Many people assume that Bitcoin, which can have negative associations, is the same thing as the blockchain. Bitcoin uses blockchain technology, but the two are separate. However, the question remains: How do we get companies to trust the blockchain?
TechRepublic’s Dan Patterson met with the CEO of Riot Blockchain, John O’Rourke, to explain why companies should embrace blockchain technology.
SEE: The executive’s guide to implementing blockchain technology (TechRepublic)
It’s impossible to control how people are going to use their money, O’Rourke said, which is why Bitcoin typically has a negative reputation. Over the past year, over 200 funds were raised specifically to invest in Bitcoin and blockchain.
“The next wave that’s coming in Bitcoin is going to be more institutional inflows with all this money that was raised to invest in it,” he said. With derivatives marketplace CME Group announcing the launch of the first Bitcoin futures product before the end of 2017, it will open the doors for more institutions to enter this space.
There are a lot of companies that are currently developing blockchain technologies for other use cases not tied to Bitcoin. For example, it allows the banking industry to develop a trusted system and network with other banks to use the assets of the blockchain technology. “Work with the banks, rather than against the banks,” said O’Rourke.
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