Beyond Uber: A Simple Way To Understand Blockchain And Crypto
Most people don’t know the first thing about cryptocurrencies, except that their kids made, or more likely lost, money. There’s that guy in the office who’s really into Bitcoin, but otherwise, the only thing most people hear is billionaires like Warren Buffet and Jamie Dimon trashing the whole idea.
Of course, at the same time, those guys are investing heavily in blockchain, the technology that makes cryptos possible. Buffet’s own railway, Burlington Northern Santa Fe, is a major player as part of the Blockchain in Transportation Alliance (BiTA), which seeks to put order into the vast global freight complex using modern technologies for automation and transparent reporting via Blockchain. And Dimon may not think too much of cryptos, but JPMorgan has an extremely active blockchain department.
So how do these things coexist? Simple: crypto and blockchain are real.
Our company is developing a cryptocurrency, and since the concepts of blockchain and crypto are still so mysterious to many people, I used this analogy to illustrate how it works for our shareholders. Let's call this hypothetical example “Beyond Uber.”
Unlike cryptocurrencies, Uber has a well-known success story. With just a phone app and smart data systems for dispatch, Uber blew up the taxi industry, which, as a protected monopoly, was vulnerable.
Uber decentralized the model by enabling anyone to get into the business, and Uber became a verb. Now we don’t grab a cab to the airport, we don’t drive and park, we don’t rent a car; we Uber, because it’s cheaper and easier.