In an article written for the Wall Street Journal, San Francisco-based Coinbase co-founder, Fred Ehrsam, says that blockchain technology could change the corporate structure, producing something we’ve never seen before. According to Ehrsam, while centralized companies may have provided a solution in the past, he…
In an article written for the Wall Street Journal, San Francisco-based Coinbase co-founder, Fred Ehrsam, says that blockchain technology could change the corporate structure, producing something we’ve never seen before.
According to Ehrsam, while centralized companies may have provided a solution in the past, he believes that because of the invention of the blockchain future companies will no longer have to rely on the middleman.
Writing in the Wall Street Journal he states:
The business models of the future will be software protocols developed, governed and owned by the communities they support.
Since the advent of bitcoin in 2009, followed by the development of ether and many other altcoins, millions of people have helped to boost the digital currency space into what it is today: a transparent, safe system that is reached by millions of people worldwide, all of which is functioning without the need for a centralized organization to govern it.
Unlike a centralized system, which needs to acquire customer acquisition, a decentralized system like the blockchain can avoid this by giving its early adopters an incentive to stay with it, according to Ehrsam.
The blockchain technology allows anyone and everyone to take part compared to the current systems in place. While it may take a lot of time and effort to overcome the challenges faced with blockchain adoption, Ehrsam believes that the payoff will be huge.
More ideas will be tested, more companies will succeed, and more options will abound for everyone.
Founded four years ago, by Brian Armstrong and Fred Ehrsam, Coinbase has continued to provide a service to its customers.
According to a report by Fortune, the digital currency wallet raised $117 million at a private valuation approaching $500 million.
According to the report, adoption rates for bitcoin have been slower than expected combined with technological issues, which have prevented transactions from being processed. Last month, Armstrong is reported to have said that ethereum was scaling better than bitcoin. The company also added ethereum to its platform earlier this year.
As such, over the past year, the company has been reinventing itself.
In a bid to attract a wider customer base, Coinbase recently debut a redesign of their website, which is expected to be launched within the next two weeks.
According to Ehrasm, the right interface is needed for ‘practical, everyday people to be able to use it.’
The newly designed brokerage page allows users to buy and sell digital currency and government-backed bills such as U.S. dollars for bitcoin.
To date, Coinbase has exchanged over $5 billion in digital and fiat currencies and is growing from strength to strength, serving 4.6 million customers. This year, the company is expected to exchange a further $2.5 billion, an amount that is equal to what it achieved over the past three years.
I think we’ve just hit our stride with a product that’s easier to use.
Featured image from Shutterstock.
Last modified: January 25, 2020 11:53 PM UTC