- COMPANY INFO
By now, most people are familiar with Bitcoin. But whether a fan or critic of the popular cryptocurrency, its underlying technology has already become a game-changing disruptor. Bitcoin runs on top of the blockchain ledger, which is a new system for transferring data and transactions across the internet using peer-to-peer networks.
If that sounds confusing, think about the cloud. In the same concept, the blockchain uses an online network of connected computers to share information across systems. The value-differentiator (versus storing information in a traditional database) is that the blockchain keeps track of multiple copies of these transactions on a de-centralized ledger and distributes them across multiple nodes on the network. In this way, no one authority can control or manipulate these records. Each transaction is highly encrypted, and changes must be verified across the network nodes before final approval. These nodes don’t have to be people, they can be things. This is what makes blockchain a potentially powerful accelerant of the sharing economy as it gives a property the ability to know who its owner is.
Anything with an internet connection can hook up to a blockchain, which means anything with an internet connection can have a perfect record of who owns what.
This is valuable, especially in the automation arena. It speaks to the core of trust-worthy computing and unlike other systems, change management is inherently built into the architecture. From a process perspective, this makes things simpler and increases efficiency. But it gets even more interesting. The blockchain also changes the control dynamic.
For these primary reasons, many companies are using it to increase security, reduce fraud and expedite time to market through future-proof offerings. When it comes to highly regulated industries, this helps reduce error and presents a new way to conduct business.
Specific to the creative market, it can enable community-driven valuations and revolutionize rights management. That’s a fancy way to describe how audiences can holistically determine the monetary worth of creative works and keep track of ownership. It challenges price fixing, pushes the boundaries of censorship and uncouples corporate control of what the public determines as acceptable art and entertainment. While equally fascinating and powerful, it also reinforces the need for responsibility.
One can hope that a de-centralized platform for value determination will re-open the doorway for genuine, creative work while protecting the interests of content creators. It seems promising as forced agendas would not necessarily flourish in this environment.
Companies such as iTCHY Worldwide see the opportunity to leverage cryptocurrency as a mechanism to re-infuse demand-driven value back into art and preserve creative integrity.
Announcing their ICO in the first quarter of 2018, IWW will raise funding through the Ethereum-based iTCHY Coin token (ITCHY). Combining technical, industry and creative experience, the organization is well-positioned to take full advantage of the blockchain.
And that’s something that makes you go hmmmm…