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Recap from OST LIVE with Mark Bonchek, Founder & CEO of Shift Thinking — Branded Currencies and Tokenized Loyalty For Business
Mark Bonchek, Founder and CEO of Shift Thinking, joined us for the 50th Episode of OST LIVE. Bonchek is a Harvard Business Review contributor and faculty member at Singularity University, a Silicon Valley think tank that offers educational programs and a business incubator. Bonchek is also an advisor to OST.com. He joined us to discuss branded currencies, benefits of token economies, and the future of brand loyalty.
Parallels Between Blockchain in 2018 and The Internet in 1990's.
Internet in the 1990’s was about democratizing information and disintermediating the gatekeepers that controlled information. The basic function was a web page that anyone could create to share information. The second phase of the internet was social networking, enabling people to communicate and share information at scale. Bonchek says that “Blockchain is doing to trust what the early internet did to information.” It is democratizing trust and disintermediating the gatekeepers that have controlled trust. It enables a network effect so that trust can happen at scale.
“The nature of exponential change is deceptively slow in the beginning and then overwhelmingly fast once it picks up steam. We’re in that deceptive phase where there’s initial hype and then it dissipates a bit, so people think not to take it seriously. That’s just the time when you need to be doubling down.” — Mark Bonchek, CEO of Shift Thinking
There is a parallel in the evolution of blockchain and the internet. The potential of what the internet could do or would become was not taken seriously in its early development. The same is happening with blockchain, people aren’t taking it seriously in its early stage. Comparing this to the 1990’s, there was a post crash phase where stock ...
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