Blockchain Still in Early Days, Following Same Path as Internet: “It’s Like the Early 90s of Blockchain Technology.”
DENVER, CO – Many would say that blockchain is driving the data center conversation, especially in regions such as the Mountain West, where the bitcoin business is booming. So CapRE’s Second Annual Great Denver Data Center Summit last week featured a panel titled “The Next Chapter: Blockchain, Cryptocurrency and Bitcoin: What are They and How Do They Impact Data Center Design, Construction, Development and Operations?” and the conversation featured some remarks by Josh Finkleman, Managing Partner at Colorado Blockchain Capital, LLC about what people need to understand about blockchain and crypto-currencies.
“Why is this all important? That’s what it all comes down to,” Finkleman began. “Unfortunately I spend most of my time educating people on this technology. Which most people don’t understand. Most people…are watching CNBC, and they see that “Bitcoin is dead” or that it’s crashing. But what people don’t realize is happening is that you’ve had a technology breakthrough that’s happened, due to crypto. And it’s the equivalent of IP addresses.”
Finkleman then turned back the clock a bit. “Back in the early 90s we had the internet and if you remember — those of you who are old enough, and I am — we didn’t really know what the internet was,” he recalled. “It came out and it was like, what’s this? What’s it going to be? How can I leverage that? So fast forward, and we know how prolific that was. How it changed all of our lives. Blockchain technology is that disruptive. And we’re in the very early days of this. It’s like the early 90s of Blockchain technology.”
According to Finkleman, Silicon Valley is already jumping on this tech. “There is about $20 Billion that has come into this space so far, innovating, and it’s been distributed out to people like us [on this panel] that are innovating and growing out this technology,” he shared. “And we can leverage this technology so many different ways. And believe me. It’s going to be pervasive. It’s going to be as pervasive as the internet. It may be ten to fifteen years, but it will. It will affect money.”
“Money is going to be becoming digital,” he predicted. “It will. It’s happening. Countries are already working on that. It’s going to be a better stored value, like gold. Right now Bitcoin is kind of acting like a commodity, and it’s becoming a better store of value that can be moved around the world easily. It will be leveraged as a more efficient medium of exchange. So you can transfer money around the world instead of going through correspondent banks. You can now go peer to peer. For pennies. It’s a game-changer.”
Be sure to check out further perspective from this panel on blockchain and bitcoin in previous CapRE Insider Reports:
- “Blockchain vs Bitcoin: What’s the Difference?“
- Frontier Mining’s Arland Whitfield Weighs in on Blockchain vs Bitmining
- What Kind of Clients Seek a Cypto-SaaS Platform?
Banner Photo (L): Josh Finkleman, Managing Partner at Colorado Blockchain Capital, LLC