The past decade we have experienced a paradigm shift in our society with the birth of mobile devices and the internet, resulting in a technological revolution where the sci-fi fantasies of our past are becoming our reality. Sprouting from this revolution are words like Cryptocurrency, Bitcoin and Blockchain. We hear these words all over the news, but what do they even mean?
Cryptocurrency is a digital cash system that was originally made for peer-to-peer money transfer without using a centralized bank like Chase, Wells Fargo and other banks around the world. The anonymous creator of the first cryptocurrency called Bitcoin is the mysterious Satoshi Nakamoto who gave rise to what is now known as the cryptocurrency market. Today, there are over 1,500 unique cryptocurrencies that range from less than a penny per coin, to Bitcoin which hit an all-time high price of over $19,000 in January 2018.
Bitcoin is the best known of these cryptocurrencies. Now you’re probably wondering why would someone invest their hard-earned money into digital currencies that are backed by nothing tangible? If you would have invested $100 into Bitcoin back in 2010 which was around $1.00 per coin, it would be worth $831,900 today ($8,319.00 per coin May 16th). Investors can easily convert their Bitcoin back to USD using apps like Coinbase where you can buy and sell popular cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Blockchain is the technological framework that is used to power cryptocurrencies. Blockchain technology can be used in many ways. Blockchain can be utilized to seamlessly transport legal documents overseas in seconds and promote the development of the internet of things (IOT) which is the first step to what’s known as a “smart city.” Las Vegas is currently working on civic projects downtown to become a smart city, but I will save that for another blog down the road.
Imagine paying for parking without getting a ticket, paying for hospital bills without signing paper and your home generating electricity and automatically selling the power you don’t use to your neighbors in need. That’s the power of blockchain.
So how will blockchain technology influence the marketing world? When it comes to online advertising, there is no definite way of confirming the clicks we receive are relevant consumers. AdChain is a company that uses blockchain technology to weave through the bots and irrelevant clickers resulting in a space where only authentic clicks exist, saving companies cash and keeping data clean.
Fake news? Not with blockchain. With artificial intelligence inevitably approaching, fake news has potential to look just like the real deal. Prover, is seeking to eliminate fake news by using a smart contract system.
So next time you see the words Cryptocurrency, Bitcoin and Blockchain on the news or floating around the web, you have some understanding. We’re excited over the prospects.
A bitcoin for your thoughts…
