Don't blink on crypto/blockchain
Sooner or later will come rather soon.
Once in a while, new revolutions - evolutions are brewing and they are largely ignored until they can no longer be ignored. In the business world that is technology. It’s a blind spot for many as it comes at you quickly, with a false sense of confidence, businesses don’t take the time to understand what is happening and complacency is perceived as low risk.
You can probably name many brands that just couldn’t or wouldn’t pivot and got run over, such as Blackberry and Blockbuster, which are famous examples. They didn’t understand technological development and how it interacts with consumer behavior. The same is happening to many legacy industries and with crypto and blockchain development.
Why do you go to a bank? Why do you even have a bank account? Why do even pay for banking services? For the same reasons people used to go and rent VHS/DVDs from Blockbuster. There was just nothing else available.
Much of the services world will be moving to be mobile-first, especially in the exchange of value. Everything will be available on your phone and you can be self-sufficient without needing legacy infrastructure. This is where the cryptocurrency world in particular shines. It also brings many more unbanked people to financial services and economic development. There are billions of unbanked people.
Right now, anyone in the world can send any amount of money anywhere in the world without needing participation from the current financial industry infrastructure. No banks, no SWIFT, no need to waste time going anywhere or paying additional fees. All you need is your phone. Think for a second how revolutionary that is.
Businesses can instantly get paid from anywhere in the world and pay anyone around the world. No one will hold back transactions or pay additional fees for them. Customers can have validity to their products and transactions.
Cryptocurrencies are secured by cryptography and most of them are operating on blockchains. Blockchains is a ledger system operating with blocks of data linked in an unedited and secure digital chain. Blockchains technically don’t need cryptocurrencies aka tokens but they do add decentralization and help solve the double-spending problem. Each transaction adds a block.
This structure can create liquidity and proof of ownership in and to places and things that are hard to do otherwise. Real estate, art, cars, private share ownership, etc can be easily tokenized into fractional ownership which you can buy or sell. It can be done incredibly cheaply without additional costs that make it prohibitive, opening new markets and industries.
Digitization of assets is inevitable. This is the next modernization evolution of many legacy industries. Many of the players in these industries are not needed. Many new players will be developed to participate in the future of transactions and asset creation. It’s expected to be a $3T industry by 2030 excluding the value of cryptocurrencies; Bitcoin, etc.
This technology is paramount to bring efficiencies, transparency and accountability to government operations. FOIP won’t be needed, we will know where money is going and you won’t need to wait for someone to get back to you trying to figure out who made what changes to your file and what is needed with whatever. We will know exactly when by who and what changes were made in regards to everything.
Many of the current service infrastructures that essentially operate on obsolete premises won’t be needed. Like Registry offices. I have no idea why things like car registration, bill of sale, and pink slips are still a thing. It is such low-hanging fruit for NFT (Non-Fungible Token) utilization which can be implemented tomorrow saving people hundreds of dollars every year, time, and cutting bloat.
I get asked all the time if someone should invest in crypto and in which one. Understanding what each project (cyrpto) does is the key. Unfortunately, much of the sector is focused on pointless pump and dumps and has incredible volatility. The risk is huge and yes so is the reward but it’s not for everyone. Proceed with extreme caution but I rather you invest time in understanding the tech.
You don’t need to like it or invest in it but one day you will participate in it.