It seems that technology is an ever-changing juggernaut of progress. The most recent revolution is undoubtedly blockchain, and the numbers don’t lie. While some tech firms are still considering adoption, a large number of companies have begun moving toward some form of blockchain based application.
Some of this, to be sure, is the result of a burgeoning cryptocurrency market. For example, Jesse Powell, CEO and founder of Kraken, a cryptocurrency exchange platform, predicts that the cryptocurrency market value will hit $1 trillion in 2018. It’s already over $400 billion.
However, many businesses are recognizing that blockchain technology is a revolution in itself and are looking to be on the cutting edge. Blockchain and the cryptocurrency craze is doing more than baiting clicks on the internet and getting investors rich. It is truly revolutionizing the way businesses operate in our world.
While startup company adoption is one sign of technology adoption, it’s something entirely different for an already successful and growing company to move their operation onto the blockchain platform. But that’s exactly what is taking place.
For example, this sort of migration onto blockchain is exactly what one company, Cool Cousin, is doing. The company is a platform that connects travelers with locals. The idea is that you find a “cousin” who lives in a city you are traveling to, and they’ll be able to show you around. Just like a cool cousin who lives in a destination city would do, all from a mobile app.
Cool Cousin has boomed in popularity. Backed by venture capitalists, they have grown by over 250% in the last six months and have over five hundred thousand users worldwide. But they’re looking to take their business even one step further via blockchain.
They are now introducing CUZ, their crypto token which powers the blockchain. Why the switch to crypto right as they are taking off without it? Scaling with integrity. Cool Cousin is looking to grow, but continue to remain affordable and unbiased, without losing the quality of the content as they do.
In addition, the company has utilized smart contracts (digital self-satisfying agreements), helping distinguish between the community and the company. This helps reduce overhead, keeping the platform safe from self-seeking corporate motives rather than the good and authenticity of the product.
Kik is another example of an existing, thriving company migrating to the blockchain space. They initially grew out of the inability of Blackberry, iPhone and Android platforms to communicate with each other. They are a messaging service that can be used on any device, anywhere. Now, they are specifically geared toward teens, even providing chatbots.
Kik is a recognizable, successful brand, that also has seen great success in the blockchain world, through their token KIN. Through their ICO they raised $100 million in a matter of months, and according to CoinMarketCap, they currently have a market capitalization of $185 million.
Because blockchain technology provides a simple and secure method for information transfer, while at the same time offering immutability, platforms like Kik have been able to create ideal messaging systems. Secure and unchangeable messages mean that platform users feel free to communicate without the risk of governmental oversight.
Listia is another example of a successful startup that turned to blockchain in order to take the company to new heights. They began in 2009 as a marketplace for exchanging goods on a peer-to-peer basis. It didn’t take long for them to raise $11 million from venture capitalists and amass over 10 million users.
Listia was already accepting Bitcoin from customers, so they had an audience familiar with the crypto marketplace. Plus, they had Lista Credits, a virtual currency. That combination, plus the desire for higher profits, make blockchain a no-brainer. They started working on transitioning Lista Credits to a cryptocurrency. The result is Ink Protocol (XNK), a platform allowing buying and selling from anywhere, on any network.
The more successful blockchain-based companies become, the more we will see traditional companies migrate towards blockchain solutions. Many other successful companies like Walmart already use it for various aspects of their business operations. But as the awareness grows, it will begin to revolutionize the entire way businesses are run. Even recently, the CEO of MoviePass, Mitch Lowe, hinted at a future in blockchain, “Investing in blockchain is one of those things that people seem to consider as making our business valuable.”
Lowe is correct. People connect blockchain investing as a valuable business practice. Soon, the businesses will too. It’s the latest change being made in our society.