Whether you know it or not, blockchain technology is having a major impact on your life right now. From JP Morgan using blockchain to support its “JPM Coin” to Louis Vuitton’s launch of its NFT-based “Via” project, the technology is transforming whole industries as you read. While mass adoption of the technology is still not here, financial expert Brook Taube believes most of us will be using it pretty soon.
Despite its technical complexity, the idea behind blockchain technology is pretty straightforward: creating systems that don’t rely on central authorities. In practice, this means collaboration between peers through hard-coded rules to ensure the usability and safety of said systems, instead of trusting them to a government, organization, or individual.
“It makes no difference if it is directed toward a political party, big business, the 1%, government, activists, science, or religion. We live in a world where distrust has become normalized,” says Taube, who dealt with this firsthand when building his billion-dollar businesses. “Blockchain addresses this distrust by ensuring that any system built upon it is completely neutral and fair.”
Having worked in the financial heart of New York for most of his life, Taube’s skill at identifying trends has gained him a reputation as a visionary leader. Not only has he directed billions of dollars to more than 500 companies in North America over the past 25 years but he has become a mentor for aspiring entrepreneurs across the country and diverse industries.
“I’ve been fortunate enough to work with very talented individuals and entrepreneurs,” explains Taube, whose expertise is often requested when discussing topics like financial regulation, cryptocurrency regulation and AI development. “While the political debate around crypto might suggest otherwise, the blockchain industry is progressing at a steady pace thanks to the efforts and innovations of talented and smart individuals.”
With the blockchain industry expected to be worth over $1.59 trillion by 2030, investors like Taube are wise to keep a close eye on the technology. While crypto and NFTs are the most well-known use cases of the technology, blockchain’s potential is much broader. By removing the need for trust in third parties, blockchain helps address complex problems like those surfaced during the supply chain crisis, the counterfeiting of luxury goods, the lack of capital markets for real-world assets, and much more.
“While everyone has something to gain from the adoption of blockchain, those running or starting a business are the ones who will directly benefit the most, especially if they combine their expertise with tools emerging in AI,” says Taube. “Enhanced security, transparency, scalability, and cost-effectiveness will lead to further funding opportunities, collaboration, good cybersecurity practices, and the streamlining of operations.”
Like Taube, most experts believe that the future will lead to further decentralization, and we just need to agree on which technology will support that decentralization. Even with the regulatory tug-of-war surrounding crypto likely to continue, businesses will soon be able to and need to integrate blockchain and all of its derivatives into their business models. Blockchain is coming, and those who move first will benefit from it the most. It's time to get ready.
Photography by: Courtesy of Brook Taube
