As a headhunter in the Financial Technology space as the staple of my client base, I have seen first hand the rise of cryptocurrency services and the offerings around them and been interested in the impact of these companies in a short period of time. What is even more interesting is the projects going on behind these coins that make them valuable apart from pure speculation. I have worked with companies building teams in everything from disrupting major International Finance in he clearing market to business trying to make sure that artists get true value when selling their work.
Love this simple graphic from the Motley fool for a simplified visualisation:
The rise of blockchain is becoming less of a utopia and more of a reality and the full extent of its reach hasn’t yet been truly exposed. The commodification and reliability of digital trust is key to making the internet a safer place; distributed ledgers and smart contracts seem to be the best way to do this. The torrent of online scams and ransomware could be averted effectively by requiring digital verification to be more thorough.
There is a lot of talk right now about the dethroning of the US dollar and the media’s love of talking about volatility means that Cryptocurrencies are constantly in the paper which can only be good for their demand. With the Bitcoin market at 10% of the gold market cap for the world, this could be a turning point where it reaches heady highs and has the potential to destabilise the global economic fiat money system if it overtakes the US dollar as a reserve currency. This is quite a stretch but with a high percentage fo the worlds money in private hands rather than sovereign wealth or government coffers it has that potential to move quickly with limited government control due to the anarchist international system. Though as we can see governments are responding quickly releasing their own CBDC´s in reaction and finding their own positives in a distributed open ledger being very easy to track in comparison to the international banking scene that can be hard to track across borders.
In terms of new services offered in the Blockchain and crypto space I am starting to see a common theme in novel offering of digital trust and the ability to share ownership and profits from creation being a common theme for example with artwork in OpenSea and sharing of commissions and royalties naturally through the platform. Another example is Autonolas, a platform promoting shared ownership of Autonomous agents with a decentralised structure as opposed to OpenAI´s centralised structure. However there is going to have to be a greater focus on this if the grand predictions for Web3´s takeover are to come true.
So will the rise of Blockchain inspire a next generation of online services that solve the innate problems of Web 2.0 through requiring digital identity? Will it create a system that the government can control better or completely lose control of monetary policy? What are the effects on society of these movements in how we interact and earn?
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