Today’s blog is by Ashley Riviello, Account Manager at SafeSourcing.
If you had invested $1,000 dollars in Bitcoin back in 2008, you’d have more than $40,000,000 today. Bitcoin is based on the blockchain protocol. What is blockchain you ask? Blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly “we can actually have a look at the blockchain and see evidence of what’s going on.” Blockchain originated in the technology space, which explains slow adoption rooted in its techno-babble jargon.
Marketing and business strategist, Clay Hebert (founder of Crowdfunding Hack), sees a familiar story playing out differently this time compared to how many companies were late to the party when social media emerged. People were very apprehensive about social media, putting your business or yourself out there for the world to see. But it worked, businesses were booming after starting a Facebook or Twitter page. People new about you and everything went viral. “In the mid-to-late 2000’s, big companies missed the social media train. They couldn’t see how Twitter or Facebook would immediately impact their business, so they were slow to adopt these technologies. They don’t want to play catch-up again.” Quoted by CEO of Bitcoin.
This is the same about Bitcoin. People all over are talking about how bad it is or what a scam it is. As Hebert (founder of Crowdfunding Hack) suggests too, we’re already starting to see wider understanding and adoption in blockchain technology from companies big and small. For example:
- Large consulting firms like Accenture and Deloitte are building out entire blockchain practice areas and developing key alliances in the space.
- IBM recently forged blockchain collaboration with Nestlé, Walmart, Costco and others to improve global food supply chain safety.
- Some realtors have begun to differentiate themselves by accepting Bitcoin for real estate transactions (CNBC).
- The hurdles won’t be overcome overnight. Similar to the Internet itself and social media, blockchain will enable new digital transactions that will disrupt traditional businesses like document authentication and title searches.
Smart companies will build skills around blockchain technology to ensure they are the ones doing the disrupting rather than the ones being disrupted.
Bitcoin is becoming bigger by the day and I say we all get on board fast. The Companies are drastically starting to use it around the world. And it’s a matter of time before its being used everywhere and in every aspect of our financial world.
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