which offer the best courses in either blockchain or cryptocurrency. The overall global ranking of the university has been considered a fair indicator of the quality of the blockchain and cryptocurrency courses being offered. We have ranked these universities in ascending order.
Top 15 Universities for Learning Crypto and Blockchain Technology
15. California Institute of Technology (Caltech)
QS World University Rankings 2024: 15
California Institute of Technology (Caltech) is located in the United States. The university offers several detailed and short courses for blockchain and cryptocurrency. The university also has dedicated blockchain and cryptocurrency boot camps and professional certificates. It is one of the top universities for learning crypto and blockchain technology.
14. The University of Melbourne
QS World University Rankings 2024: 14
The University of Melbourne is located in Australia. The university offers a wide variety of blockchain and crypto courses. The university law and business schools also have dedicated courses on digital currencies, blockchains, and distributed ledgers.
13. Cornell University
QS World University Rankings 2024: 13
Cornell University is located in the United States. The university offers many blockchain and crypto courses, from introduction to essentials and application. The university facilitates students to build in-depth knowledge of blockchains and crypto.
Some of the payment giants investing in the future blockchain technology include Mastercard Incorporated (NYSE:MA), Visa Inc. (NYSE:V), and Paypal Holdings, Inc. (NASDAQ:PYPL).
12. University of Pennsylvania
QS World University Rankings 2024: 12
The University of Pennsylvania is located in the United States. The university offers several dedicated courses on cryptocurrency and blockchain. The university also offers online courses, enabling students across the globe to learn more about these cutting-edge technologies. It is one of the top universities for learning crypto and blockchain technology.
11. University of Chicago
QS World University Rankings 2024: 11
The University of Chicago is located in the United States. The university offers a myriad of courses in crypto and blockchains. The School of Law and Public Policy also has dedicated courses for policies surrounding DeFi, blockchains, and cryptocurrencies. The courses help students learn about crypto and blockchain models, markets, and opportunities.
10. University of California, Berkeley (UCB)
QS World University Rankings 2024: 10
UCB is located in the United States. UCB offers many online and on-campus courses on cryptocurrency and blockchains. The university also offers online programs and professional certificates in blockchain and cryptocurrency. It is one of the top universities for learning crypto and blockchain.
9. University College London
QS World University Rankings 2024: 9
UCL is located in the United Kingdom. UCL offers several courses in cryptocurrency, blockchain, and distributed ledger. The university also offers short courses including a blockchain executive education program. A dedicated blockchain labs society also conducts workshops and events dedicated to educating students about crypto and blockchain.
8. National University of Singapore (NUS)
QS World University Rankings 2024: 8
The National University of Singapore is one of the top universities for learning crypto and blockchain. The university offers many blockchain, digital currencies, and distributed ledger courses. The university aims to impart knowledge about the commercial aspects of these disruptive technologies.
7. ETH Zurich
QS World University Rankings 2024: 7
ETH Zurich is located in Switzerland. The university offers many dedicated blockchain and cryptocurrency courses. The university also conducts regular workshops and conferences under its ETH blockchain initiative. The courses help students better understand the blockchain and cryptocurrency mechanisms. Students also learn the design and application of blockchains and cryptocurrency.
6. Imperial College London
QS World University Rankings 2024: 6
The Imperial College London is one of the top universities for learning crypto and blockchain. The university offers comprehensive courses on blockchains and crypto encompassing foundations, applications, engineering, and business aspects. The university also has a dedicated center for cryptocurrency research and engineering.
Some of the most prominent payment services companies that are working on leveraging blockchain technology in finance include Mastercard Incorporated (NYSE:MA), Visa Inc. (NYSE:V), and Paypal Holdings, Inc. (NASDAQ:PYPL).
