Blockchain / Cryptocurrency
Blockchain & Cryptocurrency
Blockchain / Crypto
There is a change in current coming. It will impact not only the way we do business, it will alter market reality as we know it. In the boat? Not in the boat?
Where will you be when the market experiences a paradigm shift?
Different schools of thought surround the blockchain and cryptocurrency. Will it really make a difference in the market or is it just another flash in the pan distracting me from conducting business. Let’s consider a few things.
First, blockchain and crypto are two different functions of the same technology. Both are groundbreaking and will change how we do business. Second, blockchain technology was invented in 2008 and look where it is now. Third, global companies like IBM and Deloitte (see below) are paying attention to this technology. Finally, not only global companies, but countries are implementing blockchain and crypto technologies. Individually, any one of these indicators would be a significant factor in blockchain adoption. Combine them and you see where we are going. In the boat? Not in the boat?
What Does Blockchain and Cryptocurrency Mean for You?
It means that there is an unexplored opportunity to participate in what has already proven to be a huge shift in wealth and business. And it is still in the early adoption stage. There is no doubt that the Blockchain, in one form or another, can mean a huge boost to your bottom line.
First, let’s take a quick look at the difference between Blockchain and Cryptocurrency, or Crypto for short. Crypto is actually an unintended side effect of the Blockchain and occurs due to the properties of “the Chain”. We will look at Blockchain in more detail below.
Crypto is a payment system of coin based on the Blockchain. It is very similar to fiat currency since it can be used as a payment system. You have to have it in your possession electronically to be able to use it and you can trade it for goods and services. You have probably heard about Cryptocurrency, but it is still a new concept in the process of being adopted by the markets.
Short story is that Crypto opens an entirely new set of customers for your goods and services. If you are unsure of how to get started, we can help. We even helped build a Super Store on store.whotakescoin.com. You can offer your goods and services and you can even set up your own store that takes crypto without having to integrate your own Crypto payment system. If you want to build and launch your own coin, we can help you with that as well and can even help you build your own payment gateway. Cryptocurrency will open a lot of doors you did not even know existed.
Now let’s look at Blockchain. More and more people are hearing about blockchain, but it is still in its infancy. As a technology, blockchain adoption still falls short, but it is getting there. In short, blockchain refers to a peer-to-peer ledger system whose usefulness is just now starting to gain mainstream traction. Founded circa 2008 with the advent of bitcoin, blockchain revolutionizes our concept of data integrity and validation by distributing multiple copies across peer computers and networks where the chain is constantly processed and transactions validated.
Put Everything on Blockchain!
While this newish Distributed Ledger Technology (DLT) has an extremely high level of utility in certain situations, not everything should be put on blockchain. Many functions operate very efficiently and still make more sense in their current technology space where redundancy and data integrity are not as critical.
Contrary to popular belief, a distributed ledger is not an efficient tool unless you have use for immutable data. Think about everyone having to have a copy of everything to perform a data lookup. What about sensitive or personal data? Is that safer on the blockchain or in a database? These are the questions about your business model we help you answer before you decide to move forward with your brand new, sparkly project. We help you ask and answer those questions and we help you make sense.
Currency Conversion vs Innovation
While there are many new and innovative uses for DLT and we have only begun scratching the surface, there are many who are just trying to create a business out of conversion from a local currency to crypto-currency. That is a mistake since it does not create value or distinction from existing businesses and novelty soon wears off.
To be successful in launching a blockchain endeavor, you have to be innovative in how you use the distributed ledger. It has to perform a function beyond what is available in the current marketplace. Adding on to that caveat, not all of your operations belong on blockchain. Distributed Ledger Technology is an inefficient platform for any coin. It should only be used where it provides added value to an operation.
Blockchain – We Can Help
We have been around since the beginning of blockchain and we can help. Have a question or need assistance? Contact us and we will be happy to work as your blockchain partner to develop something amazing.
You thought the Blockchain market was small. Surprise!
See what Deloitte says about Blockchain...
“Fifty-three percent of respondents say that blockchain technology has become a critical priority for their organizations…a 10 point increase over last year…83% see compelling use.”
Read the entire document by Deloitte. It is a very interesting read featuring survey questions reflecting growth across multiple categories and industries. Read it here. Deloitte Blockchain Survey
Anticipated Blockchain and Crypto Technology Growth
The global blockchain market size is expected to grow from USD 1.2 billion in 2018 to USD 23.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 80.2% during the forecast period.
The global blockchain market size is expected to grow from USD 1.2 billion in 2018 to USD 23.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 80.2% during the forecast period. Various factors, such as, increasing venture capital funding and investments in the blockchain technology, a growing need to simplify business processes and create business transparency and immutability, reduction in operational cost, increasing popularity of blockchain technology in retail and supply chain management are expected to drive the market. . However, uncertain regulatory and compliance environment and limited availability of technical skillsets for implementing the blockchain technology may restrain the blockchain market growth.
Read the full report. ReportInker Blockchain Guidance
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