This is not our usual Friday Five but love or hate cryptocurrency (Or not quite understand it..) there’s no escaping how much of a furor it’s creating currently both for industries and the individual. Those who know us, know how passionate we are about crypto and how much we love to discuss different trends and approaches. See our previous Bitcoin Special. This week we are using the Friday Five to address some key points and predict coming trends.
Like any new technology there is still a lot of buzz and hype surrounding blockchain technology and this can impact, positively and negatively, on how we feel about it, especially making us impatient to see the changes that we have been promised. We believe that blockchain will change some of the ways we solve business problems but we don’t think it will be a revolution, more an evolution. You need to approach the question of ‘Should I be using blockchain technology for this?’ in the same way that you would in any other business problem. Understand the problem statements first and then asses the solutions, in some cases blockchain will be the right solution but don’t fall into the trap of forcing blockchain as the solution where it might not fit.
As a currency investor of 4 years, I get asked three questions on a daily basis:
– Has the bubble/will the bubble burst?
– Should I invest in Bitcoin?
– Why has the price crashed so stunningly and so quickly?
To respond to these questions, I believe the bubble has not and will not ‘burst’ in 2018 but I do believe currencies such as Bitcoin have been invested in far too much by far too many people for anyone to gain sufficiently short term by investing in Bitcoin now. Due to this I suspect 2018 will see a more even spread of growth in ‘alt coin’ currencies and new technologies as opposed to never ending growth of Bitcoin that we saw last year. Lastly, don’t let price ‘crashes’ or perceived bubbles ‘bursting’ be an indicator of how the technology behind cryptocurrencies and blockchain is developing and how successful it could be.
Quite simply, blockchain is evolving a lot of industries but the stand out examples are smart contracts, supply chains and data management. We will see growth in business solutions like this throughout 2018, again not a revolution but slow, logical growth and smart problem solving.
Potentially not as hard as you might think! It’s worth stating that, for example, building a new data system for the NHS or a new insurance product will probably be quite complex, the actual blockchain technology behind it is not that hard… We have a few blockchain projects on at the moment and creating and developing the correct technology is not as hard as you might expect. As always, what is hard is finding the right people to build the right product for the right audience at the right time. Make sure you are working with a trusted company who genuinely understands blockchain.
There are many reasons why having knowledge of blockchain and cryptocurrency is important, not least because we could all be raking it in if we knew how to build blockchain as this cringey video demonstrates. Seriously though, it’s not going to go away and your best chance of being able to use blockchain technology and cryptocurrency personally and in your business effectively is to understand it. Feel free to get in touch for a crash course with yours truly.
Normal Friday Five service resumes next week!
Lee and the Skull Mountain team.
A few of our clients
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