If Bitcoin’s price is now sharply falling, how come so many people remain excited. The crypto bear market was discussed in a recent Forbes article entitled “Bitcoin Moves Sharply Lower again as Other Major Cryptocurrencies Go into Free Fall”. In addition to Bitcoin, the article discusses the top cryptocurrencies. The cause for the fall is said to be unclear. There is some allusion to adverse impacts from short-term events with a greater focus on the long-term potential of the technology.
Blockchain as Enterprise Software
Before exploring the more recent developments in blockchain technology, consider the following list:
- Amazon Managed Blockchain
- IBM Blockchain
- Oracle
- Microsoft
- American Express
- Tencent
- Alibaba
- Toyota
- Samsung
What do all these companies have in common? That’s right, they are all have, and/or are actively pursuing, their own blockchain-based solutions. If that is not enough to convince any naysayers that blockchain has a future, simply look over this list of organizations that have publicly announced their involvement in blockchain:
- United States government and military
- Chinese government (especially as a national currency)
- European Union
- Switzerland (particularly as it pertains to asset ownership and title rights)
- Japan (early adopter)
- Korea
- Malta (including its educational system)
- Federal Reserve and a variety of domestic and international banks both private and publicly owned
- Virginia Tech
- Stanford
- Other universities in the United States, Europe and throughout the world
One might wonder how these private applications of blockchain relate to the price of Bitcoin and other publicly distributed ledgers. The key is in the distribution and what such a functionality enables. Private blockchain applications promise to streamline complex data management and logistical operations. However, these large corporations will still need to exchange value over a free market.
There are limits to the partnership permissions that selectively distributed ledgers can provide. Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS and others can all be used to settle things on the open market irrespective of national borders and entities. This reality alters the current digital paradigm and modus operandi that financial institutions have been operating with for decades.
Bitcoin has value for every entity/application listed here.
