Posted on 17/08/2017 by Adrian Kinnersley
Author: Adrian Kinnersley | Global Managing Director
Move over paper money; the world is turning digital. Cryptocurrency, or virtual money, was once reserved only for die hard technology lovers, but some are claiming that this trend could soon be the new gold standard. With an increasing number of virtual currencies available, including Ethereum, Ripple, and perhaps the most well-known of all, Bitcoin, the cryptocurrency industry recently exceeded expectations, rising to more than $126 billion in total value.
Of course, the rise of cryptocurrency has already had a huge effect on banks all across the world who are eager to get in on the action; the People’s Bank of China, the Danish Central Bank and the UK-based Barclays Bank have all reported an interest in handling cryptocurrency in the future. In fact, 15% of banks are expected to be using blockchain technology (a form of public ledger system on which cryptocurrency is based) by 2018; an additional 51% are expected to adopt the technology by 2020, and a further 34% from 2020 onward. However, it’s not just banks that would be affected if cryptocurrency really took off.
Due to the many advantages of cryptocurrency — it’s largely secure, it’s global, and it’s completely anonymous (it cannot be connected to ‘real world’ identities) — a number of established, big name businesses are already accepting cryptocurrency as a form of payment. Wordpress, Reddit, OKCupid, 4Chan, Expedia, and sandwich chain Subway are among the first to welcome cryptocurrency customers.
Impressive adoption rates so far are believed to have already had a massive impact upon recruitment. Software skills, for example, have never been more in demand as new infrastructure is required to accommodate mainstream usage, while Java developers are being sought out to create real time blockchain systems to handle efficient transactions. There are other areas for businesses to consider, too, such as security. Cryptocurrency is deemed to be safe, some experts are claiming that the anonymity of virtual currency increases the attractiveness of digital methods for use in illegal activities.
Now is the right time for businesses to ensure they have the resources required to succeed in a cryptocurrency world. After all, cryptocurrency at its core shares a lot of similarities with peer-to-peer (P2P) lending and online banking, both of which have seen significant growth within the past few years. The adoption of cryptocurrency simply removes international exchange rate complexities.
Businesses who are interested in the concept of ‘future proofing’ may wish to consider how they could incorporate cryptocurrency into their operations, as well as the measures that may need to be taken in order to implement the infrastructure successfully.
Contact one of our specialists to discuss how to help identity top talent across cryptocurrency and blockchain ecosystems.