Evolve, or Die: What Every Corporate Leader Needs to Know About Blockchain & Crypto
Hey everybody, this is Dr. Tonya M. Evans your Financial Futurist, here with another issue of the Digital Money Demystified Newsletter.
Every week, I receive questions about crypto assets and blockchain, usually in response to a headline. So many folks are confused and unsure what resources, tools and platforms are the best to get unbiased, straightforward information.
Most people try to figure this out on their own at YouTube University. The problem is, it’s difficult to separate fact from fiction with all of the self-proclaimed influencers at constant odds with the legacy naysayers. There’s no shortage of information on the internet. BUT that can actually cause info overload when all you really need to know is how to participate safely, legally and confidently so you’re not left behind.
And if you represent anyone as a financial or legal professional and you don’t know what this emerging technology is and how it is, in fact, influencing, impacting and maybe even completely disrupting your area of expertise or, importantly, your client’s business and livelihood, you’re already behind and that’s a scary prospect.
Don’t be that business dinosaur that failed to evolve, and eventually died (slowly or almost overnight!). Just ask Blockbuster and Kodak about those C Suite and leadership meetings. The ones when they decided innovations in media delivery or capturing timeless images were a fad or scam not worthy of their time, attention, or reskilling investment.
Didn’t turn out so well. Don’t let that be YOU.
Cryptographically-secured digital assets and distributed ledger technologies have the potential to disrupt many industries by offering new ways of exchanging, storing, and managing value and data around the world.
Here are the ten industries I know (fact, not fiction) are being disrupted … right now (pay attention, and stay ready so you don’t have to get ready!):
1. Finance and banking: Cryptocurrencies and blockchain technology are challenging traditional financial systems by offering faster, cheaper, and more accessible payment and investment options. They are also enabling decentralized finance (DeFi) applications that allow people to earn interest, lend, borrow, or trade without intermediaries.
2. Supply chain management: Blockchain is providing more transparency, traceability, and accountability in supply chains by allowing participants to track the origin, quality, and movement of goods and services. This can improve efficiency, reduce fraud, and ensure compliance with regulations and standards.
3. Healthcare: Blockchain is enabling secure and private sharing of health data among patients, providers, and researchers, which can enhance personalized medicine, clinical trials, and disease prevention.
4. Real estate: Blockchain is enabling the tokenization of real estate assets, which can allow fractional ownership, liquidity, and efficiency in real estate markets.
5. Identity: I’m really excited about this area of much-needed innovation. For example, Blockchain is enabling self-sovereign identity solutions that allow individuals to control their digital identity and authenticate themselves without relying on centralized authorities. This can enhance privacy, security, and accessibility in various domains, such as finance, health, education, or voting.
6. Energy: Blockchain is enabling peer-to-peer trading of energy, which can enable more efficient and decentralized energy markets.
7. Gaming: Blockchain is enabling new models of gaming that involve ownership, scarcity, and value exchange of in-game and cross-platform assets.
8. Charity and social impact: Blockchain is enabling more transparent and efficient ways of donating, tracking, and measuring social impact.
9. Media and entertainment: Blockchain is enabling new models of content creation, distribution, and monetization that involve ownership, transparency, and community engagement.
10. Government and public services: Blockchain is enabling new models of governance, voting, and public service delivery that involve transparency, security, and efficiency.
It’s worth noting that these industries are just some clear examples of the potential applications of cryptocurrencies and blockchain technology. The extent of their disruption may vary depending on numerous factors like regulation, innovation, adoption, and integration with existing, legacy systems.
Right now, we’re in a very uncertain regulatory environment in the United States. That’s not a signal for leadership to play a wait-and-see game on the reskilling sidelines.
By the time a bill is signed into law (check in with School House Rock if you don’t know how that works!), if you aren’t staying on the leading edge, you’re definitely on the dinosaur track. The beginning of the end.
It’s not too late. Most leaders are still scratching their heads about whether the bombastic guy on CNBC is right or whether Cathie Wood from Ark Invest is crazy like a fox.
That’s why as your Financial Futurist™, I decided to tackle the top crypto myths head on with engaging stories, clear examples, a glossary of essential terms and well researched, well supported facts (yes, they are still a thing and even more to empower you to make good choices out there in the new digital cash economy).
Because we’ve all heard the myths (and may even believe them)!
Like cryptocurrency is:
- only used by criminals
- a fad
- a ponzi scheme
- only for the tech and finance savvy
- isn’t regulated or traceable
The fact is, each of these beliefs … is a myth.
In my book Digital Money Demystified, and corporate counseling and trainings, I explain why, in straight-forward, plain language.
This is NOT a get-rich-quick opportunity or investment or financial advice. Plenty of books, resources and courses exist to help you with all of that. Digital Money Demystified is your foundation before you dive into those.
Learn more about corporate consulting and trainings to keep leaders on the leading edge of Web3 innovation.
