Blockchain Technology Could Be the Future of Franchising

Blockchain continues to make strides in the modern world, and not solely through cryptocurrencies. From art to football, the next stop for the technology appears to be franchising.


We know that blockchain technology’s intrinsic characteristics allow it to be used in a range of businesses and not just for cryptocurrencies. Live Bitcoin News has reported on it being integrated into supply chain management processes as well as it being used to improve healthcare systems.

A New Use for Blockchain

According to Forbes, another interesting avenue for blockchain to explore is franchising. This prospect was discussed at the recent International Bar Association’s Franchise Law Committee meeting in Italy. Craig Tractenberg, of law firm Fox Rothchild, said:

One of the roundtable discussions dealt with the use of blockchain technology in franchising. Those familiar with blockchain technology know that it can be used beyond cryptocurrency transactions and applied to any record keeping. The anticipated uses of this digitized public ledger technology are for digital payment, smart contract, and database – record management systems.

One of the key features of disruptive technologies is that they cut out the middleman in any equation, which, depending on the business, could result in more efficient processes and less money or commissions paid to third parties. This peer-to-peer approach could also make use of smart contracts, which are self-fulfilling agreements that are concluded once certain pre-determined conditions are met.

Tractenberg elaborated on this while referencing a few platforms, saying:

The discussion itemized the commercial application of the technology to the franchise context. Cited was FOODCOIN Ecosystems as a global marketplace for food and agricultural products designed to eliminate intermediaries through the use of smart contacts. Another emerging company is FANTOM Foundation, which has apps for food reservations, geolocation and supply chain management. Carry Protocol, provides merchants and customers a platform to communicate and understand each other, and is effectively an advertising channel.

Live Bitcoin News actually recently reported on how major retailers like U.S.-based Walmart and France-based Carrefour are making use of the technology to track and trace certain fresh produce items.

Rewarding Customers in Crypto

Another way for blockchain to be used in the retail sector is through rewards programs. Chanticleer Holding, whose stable includes American Burger and Hooters, has actually introduced a loyalty program for the latter. The group’s CEO, Michael Pruitt, explained:

Customers can have a cryptocurrency loyalty program across all Chanticleer Holding brands — and beyond. It runs on the MobivityMind commerce platform, and will pay out in Merits, a cryptocurrency that’s leveraging the same infrastructure and principles of Bitcoin, Ethereum, Ripple, Litecoin, and more.

Live Bitcoin News recently ran an article on how certain companies in the beauty industry have plans to reward their loyal clients in crypto, which will not only grow their customer base but will also increase the usage and adoption of cryptocurrencies in the retail industry.

Do you think that franchising is the next stop for the blockchain train? Let us know in the comments below!


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U.S. Job Market Thrives as Blockchain Companies Continue Hiring Spree

The U.S. job market is undergoing some noteworthy changes. A positive trend has been established over the past few months as the number of unfilled jobs has increased. Emerging technological trends are playing a part as the Bitcoin and blockchain job market is increasing in popularity.


A Booming U.S. Job Market

Several signs indicate whether a nation’s economy is doing well. The number of available job openings is one such key factor. In the United States, that metric is getting a lot of attention. Over 7 million unfilled job openings were present in August of 2018. A healthy job market shows there is still plenty of financial growth ahead for U.S. companies.

The blockchain industry is helping push a boom in the U.S. job market.

One notable contributor is the Bitcoin and blockchain industry. Job market listings pertaining to this industry have increased by 300% compared to the same period in 2017. That is a promising sign. It also confirms the United States should play an increasing role of importance in this growing industry. Just over 1,700 positions were waiting to be filled in August of this year.

These findings come at a crucial time for the cryptocurrency industry. An ongoing Bitcoin price decline for the majority of 2018 has made a lot of people wary of cryptocurrency. Yet many businesses are seeing the potential value of distributed ledger technology. The number of listings on the U.S. job market indicates companies are still in the process of expanding their presence into this particular ecosystem.

Filling the Right Positions

One interesting trend is the growing demand for Bitcoin and blockchain software engineers. A number of companies are eager to hire such candidates, as well as other blockchain positions. As an increasing number of universities around the world are now starting to offer courses pertaining to this topic, that part of the job market will continue to expand. It also shows how difficult it can be for companies to find, much less retain, talented staff during this crucial growth stage.

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One of the major companies on an active hiring spree is IBM. The technology giant is currently exploring numerous blockchain ventures. ConsenSys, a renowned company in the cryptocurrency industry, is also looking to fill many different positions. It is also worth noting these kinds of jobs are in prime demand. The average pay is over 60% higher compared to the median base pay on the U.S. job market.

Not all companies in this industry are successful, though. A proven track record does not warrant future growth. Exchange providers are going through a rough patch right now. Given the growing competition on the market, that is not entirely surprising. This is a growing pain the blockchain and cryptocurrency industry will have to go through prior to entering the next stage of adoption.

Do you plan on getting a job in the blockchain industry? Let us know in the comments below.


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Another Bitcoin Bubble Predicted by Vinny Lingham

The blockchain entrepreneur and CEO of Civic expressed his opinion on a possible Bitcoin bubble while speaking at a blockchain event in South Africa.


Civic Co-Founder Talks About the Industry

Vinny Lingham, the co-founder and CEO of Civic, a blockchain company focused on identity security and protection, has predicted another bubble for Bitcoin. He made this observation while speaking at a blockchain event in Johannesburg earlier this week.

The “Chain Reaction” event was organized by the Blockchain Entrepreneurs Club South Africa (BECSA). The speakers also included Monero lead maintainer Riccardo Spagni and the Luno country manager for South Africa, Marius Reitz.

Lingham spoke about the state of blockchain projects, hurdles to adoption, as well as the cryptocurrency market. Lingham, a South African internet entrepreneur, founded Civic in 2015. His previous venture, Gyft, was acquired by First Data Corporation in 2014 for over $50 million. In June 2017, Civic ran its ICO, raising over $33 million in funding.

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Barriers to Mass Adoption

Lingham believes that scaling issues and lack of use cases are the reasons why blockchain technology is still very far from mass adoption.

He says:

Even though we are about a decade into blockchain technologies, we are still in the infancy. Primarily the number one use case for cryptocurrency outside of money transfers is trading. It’s mostly a speculation game.

He believes that as more use cases are built on the technology, the situation will gradually change. He also highlighted the need to address the scalability issue to match the throughput of traditional payment processors like Visa.

Vinny Lingham says startups should be more passionate about their product than the amount of money they can raise.

Throwing a jibe at the new generation of developers, Lingham observed that start-ups should be passionate about the projects they are building rather than the money they can raise. He noted:

You shouldn’t do this stuff for the money, you should do it because you’re passionate about what the goals of the project are.

Crypto Price Predictions

Talking about the cryptocurrency prices, Lingham believes that investor interest last year led to the market rally which, in turn, led to more start-ups hosting ICOs.

He said:

Last year, we saw an indicator of a massive amount of investor interest in the space and not enough supply. Right now you have way more supply of ICOs than buyers, and with the price of Bitcoin and other cryptocurrencies dropping, those buyers have less money to spend.

Crypto

Predicting another Bitcoin bubble in the market, he said:

Do I think we’ll have another bubble? Probably, because people just don’t learn. Once it broke through $20k, it would run to over $100k and then we have the start of a new bubble-bust cycle.

He then added:

I have seen three or four bear markets and cycles. In bear markets, it is more about consolidating and going into high-quality coins like Bitcoin.

He concluded by commenting that it would have been better for Bitcoin price to grow steadily and for the technology to mature before attracting investors.

Do you agree with Lingham’s views? Let us know in the comments below.


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