Though bitcoin’s value may have increased nearly 20-fold in 2017, many industry insiders see blockchain technology as the real star. CIO Monica Eaton-Cardone explores the trends and potential of cryptocurrency and its supporting technology.
(Tampa Bay, FL) January 15, 2018 – Bitcoin cryptocurrency generated growing interest and buzz in 2017, with the value of one bitcoin soaring from just under $1,000 at the start of the year to nearly $20,000 by mid-December.(1) Yet many financial technology (FinTech) experts maintain that it is bitcoin’s supporting technology, the decentralized ledger system known as blockchain, that is the true standout—one that “really promise[s] to shake up the world”.(2) Monica Eaton-Cardone, an IT executive specializing in risk management and fraud prevention, has followed these FinTech trends and believes that blockchain has the potential to eclipse bitcoin in terms of both adoption rates and applications over the coming year.
While some industry leaders are dubious as to bitcoin’s future—Jamie Dimon, CEO of JPMorgan Chase, called bitcoin “a fraud” that is “worse than tulip bulbs”—others are eager investors; among them is cybersecurity pioneer John McAfee, who projects bitcoin will hit $1 million by the end of 2020.(1) Yet a recent Fortune article noted, “If a cryptocurrency is too volatile to spend, it can’t be a useful currency.”(1) While bitcoin speculation remains ongoing, many in the FinTech sector are exploring blockchain’s possibilities. Beyond tracking bitcoin transactions, blockchain supported more than $4 billion in initial coin offerings (ICOs) last year alone, and some digital media companies are using a blockchain token system to reward people for uploading content and expanding the network.(2) Early adopters are also using blockchain for smart contracts, identity management, supply chain management, real estate transactions, healthcare, insurance, voting and many other applications.(3, 4)
“While it’s true that cryptocurrencies are on the rise, I believe more businesses and individuals will directly benefit from blockchain technology,” asserted Eaton-Cardone, who serves as Chief Information Officer (CIO) of Global Risk Technologies and Chief Operating Officer (COO) of Chargebacks911. “Blockchain is disrupting many cottage industries built upon inefficiencies, which have been able to rake in profits by keeping people in the dark. By reducing or eliminating the need for intermediaries—while delivering near real-time processing, lower fees and infrastructure costs, and greater transparency, efficiency and security—blockchain has the capability to revolutionize virtually every modern industry worldwide.”
Citigroup echoed similar sentiments in its report on FinTech and banking, noting that blockchain facilitates the exchange of value while disintermediating the middleman and reducing friction in the financial market. As the report’s authors explained, “Currently there are many third-party services that ‘sell efficiency’, and we believe that these businesses are the most at risk if blockchain takes off and removes the friction that these companies profit from.”(3) Eaton-Cardone believes that upheaval will spread beyond the financial industry, allowing businesses to achieve even higher levels of efficiency at a lower cost.
“I encourage entrepreneurs, merchants and other business owners to research how blockchain is being used in their industry and how they can leverage it in their day-to-day operations,” counsels Eaton-Cardone. “Go beyond the hype of bitcoin to actively seek out efficiencies that you can bring in house and dubious fees that are negatively impacting your bottom line. Too many companies make money by keeping their clients ignorant of major technological advances, which is why I feel it is important to spotlight the advantages of blockchain. As someone who specializes in loss prevention, I’m committed to educating merchants and helping them retain more of their hard-earned revenue—and capitalizing on blockchain is a great way to do that.”
Monica Eaton-Cardone welcomes the opportunity to discuss loss prevention, blockchain and other technological advances at upcoming industry conferences and events, where she frequently participates as a featured speaker. She is also available for interviews and future speaking engagements. For more information, visit http://monicaec.com.
About Monica Eaton-Cardone:
Monica Eaton-Cardone is an accomplished entrepreneur, speaker, author and industry thought leader who is internationally recognized for her expertise in risk management, chargeback mitigation, fraud prevention and merchant education. Eaton-Cardone found her calling as an entrepreneur when she sold her first business at the age of 19. She later became an eCommerce merchant; and after grappling with chargebacks and fraud, she took it upon herself to develop a comprehensive, robust solution that combined agile technologies and human insights. Today, Eaton-Cardone’s innovations are helping thousands of organizations achieve sustainable growth, and she continues to pioneer loss-prevention best practices as CIO of Global Risk Technologies and COO of Chargebacks911. Eaton-Cardone is a champion of women in IT and business leadership, and aims to inspire the next generation of young innovators through her nonprofit organization, Get Paid for Grades. Get to know her at www.monicaec.com.
- Hackett, Robert and Jen Wieczner. “How High Can Bitcoin’s Price Go in 2018?”; Fortune; December 21, 2017.
- Schiller, Ben. “2018 Is Going To Be A Massive Year For Blockchains, The Tech Behind Bitcoins”; Fast Company; December 27, 2017.
- Digital Disruption: How FinTech Is Forcing Banking to a Tipping Point; Citi GPS report; March 2016.
- Gilliland, Mike and Euvie Ivanova. “19 Industries the Blockchain Will Disrupt”; FutureThinkers; June 16, 2017.