Underneath the coins is another essential technology which doesn’t get much media attention, and without it, there wouldn’t be any place for these cryptos to exist.
Blockchain and Cryptocurrencies; What are They?
The technology is still basically in its infancy and yet to impact the world of business apart from a payment system which is the job of the cryptocurrency. Underneath this is the technology which all of the transactions take place.
A public ledger is held in this technology which records all details of any cryptocurrencies which are transferred. On top of this, numerous companies are beginning to utilize the power of the blockchain for further applications.
Smart contracts are the first and are self-running programs which govern every step of a business transaction. With these, both parties have protection, and no information can be omitted.
There are still a vast number of people after all this time who ask what is blockchain? And it keeps being questioned because of the lack of marketing which is carried out for its existence.
Although, this will change shortly as there is a massive influx of interest in the blockchain technology.
All the companies who are seeking to introduce new applications based on the blockchain are in a continual stage of ICO marketing as there is such a diverse range of applications being developed.
Investors have more than enough choice when it comes to any initial coin offerings which are made available to the public.
One downside is the number of companies which can’t support what they promise and seem to vanish after their ICO and in many cases taking the investors cash with them. Caution should be taken in any ICO, and plenty of research should be conducted.
Trust or lack of it is why cryptocurrency marketing is essential. There is a vast number of firms which are based on the back of BTC which are only after a quick buck.
Investors need to weed these out so they can find the firms in which to trust. This is a two-way street, and any blockchain marketing has to be carried out at a level which makes the company stand out from the firms which are unreliable.
Education of Blockchain and Crypto’s
It doesn’t matter if it blockchain or a cryptocurrency, there is still a considerable percentage of the population who don’t understand what these technologies mean for the world. Even to the most knowledgeable, the future is unknown.
The only way this education can be put across is via marketing their services. As there are so many coins in existence, there needs to be more focus on the blockchain and marketing to the general public.
Once they become more aware of what the blockchain can offer regarding new applications and help protect their data and privacy, end users might be more accepting of the technologies.
All these large companies who are offering big things with their blockchain technologies on most occasions don’t have anything built and are in fact promoting the potential of their technology. This in one way, is a high-risk venture for any investor who is looking at any form of investing.
For many, this crypto marketing is done in such a way it can be misleading that there is no actual technology or application which exists.
But with that, not all companies are out to make a quick buck and do have a solid reputation behind them, and they face the problem of capital to fund their project.
All marketing for the blockchain and for cryptocurrencies has to be taken in context. There are many companies which promise the earth and then deliver nothing.
There are then the other companies who offer the earth and are unable to deliver as they are short on funding.
A tremendous leap of faith is required by the general investor population once they have found which ICO offerings are not as robust as they first appear. One way to weed out these bad apples is by disregarding the ones who don’t offer anything new.
There is plenty more marketing which will be carried out before the end of the year, and things are going to change on blockchain usage the more the month’s pass by.