In 2017, bitcoin value surged from just under $1,000 at the start of the year to nearly $20,000 by mid-December. (1)
While some industry leaders dismiss bitcoin—one calls it “a fraud” that is “worse than tulip bulbs”—others are eagerly investing, confident in projections that bitcoin value will reach $1 million by the end of 2020. (1)
Yet many FinTech experts and industry observers see bitcoin’s supporting technology, blockchain, as the true standout with the greatest potential in the coming year. (2, 3)
Blockchain is being embraced across many industries. For example:
- It supported more than $4 billion in initial coin offerings (ICOs) last year. (2)
- It is optimizing the transfer process of real estate and auto sales, which currently involve forms dispersed among 3,000+ courthouses and city halls nationwide. (3)
- In the healthcare industry, it can help avoid costly miscommunications that cause $1.7 billion in damages and result in as many as 2,000 lost lives. (3)
IT executive and FinTech specialist Monica Eaton-Cardone says that while bitcoin may be grabbing headlines, more businesses and individuals will directly benefit from blockchain technology, which is disrupting cottage industries that profit from existing inefficiencies.
“By reducing or eliminating the need for intermediaries—while delivering near real-time processing, lower fees and infrastructure costs, and greater transparency, efficiency and security—blockchain has the capability to revolutionize virtually every modern industry.” – Eaton-Cardone
She encourages entrepreneurs, merchants and other business owners to learn how blockchain is being used in their industry and how they can leverage it in their operations.
“Too many companies make money by keeping their clients in the dark on technological advances,” noted Eaton-Cardone. “As someone who specializes in loss prevention, I believe in educating merchants on how blockchain can help them retain more revenue.”
Monica Eaton-Cardone is an entrepreneur and business leader with expertise in FinTech and eCommerce. She has co-founded a number of successful companies and currently fulfills executive management roles within each organization. She is a well-known champion of women in IT and a sought-after speaker.
- Hackett, Robert and Jen Wieczner. “How High Can Bitcoin’s Price Go in 2018?”; Fortune; December 21, 2017.
- Schiller, Ben. “2018 Is Going To Be A Massive Year For Blockchains, The Tech Behind Bitcoins”; Fast Company; December 27, 2017.
- Miller, Dylan and Jonathan Hadad. “Bit by Bit: Blockchain Takeover”; IBISWorld; November 21, 2017