The New Future of Trust
Blockchain is a database that is also a platform of trust. It will create trusted companies & individuals that will replace those that have proven to be untrustworthy. You may have thought that Blockchain was all about Bitcoin. That’s a common misconception. Bitcoin is the current darling, the most recognizable name in cyber currency which is being traded using Blockchain technology. Industry experts aren’t sure whether Bitcoin will turn out to be the Myspace of cybercash or the Facebook. But that’s really a story about Bitcoin and not about Blockchain. Blockchain is so much more than Bitcoin. Really, it’s a larger story about the emergence of a new platform that will change the web, and life for all of us.
Technically, Blockchain is comprised of individual computers/smartphones/tablets around the world forming “chains” or blocks of people and connecting them together in a shared network that contribute to a “distributed ledger”. These chains can be as small as two people forming their own Blockchain, Or, they can be as large as millions of computers coming together to create their own market or currency (like Bitcoin). The point is, Blockchain has been created to put the power of how we buy, sell and distribute goods, services and ideas into the hands of the majority rather than the few — in short Blockchain is a technology designed to democratize trust.
Blockchain is already being used by travelers to book trips, by homeowners and buyers to buy and sell real estate…and by individuals to buy their own electricity bypassing the utility companies. Organizations such as Goldman Sachs are already recognizing the potential for change that Blockchain offers. They, like a growing list of early adopters, are recognizing the strength of Blockchain to sell things like electricity. With Blockchain, you could buy your electricity from an individual creating solar power in Southern Alberta or South Africa. You wouldn’t have to buy it from the utility company anymore, but rather from another source that you trust. Trust being the key word. Because the companies or individuals with the most trust will be the ones who will prosper from being on the Blockchain. Trust is a key philosophy that marketers use to advertise their clients products. Bill Bernbach used to say that “A great ad will make a bad product fail faster. It’ll get more people to try it out to realize that it’s not that good.” Those who want to be successful on Blockchain will be the ones who are proven to be trusted. Deliver a consistent source of electricity from your small solar grid, and you’ll build a small customer following. This applies to everything. From enjoying your Uber or Lyft ride, streaming your favourite songs, buying insurance for your vehicle…almost everything you can think of will be bought and sold or delivered to you using Blockchain. But you’d better deliver on your word or your brand promise. Because if you don’t, the Blockchain community is built and equipped to call you out immediately.
Written By: Dale Bochon — Creative Copy Writer, Haste Post Haste