:

Making Job Search Easier by Finding the Great Companies First

Find a
JOB
Title/Keywords Company Name
City, state or zip (optional)
 

How fast is this Blockchain thing going to take over?

How fast is this Blockchain thing going to take over?

Well that was fast, rel­a­tive­ly speak­ing, we’re talk­ing about Blockchain of course. Ever since Bit­coin hit the scene a few years ago there has been mas­sive skep­ti­cism and con­cern over the use of cryp­to-cur­ren­cy, pri­mar­i­ly by gov­ern­ments and mul­ti-nation­al busi­ness­es that fear the loss of con­trol to the pub­lic. Of course the Mil­len­ni­al gen­er­a­tion has embraced this new fron­tier fair­ly whole-heart­ed­ly, with 92% of them firm­ly express­ing their dis­trust of banks accord­ing to an ear­ly 2016 white paper pub­lished by Face­book IQ.

While many peo­ple in the gen­er­al pub­lic still don’t real­ly under­stand what Bit­coin or cryp­to-cur­ren­cy is, or the tech­nol­o­gy behind it. But sud­den­ly major cor­po­ra­tions are embrac­ing blockchain tech­nol­o­gy at a record pace, not nec­es­sar­i­ly for cur­ren­cy relat­ed issues but for oth­er appli­ca­tions which can great­ly ben­e­fit from the supe­ri­or track­ing abil­i­ties it enables.

Survey Says

Nor­mal­ly an inter­net-based sur­vey has about as much of a chance at being cred­i­ble as a polling orga­ni­za­tion dur­ing the 2016 pres­i­den­tial elec­tion cycle (zing! ouch!). How­ev­er, when that sur­vey is done by Deloitte one tends to give it the ben­e­fit of the doubt to some extent. The sur­vey in ques­tion found that 12% of big busi­ness­es, defined as a busi­ness with at least $500 mil­lion in annu­al rev­enue, have already deployed blockchain projects. Not con­sid­ered them, not look­ing into them, but already deployed them. And that num­ber does­n’t count a large num­ber of oth­ers who said they have plans to do so in the com­ing year.

For what? That’s the ques­tion. The answer, in a nut­shell, is trans­ac­tions. What kind of trans­ac­tions remains to be seen in the big­ger pic­ture, but many of the com­pa­nies sur­veyed rec­og­nized that blockchain tech­nol­o­gy is capa­ble of improv­ing sys­tems oper­a­tions by either reduc­ing costs, increas­ing speed, or both. Just as many under­stand the supe­ri­or secu­ri­ty fea­tures of the tech­nol­o­gy, and about one quar­ter of them see the blockchain as a way to gen­er­ate new busi­ness oppor­tu­ni­ties and cre­ate new rev­enue streams.

Get Your Blockchain Here

So once you under­stand the poten­tial for the tech­nol­o­gy, how do you go about imple­ment­ing it? That’s essen­tial­ly the ques­tion IBM has attempt­ed to answer with their IBM Blockchain, their own ver­sion of the blockchain which they released ear­li­er this year. It’s more than a blockchain though, it’s an ecosys­tem built around a blockchain meant to help oth­er busi­ness­es and indi­vid­u­als devel­op their own blockchain-based busi­ness­es.

From anoth­er per­spec­tive, Over­stock CEO Patrick Byrne might see this tech­nol­o­gy as a way to replace, or at least com­ple­ment, the stock mar­ket and/or the bank­ing sys­tem. This is an area where the push­back is seem­ing­ly insur­mount­able, but Byrne’s just played his first hand by sell­ing 126,000 shares of his com­pa­ny’s stock over the inter­net through the Bit­coin blockchain in what he called a “Sput­nik moment”. In oth­er words, it was large­ly sym­bol­ic but was still a small step in the right direc­tion, accord­ing to him and many oth­ers. The legal­i­ty of the sales made the whole thing much messier than one would expect from a blockchain trans­ac­tion, but it hap­pened nonethe­less. Now, onward to the future.

There are lots of peo­ple who have toyed with seek­ing out a job in cryp­to-cur­ren­cy tech­nol­o­gy in gen­er­al, but have pulled back because of all the stig­mas and the reluc­tance of “major” cor­po­ra­tions or orga­ni­za­tions to embrace it. These are no fringe groups here. It may be time to get on the blockchain train (can I coin that phrase?). It appears to be pulling out of the sta­tion.

Print Friendly, PDF & Email

Comments are closed.