Even with its explosive growth, many businesses are still skeptical about using blockchain. The reality is, Blockchain is a tool packed with earning potential for those organizations who strategically and competitively pursue it. The technology is disrupting processes and industries involving payments and security, as the decentralized ledger creates an immutable record of transactions without the need for third-party validation.
It’s crucial that strategic leaders, especially CFOs, proactively consider how to leverage blockchain for their company with the future in mind.
In this episode, John Siefert is joined by Jason Yanowitz, co-founder of Blockworks. They discuss the realities of blockchain cryptocurrency and need-to-know information for CFOs.
Highlights
The Progression of Blockchain
00:35 – Defining the reality of what blockchain and cryptocurrency are today. The digital asset ecosystem is the fastest growing industry in the entire world.
01:15 – Blockchain is just a progression of technology and computing power. Each computing model enables a new class of applications built on the unique strength of that its platform.
02:56 – The internet allows real-time exchanging of information, in a peer-to-peer manner. This example parallels what blockchain is doing for money.
The internet has allowed information to travel in real-time around the world. Blockchain and crypto allow monetary value to transfer in the same way.
03:50 – Blockworks is a financial media brand, delivering digital assets explaining how blockchain fuels the world. These digital assets include breaking news, analysis, premium insights, and more.
The Legacy First Business Model of Blockchain
04:42 – Some businesses are open to using cryptocurrency for different purposes. For example, AMC announced to start accepting cryptocurrency at their movie theaters. What does this new kind of business model look like?
06:18 – Considering four types of businesses – (1) crypto native, (2) companies that offer crypto products, (3) those that are non-crypto related but use crypto for purposes related to marketing, and (4) companies that don’t think it’s relevant or don’t use it the right way.
8:47 – Looking at Blockchain first as the new mobile-first or internet first, using the example of the early days of Netflix.
11:00 – When thinking of the Future Office of the CFO, the information that Blockworks reports is so important for businesses. CFOs need to understand not only what they need to be paying attention to, but also how to develop a business model that keeps up with these advances. By doing so, it helps businesses maintain a competitive edge.
13:52 – CFOs need to focus on forecasting their business into the future, not just reporting what has already happened. Rather than question what CFOs need to understand, Jason reframes the question. He proposes the question of what CFOs need to be actively thinking about. By focusing on the micro and macro environments that will influence the coming years, businesses can develop a business model as well as have a more proactive approach.
There’s nothing you need to understand, but there’s something that you need to think about…what the business is going to look like in 5 to 10 years.
16:19 – Jason concludes with the notion to not get overwhelmed by the complexities of blockchain and cryptocurrency. CFOs need to just start paying attention to it.
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