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- Human Capital Development: The grant would help develop a skilled and certified workforce in the blockchain industry. This increase in qualified professionals can lead to more innovation, improved productivity, and ultimately the growth of the industry. These outcomes can be seen as a return on investment as they can lead to increased economic activity and job creation.
- Industry Standardization: By helping to establish an industry-wide certification standard, the grant would contribute to the stabilization and maturation of the blockchain industry. This could lead to more reliable and effective blockchain solutions, which could in turn increase the adoption and utilization of blockchain technology. This wider adoption and increased utilization can be considered a return on investment as it would likely lead to the growth of the industry and potentially the overall economy.
- Increased Trust and Confidence: The creation of a certification standard can help build trust and confidence in blockchain technology among businesses and consumers. This increased trust can encourage more businesses to adopt blockchain technology and more consumers to use blockchain-based services. This increased adoption can stimulate the growth of the industry and lead to more economic activity, which can be seen as a return on investment. Additionally, the improved perception and understanding of blockchain could reduce the risk of regulatory backlash, potentially saving the industry from future costs or disruptions.
- Risk Mitigation: Standardized certifications, like those aligned with ISO-17024, can reduce operational and reputational risks by ensuring a minimum level of competency among professionals in the field. By supporting the development of such certifications, the grant could help mitigate these risks, potentially saving companies in the industry significant costs related to errors, breaches, or other issues caused by unqualified personnel.
- Attracting Investment: A more standardized and professional blockchain industry could attract more investment. Businesses, venture capitalists, and even individual investors may be more likely to invest in a sector that has clear standards and certified professionals. The increased investment could stimulate growth in the industry and result in significant economic returns.
- Facilitating Regulatory Compliance: Having a standardized certification process could make it easier for companies in the industry to comply with any future regulations that may be implemented around blockchain technology. This could save these companies significant resources in terms of time, money, and effort spent on ensuring compliance, which can be seen as a return on investment. Also, being proactive in this area could help shape the regulatory environment in a way that is favorable to the industry.
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