I had the chance to sit down with Cody Hoffman and glean some insights about blockchain. He was trader at JP Morgan and is currently the founder of Funder, a company that uses blockchain technology to help charities raise A LOT more money for their causes.
You’ve probably heard about the blockchain by now. It is a revolutionary technology that is quickly transforming the way companies operate and business all around the world is being done. Many prominent people in business and technology have been quoted as saying it is the next version of the internet and even beyond that!
So if you feel like you’ve missed out on the internet boom now is your chance to educate yourself for the amazing opportunities that lay ahead!
To give some more understanding about why it is such a game changer here are some of the key takeaways from Cody:
Blockchain is a decentralized public ledger. This means there is not one organization that has complete control over the system. The data is literally stored amongst millions of computers all over the world and everyone has access to it.
It is a place where everyone can see every transaction that happens. This is why cryptocurrencies have been such a big deal as well. It eases transactions and totally removes the issue of trust. You don’t have to trust people and you can still be 100% certain about the transaction being executed.
The data is secured by computers, not by people. This makes everything much more reliable. Cody likes to say it is, “the invention of triple entry bookkeeping.”
Reduces paperwork. Jobs will be lost, time will be saved and there will be less errors in bookkeeping/data entry. The good news about the job losses is that people will be left to think about bigger things, focus more on creative projects and solving bigger problems!
When it comes to allocating an investment portfolio in cryptocurrencies Cody has his set up where 50% is in bitcoin as it has the best technology supporting it and is the leading indicator for the space. If you are interested in allocating in other coins he advises you choose the protocols you’d like exposure to (i.e. gaming, social causes) and dollar-cost average into the leading coins in each vertical.
What do you think about blockchain and how it is impacting the world? Leave a comment below!
