Applications and Use Cases

Blockchain Businesses Need to Focus on Diversity to Scale Quickly

February 21, 2023

The blockchain is often associated with cryptocurrencies, but it has other potential applications, from supply chain management to voting systems. Why? Because it is transparent, making it difficult for any single entity to control or manipulate the data. 

Blockchain technology is still relatively new, and it continues to show potential in various industries. As more businesses and organizations begin to explore its potential, it is likely that many new and innovative applications of blockchain are to come. 

That said, blockchain and Web3 businesses are reaching a critical juncture. They need to grow and scale. But that isn’t as straightforward as it seems. Scaling isn’t always about technology. Growth requires a positive culture and not the traditional “once we grow, we will focus on diversity” mindset. 

For a company to scale quickly, they need to focus on diversity as early as possible. 

Chris Carr, co-founder of Black Land Ownership, hosted a discussion about DEI among blockchain businesses at The Blockchain Event 2023 in Ft. Lauderdale, Florida. Instead of taking the usual approach of presenting and talking about experiences for the entirety of the session, Carr wanted to include the audience. 

He started the session by asking: “Why did we create a hostile work environment that women do not want to work in?” He also asked, “Why aren’t there more women or more African Americans here?” 

A summary of the answers from the audience concluded that the DNA of a company should always include diversity. This means doing everything possible to go out and find the best talent. Stop fishing from the same pond and broaden your reach to all-women colleges and universities or historically black colleges and universities.  

When that talent is brought in, businesses need to do everything they can to keep it. 

“I started off doing training and how to deal with sexual harassment,” said Carr. “We had to do a lot of explaining that we are willing to lose talent to keep talent. We can lose one professor to keep talented women.” 

Carr’s message basically meant to not let others interrupt the talent of other people. Business leaders should want their employees to tell their friends and families who they work with and work for. 

“I want everyone to feel welcomed and celebrated,” said Carr. “I don’t care who you vote for. We have a deadline, and we need to get there.” 

Looking back to the original challenge of blockchain businesses not able to scale quickly, the majority in the room felt that these businesses need to celebrate diversity, celebrate experiences and celebrate differences. A positive culture does wonders. 

Edited by Greg Tavarez

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