When asked to trust governments in 2017, the majority of respondents in 28 major countries did not respond positively. Civilizations were built on trust, but the survey (called 2017 Edelman Trust Barometer) draws a dark picture. And according to the Pew Research Center, only 2 in 10 Americans have "a lot" trust in the news media. It's hard to imagine things getting worse.
What can we watch? The Economist thinks it's useful to consider blockchains as a "trusted machine".
In 2017, the everyday person came to associate blockchains with cryptocurrencies (like Bitcoin), but that 's not the whole picture. On blockchains, encryption guarantees the reliability of a transaction, whether it is a bitcoin transaction or another type. More importantly, you trust multiple sources, with more than one form of encryption.
This is very different from the current way of trusting a central agency. We have come to accept faulty systems, even though many are vulnerable to violations and other nightmares. Think about the Equifax fiasco during the summer of 2017. When you hear about "centralized systems", blockchain enthusiasts refer to old systems that people get tired of. Jeremy Epstein, the former vice president of marketing for Sprinklr, says that customers will demand the transparency and security made possible by the goal of "decentralizing" blockchains.
If the blockchain becomes mainstream, developers believe that the customer experience would improve so much that we will see more innovation – and competition and disruption – leading to an even better customer experience and better quality. And a key to this is a massive increase in trust. Even now, there are startups that experiment with blockchain innovation, but most of them are underreported or receive no media attention.
Will Blockchain Protect Democracy?
Small Business Trends interviewed Epstein because he wrote and talked about blockchain from a marketing point of view. A point to remember from the interview: While "bright new things" are usually a distraction and insignificant for the big picture, blockchains represent a seismic shift – they are not the latest new brilliant distraction. Supporters say blockchains could have as much global impact as the advent of the World Wide Web.
Small Business Trends: How Blockchain Can "Protect Democracy" and Privacy Rights? Is it just because it's decentralized? I am sure that I am in the same boat with many small businesses that simply do not link: records, democracy – they seem strange to include in the same discussion.
Jeremy Epstein: I have spent my entire career as a marketer in the technology industry. At the same time, I understand the dangers inherent in the technological systems that are currently at the center of our lives and the power that they potentially have to limit civil liberties, freedom of expression, and stifle innovation, that does not not suitable.
This has been a difficult year for many Americans, but I still believe in things like democracy, freedom of expression, the right to privacy and civil liberties. That's why I'm trying so hard to help people understand that the arrival of the blockchain or, better said, distributed registry technology, will have a very positive impact on the society by ensuring that these values can be protected.
Beyond, as a type A personality, I like efficiency. The fact that the blockchain has the potential to eliminate third-party intermediaries who are toll intermediaries is very, very attractive. I think that's partly why the first book I've prepared, "Blockchains in the Mainstream: When Does Everybody Know It?" Has been so well received by the people of the industry. In this document, blockchain leaders explained their vision of why this technology is important. He resonated.
Small Business Trends: By the end of 2017, it's far from being the mainstream. Marketers and especially everyday joe have a lot to try to understand about blockchain, or is it more about practical applications than understanding?
Jeremy Epstein: A lesson in the history of business is VHS-Betamax. The best technology does not always win. Betamax is the classic example. Entrepreneurs who build the next generation of technology are brilliant engineers. However, they are not traders. For the decentralized future to arrive faster, we need to build products that people will use. I am very fortunate to work with leading blockchain projects like OpenBazaar and Zcash among many others who are leading the way.
I am a marketing student. What we have seen over time is that even though the fundamentals of marketing do not change over time, the marketing is changing. Television has changed the nature of the reach. Internet makes marketing faster and digital. Social made it bidirectional and mobile rendering it independent of the site. Blockchain will also have an impact on marketing. I wrote the "CMO Primer for Blockchain World" which includes forewords from Nasdaq CMO and Dun & Bradstreet CMO. In the 70 pages, we cover topics such as advertising, loyalty, brand and customer experience. I want to help marketers understand the massive change that will happen so that they can prepare themselves.
Small Business Trends: What Types of Companies Do You Help?
Jeremy Epstein: I work in close collaboration with start-ups who will invent the business models of the future. OpenBazaar is a decentralized market. Zcash gives people the right to protect their privacy. Gladius allows people to resell their bandwidth and allows companies to avoid costly DDoS attacks.
KickCity will reduce the cost of acquiring customers for events. WishKnish builds community-driven markets. Papyrus seeks to eliminate the huge mess of digital advertising and Kudos will allow people who participate in the sharing economy to ensure that their hard-earned reputation is passed on to them through various services.
I also speak at corporate events for Fortune 2000 companies who want to understand "the spirit of the disruptor" in terms that they can understand.
Small Business Trends: You were Vice President of Marketing at Sprinklr, from the time it was valued at $ 20 million and now it has a valuation of $ 1.8 billion. But now you are all-in on blockchain? They are so different.
Jeremy Epstein: Sprinklr is an amazing company that continues to make gangsters. I'm proud of my time there and love people and experiences. I am passionate and enthusiastic about helping new technologies to integrate into the mainstream. With social media, this mission has been accomplished. Once I discovered the decentralized technologies, I knew that I had found my next vocation.
Small Business Trends: Should small businesses, or anyone else, be wary of crypto fans who say they have expertise? They are everywhere on Facebook and Twitter during bull market trends – it's like a room for echo, but between blockchain and crypto, the latter seems to have more bad actors.
Jeremy Epstein: No matter who in this industry who says he's figured it out is a liar. It's a huge paradigm shift and we're all trying to understand. I blog five days a week (neverstopmarketing.com) for the sole purpose of engaging my thousands of subscribers with the things I'm trying to understand. They offer their comments and together we will realize it.
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