The experts predict blockchain big and bright future — the technology that ensures that the authenticity of transactions can only be confirmed by the parties involved, without any middlemen or regulating parties, can confirm land and diamonds property rights and organize the communication of “smart” electronic devices.
Why blockchain is hard. The hype around blockchain is massive. To hear the blockchain hype train tell it, blockchain will now:
- Solve income inequality
- Make all data secure forever
- Make everything much more efficient and trustless
- Save dying babies
What the heck is a blockchain, anyway? And can it really do all these things? Can blockchain bring something amazing to industries as diverse as health care, finance, supply chain management and music rights?
Often described as a distributed ledger, blockchain is a technology that allows companies a transparent and secure way to store data in ordered records. Blockchain is also associated with “Bitcoin” (a popular token), “cryptocurrency” (digital tokens of all kinds) and ICO’s (Initial Coin Offerings). And currently the new celebrity accessory is a cryptocurrency endorsement pre-ICO. Paris Hilton, Floyd Mayweather, and WuTang Klan’s Ghostface Killah have jumped onto the cryptocurrency fad hoping to make fast cash by promoting ICO’s to their fans.
Yet with all the buzz and hype around money being raised from the sale of digital tokens, there is a growing misconception around the actual value of building a business. This notion needs to be recognized by entrepreneurs that want look past the buzz of cryptocurrency and focus on the underlying Blockchain technology to create new value.
Here are five nuggets of sound advice for entrepreneurs looking to optimize their business with blockchain.