In 2017, Vlad and I wanted to learn more about the blockchain technology. We have fallen in love with the blockchain’s massive potential to become a tool for advancing sustainability and fostering resilience.
I believe you already heard about how blockchain and the cryptocurrency’s space can disrupt many industries. But let me give you some short examples of its use cases:
— Cryptocurrency - digital currencies used on the blockchain, that facilitate peer-to-peer transactions, instant cross-border payments, eliminating the need of a middlemen (a.k.a. banks or financial institutions)
— Supply chain management – in the relationship between a business and its suppliers, tagged products can and assigned with unique identities, then transferred onto a transparent and immutable blockchain making it easier to track.
— Digital identity – people can create an encrypted digital hub where they can store their personal digital information, being completely in control and giving or revoking access to it.
— Intellectual property (IP) – Possible disputes concerning the origin of an idea could easily resolved by referring to a tamper-resistant blockchain that could serve up a timestamp of the idea's exact recording.
— Fundraising (ICOs and STOs) - Blockchain has already made its mark on fundraising activity, by spawning an entirely new ecosystem for startups to raise the funds needed to bring their ideas to life.
— Voting - Blockchain can eliminate concerns of voter fraud by providing a clear record of votes. Hacking it would be a really difficult task, due to its tamper-proof characteristics.
A few other industries and uses cases in which blockchain technology can bring a disruptive approach: Healthcare (patients information), Notary services, Food Safety (farm origination), Distributed Cloud Services, Peer-to-peer File sharing, Charity, Automobiles (service history), Real Estate, IoT, Cyber Security, Insurances, etc.
Blockchain is awesome!
But what are the obstacles in the way of blockchain mass adoption? Here are 7 of them, based on my experience as an entrepreneur in this field:
01. The fear of the unknown and the lack of trust
„Trust” and „transparency” are the two most used words when someone attempts to explain to you „What is the blockchain?!”. Right?
We can speak about „trust and transparency” only because blockchain’s ability to keep a fully verifiable and immutable ledger or database.
The fear of the unknown comes, in this case, from the lack of experience with blockchain technology, and equally the need for mass education about blockchain and cryptocurrency. Accepting and embracing of a new technology can solely happen if we focus on education.
02. Absence of Regulations
„Digital currency is a bubble ready to burst.” I'm sure you’ve heard this a lot, didn’t you?
These skeptical rumors reduced the mass adoption, „helped” by the absence of rules, guidelines and little to no experience with blockchain technology.
My personal opinion is that a lot of this resistance comes from governments, banks and many intermediary businesses affected by the freedom of the society. Because, in the end, it’s about how this embracement of a CHANGE can affect us.
03. The Gold Rush of 2017/ 2018
In December 2017, the price of one bitcoin reached 19,783 USD. Everyone started to buy cryptocurrency and invest in a lot of projects, without making a proper due diligence beforehand.
Influencers started to predict astronomical prices for different cryptocurrencies and many people felt how damaging FOMO really is.
The first months of 2018 brought with them “the blood bath” of cryptocurrency. People lost a lot of money and their trust in the recovery of more than 90% of the coins and tokens on the market.
04. The lack of a strong community
As a professional in the digital advertising industry, I gathered a lot of experience with blockchain technology, in building and understanding communities from different industries. I came across strong communities where people with the same passion and purpose were helping each other with open arms and hearts. On the flipside, I saw divided communities as well, where people were behaving unfairly and improperly with each other.
I would love to learn more about your experience with blockchain technology, and opinions about the current blockchain community and I will share mine.
05. Speculators and the lack of sharing the knowledge
Everywhere you look in the crypto and blockchain industry, in 1 out of 5 cases you’ll see „a veteran”, „an expert” or a „guru”. I wonder how can one use these words when this industry is still in its early stages? They’ll share only that kind of information that will ultimately help them the most. Shilling a coin or token only because they have invested in it and need to artificially raise its price.
On the 8th of Jan 2018 the total market cap hit 800bln. That's a lot of money, don’t you think?
Speculators, scammers and many other “characters” always find the areas with great amounts of money.
06. Immutable reputation
As I already mentioned above, the TRUST between the involved people should rely on reputation, like in any other business. But this industry is still fresh, so no-one can be „a veteran”. Yes, we can call ourselves „enthusiasts”, „adopters”, „advocates” you name it.
07. Questions like “Where is the prosperity?”
When I first heard about the blockchain and cryptocurrency industry, I saw a real potential to create prosperity for our society.
The ICOs could give us the chance to start our entrepreneurial journey, but it should start with education. “Learn.Earn.Repeat.” The real experience with blockchain technology.
As a good friend of mine said “Making money is your birth right!” (Cathy Morrissey)
A disruptive Company Culture
Let me share with you one extract from Coreto’s Mission Statement:
Coreto’s purpose is to unite people into a TRIBE and to make them understand how important the education by helping each other is, for the blockchain future mass adoption.
“Why?” is the most important question for everyone. And that goes perfectly for brands too.
Because we (the team of Coreto) want to bring to life our vision of creating a strong community. A tribe where we can learn and earn together. And everything goes hand in hand with mass adoption of blockchain and cryptocurrency.
Did the above manage to capture your attention?
Now let me tell you “how” we plan to achieve it.
Our purpose is to bring together investors, content creators, traders and project teams, on the same “easy to use” platform, while creating a trustworthy source of learning and information, together with an amazing user experience with blockchain technology for everyone.
I would love to talk about all the plans that we have with Coreto, yet I want to write an article, not a book. â˜º I’ll make sure to periodically share with you the features and use cases that Coreto will have.
So I will follow the KISS principle.
But “what” is Coreto anyway?
Coreto is a reputation-based, tokenized social platform, which will disrupt the way blockchain projects are seen. Our intention is to generate and aggregate crowd knowledge and general sentiment about the blockchain projects, in an organized and easy-to-use platform.
If you're curious to learn more about the aforementioned “trustworthy and amazing recipe” feel free to explore our website and ask for the Pitch Deck. White Paper coming soon.