Big Brands Prompted To Adapt To Blockchain Or Grow Irrelevant In “Crypto Boom”
The “Crypto Boom” has stirred up a commotion in online and face to face commerce. This commotion is a predictable growing pain. Changes in routine are met with resistance at all levels of existence from the microscopic intricacies of our very molecular makeup, all the way to the limits of our atmosphere surrounding planet Earth. Most often we experience this when a child stomps his feet in protest to his toy being taken away or when the workplace implements a change in rules.
It is natural that as things change there will be some discomfort along the way, we are genetically programmed this way. How else would we ever enjoy our lives if the experience along the way wasn’t sprinkled with challenges and obstacles? How would humanity have survived and risen to the top of the food chain if we simply accepted things as they were before our earliest ancestors decided to stand upright? This opened up everything because now we had two built-in tools, called feet, to travel, and another set- our hands to build things with and handle objects while traveling. What if mankind stopped there before ever inventing the wheel?
Crypto Boom Was Bound To Happen
Technology as a concept is a marvelous contradiction because as we learn to use new tools it all seems very complex and overwhelming. Ironically most technological innovations are created to make our lives more convenient and less burdensome. Technology acts as an extension of human thought and through it, our species thrives.
Humankind lives out its years in a way that demonstrates mastery of our surroundings, with modern luxuries like electricity, computation tools, and, mobile devices that include a world in a tiny rectangle.
Crypto Boom Meets Resistance, Naturally
With blockchain technology, we have seen great improvements in the way businesses make agreements with one another. Nobody can examine what blockchain offers and then say with a straight face “It isn’t better than how it is done now”. The reason is simple once people understand why blockchain ledgers make more sense than traditional accounting and record keeping. Bankers don’t have to like this fact for it to be true. This is an example of a growing pain that will be smoothed over, with time and care.
Anyone who has enough intellectual ability to get hired at the bank, once shown the reasons that blockchain makes more sense in accounting than current methods, ultimately agrees that blockchain is the best way to keep records of transactions. They quickly learn that the most discernible qualities that a blockchain possesses are hard to beat.
Chief Technology Officer at R3, Richard Brown articulated this as “The blockchain bundle” which is a list containing 5 stand apart qualities that make a blockchain sexier than old reconciliation reports, every time. Those 5 superior and defining blockchain qualities as he explains are absolutely present in every blockchain.
The 5 Blockchain Superiorities
Consensus – Transactions or other data is verified multiple ways by multiple parties unrelated to the data itself. The new part of old consensus is unrelated parties- because there is no need for trust between them. Trust is not an issue here in the trustless consensus which alleviates the number of errors in calculations and the potential for loss at the hands of thieves or other deviant-minded middlemen.
Validity– After agreeing with each other that the information in a transaction is true it is deemed valid and correct and is permanently added in sequence to the public ledger.
Uniqueness – The blockchain offers solutions for problems that apply uniquely to its application, and it can be used in any circumstance that requires record keeping from simple to complex.
Immutability– Each block is added to the chain of blocks representing all the events or transactions that have taken place. You can’t erase, undo or manipulate block data that has already been deemed valid by consensus.
Authentication – The network authenticates transactions as they get recorded and confirmed, and finally the transaction is closed. At this stage the details are irreversible and forever traceable without revealing private data of the people behind the wallet addresses.
The Crypto Boom Is Inevitable
When a protest gets loud enough that the media picks up on it, you will see things like the Chase Bank Executive, Jamie Dimon flailing about in a drowning panic. Even for cases like that of the ever-offensive Jamie Dimon, it is not long until corporate bosses concede the point, and are probably seen enrolling in company-wide blockchain classes or filing patents for blockchain concepts by the dozens.
Recently, Amazon purchased several domains with hints of blockchain or cryptocurrency related keywords which caused a stir of rumors of some form of crypto adoption. Amazon responded that the purchase of the domains was to prevent others from claiming the names and spoofing services illegally, and to protect brand integrity. It makes you wonder why, then, did they conduct a survey where consumers were asked how they felt about using an Amazon-specific currency?
Among the variety of big brands that have been in the headlines regarding blockchain and cryptocurrency, there is news of PayPal suiting up to dive into some crypto relevant business. The timing is intriguing because in a separate bit of news, the popular wallet service and cryptocurrency exchange, Coinbase, announced on its blog that is will temporarily disallow PayPal within the Coinbase application.
“Our current PayPal offering is not meeting customers’ expectations. So, on Tuesday, February 20th, we temporarily re-enabled support for 2 weeks. We will disable PayPal entirely on Wednesday, March 7th until we can overhaul the entire experience.” Coinbase Blog by Zach Abrams
While PayPal is busy trying to make it right with Coinbase, other big brands are leaping into the crypto space, offering merchants great tools to enable cryptocurrency shoppers to spend freely, like UTRUST who is happily stepping up as a self-declared “better-than-Paypal payment alternative”. UTRUST converts buyer’s crypto into the merchant’s preferred or local currency on the spot. Also entering the arena are companies such as BitRewards offering incentives for customer loyalty through partner merchants via their loyalty points system using cryptocurrency.
Existing Crypto Companies and Exchanges React To Crypto Boom With Caution
It is not a surprise that the existing companies and exchanges who operate within the crypto space are starting to update their company policies and changes are announced in the news at regular intervals. Bittrex, the exchange that is always at the top of the list in terms of average daily trade volume added new verbiage to their terms of service that say “Bittrex may require you to verify that any External Address to which you seek to transfer Tokens is associated with an Approved External Account.”. This is similar to an initiative rumored to begin at Coinbase, but to date, no notable changes are found in the Coinbase terms stating the requirement yet. Perhaps these crypto companies are trying to prepare to dance with the world because after all, the world wants a piece of the crypto-pie.
Pop Culture and The Crypto Boom
Popular culture is fast embracing all thing to do with the crypto boom because of the positive and negative buzz. Children are even growing large audiences on their YouTube channels that promote cryptocurrency learning tools for kids. The Crypto Kid, a mini- spokesman for URAllownace (pronounced “your allowance”) was shared with millions of people when John McAfee took an interest in the concept which will introduce something called “family smart contracts”. Regardless of merit, people are swayed when someone as gorgeous and famous as Paris Hilton talks about ICOs and they laugh when they see famous rappers like 50 Cent sweat in front of a judge over his nondisclosure of ownership of a rather large stash of bitcoin. Even old Warren Buffet has turned people on to bitcoin despite his regular rants on the topic.
This is a blockchain party- and EVERYONE will be there. The fun already started, but this crypto boom party may never end. Welcome, to the future.