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Using Blockchain as a Practical Utility

In an August 15th front-page article in the Wall Street Journal, the headline wrote "Cryptocurrency Market Hits New Depths in 2018". The article goes on to state that blockchain based platforms have lost historic value since January and many platforms that have been built have few users if they exist at all.

Other than the fact that this somehow deserved to be front page news (must have been a slow news day), there is nothing here that anyone in the industry doesn't know. However, one statement made an insightful observation.

"there still is virtually nothing holders of Bitcoin, Ether, or any other cryptocurrency can do besides trade it. They have no practical utility in traditional markets and daily commerce..."

As we look across the landscape of blockchain-enabled platforms, we can see many great applications for blockchain that actually would make the world a better place. However, just because it is in its early stages doesn't mean it won't change the way things work. After the $1.7 trillion .com bust of 2000, investors fled from tech stocks like they were lepers. Imagine hearing "...we just don't think this internet thing is going to be big..."

"No e-commerce company has ever made a profit. Certainly, we will, and the analysts have us making a profit in 2001.” — Craig Winn, CEO of “convergence commerce” outfit Value America, May 1999 (The company filed for bankruptcy in August 2000.)

And this gem...

"Dot.coms aren't good at logistics..." Anitesh Barua, an assistant professor at the University of Texas at Austin

As time passed, however, patterns of success emerged, best practices were developed and made better. Here we are now, with Venture Capital firms and Angel Investors pouring funds into tech start-ups and a whole generation of kids who don't even know what it's like not to have internet access and smartwatches.

At Life.Cafe, we feel that businesses based wholely on blockchain or use it as a tool, are no different from any .com or brick-and-mortar business. If the business plan is stable, then the technology is just a tool to get that business done. The idea of extending payment options to both vendors and consumers (especially for those travelers dealing with multiple currencies) or consumers who are looking for a stable alternative to high-interest bank loans or credit cards is not only a solid business plan, it is just plain smart. In fact, our platform is built as a "practical utility in traditional markets and daily commerce"!

Check out Life.Cafe or take a look at our videos and see what can be done when a company uses technology as a tool rather than a marketing ploy.

Using Blockchain as a Practical Utility
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