Double Your Business with Blockchain
Is blockchain the right technology for my business?
If you haven’t heard about blockchain by now, you may be living on a different planet. Blockchain today is one of the hottest tech trends in the IT space, along with AI, and iOT. Blockchain is a major disruptive technology to different industries such as:
- Financial services
- Supply chain and logistics
- Education sector
To summarize, more than half of fortune 500 companies vanished due to technological disruption. And blockchain is now perceived to be one of those technologies. Why is blockchain such a disruptive technology you may ask? Well, part of the answer is in its history.
The popularity of blockchain is the result of the explosive growth of Bitcoin. As the world continues to debate whether Bitcoin is a currency or an asset class, people are buying bitcoin at an exponential rate. The magical technology that powers Bitcoin is blockchain. It's important to realize that cryptocurrency is a type of an application on the blockchain. The same way we say that email and video streaming are types of applications on the Internet. Hence, Bitcoin is flavor of that type of application. Similarly, Gmail is a flavor of an email application on the Internet and so on.
Let’s go back ten years. In 2009, when the world was sinking in a global recession, almost every industry across the globe was impacted. Banks stopped lending money, foreclosures and the credit crunch were sweeping the globe, and layoffs across the financial sector were the new norm. The failure of the world’s largest investment banks in Wall Street triggered a financial collapse across the globe leaving the public clueless about what is happening and what to do.
Years later we found out that the entities responsible for the crisis were the wall street banks themselves. A documentary narrated by Matt Damon under the title “Inside Job” proved it to the world. Later, many books published also confirmed this point. The bankers, the CEO’s the CFO’s responsible left with their bonuses untouched. No wall street bank’s CEO/CIO/CFO was ever prosecuted in court or found guilty of fraud in any of the wall street banks. Some of the banks were issued penalty charges by the SEC or the Fed but no CEO or CFO was held accountable for the billions that were wiped off the markets. This was a shocking reality that lingers to this day as you may be thinking “It’s so not fair”. Then the Bush Administration at the time, passed the TARP Fund — Troubled Asset Relief Program — a $ 700 billion package approved by Congress to help rescue the failed institutions. This package was taken from the taxpayers. The people of the country were asked to pay $700 billion for a problem they did not create.
During the crisis in 2008, despite the depressed mood across America, in southern California where the sun continued to shine, a person (or persons) under the name of Satoshi Nakamoto (whose identity is one of the world’s greatest mysteries) thought this:
“Based on this reality, I cannot trust the banks. I cannot trust placing my money in a system that is governed by people who will misplace it, or loose it. This confirms that the financial system is designed to protect the elite few, and not the public’s financial interest. I must create a new secure system that enables people to send money to one another, skipping the banks and skipping the central banks in those countries.“
Satoshi then issued a white paper “Bitcoin — A Peer to Peer Electronic Cash System”, in it he outlined how Bitcoin would work. He then joined forces with software developers and cryptography engineers, one of them was Gavin Andersen. Collectively they created the blueprint for how Bitcoin can function. Then, they created the first transaction on Bitcoin. In late 2009, Bitcoin was born. And for the first time in the history of the world, users were now able to send money across borders at very low costs, skipping the banks, and skipping the exuberant fees that banks charge.
Bitcoin is a currency beyond the control of the central banks, and not vulnerable to monetary inflation. According to the documentary “Banking on Bitcoin”, Satoshi never worked in a bank, did not have an accounting degree. Never worked in finance or a central bank, and yet he was able to create a product that disrupted the global banking system. Bitcoin proved that the world was hungry for a product that no central bank could’ve ever created.
Fast forward to 2012, a computer science student in Canada was intrigued by how bitcoin functioned. He was interested in understanding the technology that powered bitcoin. Specifically, how the double-spent problem was solved, the security layers under bitcoin and the algorithms that power it. He found out that blockchain was the magic behind bitcoin. He founded Bitcoin Magazine and created a forum where technologists can share knowledge about bitcoin.
Vitalik then had a vision, how can I use the blockchain technology for private companies. How can I leverage blockchain’s security on new applications, beyond just a digital currency? He joined forces with other technology professionals, one of them was Joseph Lubin. Together they issued a White Paper outlining their vision for a new platform that uses blockchain to launch applications for companies, they called it: Ethereum. Within six weeks, they received over $ 15 million in funding and they moved to Switzerland to launch their venture. In mid-2015, Ethereum was born. With the launch of Ethereum, it created a brand-new economic model: ICO’s, and the explosive demand for digital currency tokens.
In April 2018, JP Morgan issued a report on blockchain where they outlined how the public was hungry for products and services beyond what traditional banks were offering. The fact that the public was investing in ICO ventures — startups that did not exist, and had no revenue or a customer base, people poured their money into buying their tokens. And the numbers confirmed it. With Telegram raising $6.5 billion, the highest fundraising in an ICO launch to date. Blockchain technology opened the gates to new products and services and the demand for those services was soaring. In the report, JP Morgan outlines why companies should start to leverage blockchain in their business models. They also mention the opportunities blockchain can bring to the value proposition and how executives should start.
Since then, numerous training sessions for blockchain applications have sprung up, both online and offline. To start a blockchain project today is both challenging and expensive. Blockchain developers and architects receive some of the highest salaries in the IT space, thanks to the popularity of ICO’s. Numerous financial institutions globally started to invest in blockchain to launch their own blockchain solutions, including Ernst Young, Deloitte, Bank of America and many others. The advantages that blockchain presents attracted companies in finance, insurance, supply chain, and retail banking to improve their value proposition using blockchain.
Emirates NBD of Dubai launched a blockchain solution on their cheque systems to eliminate the problem of cheque fraud cases that they face. What benefit did they gain you may ask? Cheque fraud was costing the bank hundreds of thousands of dollars per year, the blockchain solution helped to eliminate that. Universities across Europe are now investing in blockchain-based certifications to eliminate the problem is counterfeit issued certificates. Fake certificates in the UK is a massive problem according to a BBC published report in 2018.
So how can you leverage blockchain to improve your products and services? How can blockchain help reduce OPEX cost, and increase customer loyalty and retention? I launched an online course specifically for this purpose. To help startups, and organizations to demystify the ambiguity of blockchain and help them assess what kind of blockchain application is suitable for their business cases. How can you decide if blockchain the right technology for your use-case? What kind of a blockchain solution does your use-case case require in order to gain the maximum benefits? I answer all these questions in the course. It is a four-hour online course that is non-technical, designed for professionals to understand the fundamentals of blockchain and how to apply it to their use-cases.
There is a limited offer of 30% discount: