Wales is poised for an exciting opportunity that not only has the potential to affect national blockchain standards but also promotes the local tech sector, specifically the crypto and digital marketing sectors. The UK Government is seeking input from Welsh employers, educators, and tech experts on four National Occupational Standards (NOS) related to the future of blockchain technology and software development. Given the ubiquitous impact of blockchain on industries ranging from finance to healthcare, this consultation presents Wales with an opportunity to become a key player in the digital economy.
The standards to be considered revolve around blockchain, full-stack software development, operational technology (OT) cybersecurity, and smart infrastructure. Specifically, blockchain has significant implications in finance because it enables digital and decentralised currencies, as well as decentralised finance (DeFi). Welsh employers and educators will have an opportunity to directly influence the skills and qualifications needed to innovate through blockchain in the UK.
Wales, with its burgeoning digital economy and focus on tech talent, can significantly benefit from this initiative. Local business input can help ensure that future qualifications reflect emerging technologies and market needs. For example, blockchain technology, which is based on highly specialised knowledge in areas such as smart contracts, security, and system integration, continues to develop a need for a qualified labour force. Given this context, shaping standards now could help establish a foundation for Wales to cultivate the next generation of blockchain experts.
The implications of this consultation would go beyond qualifications and training. It provides an opportunity for Wales to position itself as a region that has also become a location of choice for the cryptocurrency and blockchain sectors. If good standards were established, Wales could engage companies from various markets and sectors, including cryptocurrency agencies, tech start-ups, and blockchain development firms, that are looking for a location that values digital development. These companies would be looking for qualified employees and for an ecosystem that supports high-tech.
As businesses adapt to new standards, the demand for specialised marketing strategies is likely to increase. For example, crypto agencies must employ custom content and digital marketing strategies that comply with developing regulations. These agencies will act as intermediaries between cutting-edge blockchain development and the market, as they understand the needs of crypto organisations and the ever-changing regulatory landscape, and will actively support local businesses operating in the crypto space (source: https://nuco.io/).
Local tech marketing agencies will also be involved in constructing and implementing digital content strategies that are essential for businesses to distinguish themselves in a rapidly evolving competitive landscape. These strategies could include educational articles or social media campaign strategies, each conveying the value proposition of blockchain. Because crypto marketing agencies are skilled in driving crypto traffic, they will be involved in increasing local businesses’ online presence and ensuring business compliance with new industry standards and regulations.
The underlying opportunity conveys a straightforward message: Wales has a crucial role to play at the forefront of blockchain and in shaping the national conversation around digital technology. If they engage with these new national standards, employers based in Wales will contribute to assuring the skills of the future with the future skills needs of the burgeoning blockchain economy. It can also present an even more attractive proposition for firms seeking blockchain, digital marketing, or innovative solution providers from Wales. As the sector matures, it is an opportune moment for Wales to be involved and shape the national conversation on blockchain and its impact on industries worldwide.