I do not give away my secrets often, but I believe this one is of importance considering the rising debate on whether or not we are in a bubble. Now to be clear, I am not saying we are definitely not in a bubble - what I AM saying is, I think it is highly unlikely.
Bitcoin piggy backs on very impressive blockchain technology. We don’t need to get too technical on this technology. My point is, Bitcoin is not the hero, blockchain is - and it’s carrying a heavy load at the moment. When we look at the ‘bubble’ the main culprit ticking all the bubble boxes is Bitcoin. The innocent party in all this is the Blockchain technology that supports Bitcoin. Without the blockchain, we would not have our beloved Bitcoin. BUT let me reiterate, just because Bitcoin appears to be the bubble, does not necessarily make it so.
Let me digress. When you get to know me, you will find me investigating, researching and narrowing down answers. I am forever learning and known to my father as the ‘professional student’. I took this as a compliment. One major lesson I take from my role as a lifetime student, is the fact that many, if not all answers are found deep in the past and have already been learnt by somebody else. Looking to the past often clarifies what we are seeing right now. But that is not my secret.
Blockchain technology is being adopted by some of the biggest multinational companies in the world. Many assume this movement toward blockchain technology is recent, considering Bitcoin is very new and so are other cryptocurrencies. This is where many are wrong and it is with that assumption that many overlook some juicy little details.
The secret lies in the ever increasing blockchain patents. In 2013 MasterCard filed a patent with the US Patent Office (link 1) which sought to see Bitcoin incorporated into their payment systems. It was not until October this year that MasterCard was granted the ability to send money over a blockchain rather than by swiping a credit card. This is when their stocks took a very positive turn.
In 2015 when I saw Ebay and Adobe filing patents with the US patent office (link 2) to incorporate blockchain technology and cryptocurrency I was high alert and waiting for the moment when it all comes together. And here comes the reason for the post - It was only this week that Ebay finally come out to say that “they are now seriously considering incorporating Bitcoin into their payments system”. (link 3) Ebay is very close to blockchain adoption while Adobe is yet to be granted (but keep your eyes peeled, it wont be long).
Sony in October of this year also submitted a patent to use blockchain technology (link 4), which may greatly impact on the company’s efficiency and its value very soon. These are just a few examples but when you start to dive into the patents, some from 2009, you can identify quite quickly, and often before the masses, that a big change is unfolding within the applying company. Follow these changes and you may just find a few gems before everyone else does. My golden nugget today is the Blockchain Library (link 5), my favorite hangout for over a year. Try not to get lost in there.
Blockchain is not going away and although many cryptocurrencies will not stand the test of time, a large majority certainly will. If we are in a bubble, it may be around for a millennium until the next financial revolution.
With thanks,
Amy-Rose
www.cryptoblackboard.com
3: https://www.cryptocoinsnews.com/ebay-seriously-considering-adding-bitcoin-payments/
5: https://blockchainlibrary.org/2017/11/registered-blockchain-patents-november-2017/