Why I took my bonus in Bitcoin

Back on 2013, before Bitcoin and blockchain seized the public. I was sitting at home when my teenage son asked me when Overstock would start accepting Bitcoin as a means of payment. To be honest, at the time I did not even know what Bitcoin was, let alone other cryptocurrency or blockchain. Fortunately, my son was there to begin to explain to me before doing my own deeper research.

Fast forward half a decade: I am at the head of the blockchain company owned 100% by Overstock and I took my last bonus in Bitcoin

I did not I did not take my bonus in Bitcoin because it climbed to $ 19,205.11 in December 2017. I took my bonus in Bitcoin because of the crypto-currency's vision and it's not easy. future of blockchain technology, including blockchain technology

The potential of Blockchain is not yet achieved, and current trends indicate exciting opportunities for technology, that is why my decision of investing in its future by taking my bonus in Bitcoin was easy to do. Of all the potential I see for this technology, the following three areas are what really makes me believe:

Blockchain and the Capital Market

It's likely that in the next 36 months the technology blockchain could offer real capital markets and usable solutions. Currently, very complex methods are in place using computer architectures and fragmented data. This, combined with the lack of common standards, creates the need to reconcile data with mbadive systems and duplication of processes, resulting in high costs and increased time required to complete tasks.

and secure transaction matching is done in real time as the data is added to the chain. In addition, the use of blockchain will require standardized processes and services, shared reference data and standardized processing capabilities to increase the efficiency and transparency of fund data

. could reduce transaction costs, increase efficiency and enhance security around badets

Blockchain, Democracy and Voting

Blockchain's capabilities go beyond the realm of finance. The focus of technology on privacy and security makes it an ideal technology to revolutionize the voting process. In fact, Zug, a Swiss city known as "Crypto Valley", has tested a voting system based on a local blockchain and has described it as a success

Unlike the electronic voting systems currently penetrable in instead, the blockchain eliminates electoral fraud. risk of rigged elections. Because each vote is added to the channel in real time and is uniquely encrypted to identify the source of the vote, we get a real-time record of the number of votes and the authenticity of each voter.

Blockchain startup Follow My Vote claims that the issue of votes as blockchain transactions allows everyone to agree on the final count since the votes are counted by the users themselves . Due to the blockchain audit trail, participants can check the votes to make sure no one has been changed or deleted and that no illegitimate vote has been added. the chain. While blockchain voting systems are still in their infancy, it is not unrealistic to think that we could use them in democratic processes by 2020.

Blockchain and personal identity

No other technology reaches the level of encryption and security that blockchain offers. Currently, users' personal data is protected by archaic systems that rely on pbadwords and security issues; online identity theft and fraudulent activities are commonplace. While biometrics has slowly made its way into the mainstream, they are still plagued by privacy.

It is likely that over the next five years, blockchain technology will give people complete and autonomous control of their identity. People currently have to provide a litany of information to prove that they are what they say they are, thus increasing the likelihood of hacking their personal data. Blockchain makes sure that people only need to provide minimal and cryptographically secure information to verify their identity.

Solving social problems with blockchain will not happen overnight, but we realize its potential as applications unfold.

It seems like it was an eternity that my son asked me about Bitcoin. At that time, the idea of ​​taking my cryptocurrency bonus would have seemed crazy. Now, however, not only is cryptocurrency safe and secure, but the technology it operates on extends its reach to create a future beyond what we would have imagined possible just five years ago. We are in a fascinating tour.

Jonathan Johnson is president of Medici Ventures and a board member of Overstock.com.