In a previous blog I covered how Blockchain has the potential to revolutionise areas of procurement and the supply chain.
This when the price of bitcoin, the dominant crypto currency built upon the Blockchain was at $2000.
Now, at the time of writing it is at $16,000.
Whether it is worth investing at this stage is up for debate. Are we halfway to the peak, are we already at the peak and just awaiting a collapse or will Bitcoin continue to climb given the finite number of bitcoins, the ease of transferring internationally and the decentralised setup?
Who knows. I’m definitely not going to offer advice!
One thing that is interesting though is the number of ICOs coming out. ICO stands for Initial Coin Offering and does exactly what it says on the tin and are used to raise capital at an early stage. Numerous companies are springing up using this method. Built on blockchain technology they aim to solve problems in every industry imaginable.
From the ‘restauranting’ business, to real estate and onto currencies and gaming platforms. It is all happening and happening very quickly.
Unsurprisingly, many speculators are investing in these. Hoping that they will catch the next big thing and avoid the multitude of scams. One recently ended up with a founder ending up in prison after spending the money he had raised on home improvements, amongst other questionable antics.
Still, it is undeniable that some of these companies will establish themselves and the returns will be significant.
Which begs the question. Are there any procurement related ICOs?
I’ll leave you to have a look around. It’s an interesting time to be involved in the tech industry.