I’ve been aware of Bitcoin for a while but the term Blockchain really only came up for me in the last 12 months as something that is going to be big. But what is this all about and why have I dedicated a section of this site to it? Well, it might just present the single largest opportunity for hour-a-day business founders in over a decade.
With every major shift in the technology that underpins large sections of the economy, a whole new wave of opportunity pops up. With the rise of the internet, almost every industry was reinvented based on this new need to be online. The Encyclopedia Britannica was the fountain of all knowledge for decades but with the rise of the internet, Wikipedia was born, better, faster, and more accurate. Now would you ever be crazy enough to write your own encyclopedia back in the 60’s to compete with Britannica? Hell no! But with the rise of the internet in the late 90’s, new technology provided that opportunity to displace an almost monopolistic institution.
Blockchain has the potential to be one of those fundamental shifts in our economy and Bitcoin is just one of the first examples of this. It has the potential to do to the entire banking industry what Wikipedia did to Encyclopedia Britannica. This trend will continue, there will be a new Facebook, Google, and Amazon. It’s likely that the new Facebook, Google, and Amazon will be owned by the current Facebook, Google & Amazon but with every shift like this, there are opportunities. Britannica was most likely best placed to be the Wikipedia we know now but they did not take that opportunity either through lack of awareness of this new development called the web or maybe the thought of giving away all their knowledge & content for free in return for some ad revenue was just a bit too radical for them at the time. It’s hard for large companies to disrupt their own cash cows and it’s natural for them to resist change. Massive companies that we know today will miss this next shift, we just don’t know who yet.
I was not in tune with online when you could take almost any business and put a “.com” on the end of it and make something entirely new with very little competition. Today it feels like the market is crowded with little opportunity but with Blockchain, maybe…just maybe… we’ll be able to take every “.com” and Blockchain it into something else. That’s an exciting thought and I am not going to miss this wave.
As I research and learn more about Blockchain and the potential applications such as Cryptocurrency, I’m going to post them here. Not exactly sure of the structure and form but we’ll see how it goes!