In a short period of time, blockchain technology has become popular. It has become one of the trendiest technology today. It continues to gain attention from various companies but what does truly make blockchain powerful?
Today, there are dozens of applications making their way into mainstream media after blockchain technology has gained attention. While a year ago blockchain was just an unknown side note with bitcoin. Nobody knew about it and what it was
Now the misconception that blockchain is only for computer junkies is absolutely false. The blockchain is a huge community now. And you can become a part of it. The blockchain is a community of participants across the globe that provides transparency, decentralization, and trust in the world. With every user that joins blockchain, every participant devote their time and resources to it
In Blockchain We Trust
Trust is a concept that a whole book can be written about. So how can a community of strangers be trustable? Sounds weird to me. We are always told by our parents when we are young to never trust strangers. So where does this lead us too? However, humans can actually trust anybody other than their own friends, family and business partners, they just have to prove their honesty through their actions once.
The only rule of Blockchain community is that “whenever you do something important, shout and let everyone know.” The important action announcement would be the act of sending money to another person if Blockchain was like bitcoin currency. This actually shows how to build a trust. The act of getting recorded by thousands of strangers proves you trust them with your word. This method of gaining trust hasn’t failed yet which is why if anyone who tries to be dishonest, the community doesn’t allow it.
The brands we trust
Now as you build up trust in the Blockchain community. Think about what else you trust. Friends, family, business contacts but you also trust our brands. Sounds weird but yes, we blindly some of the brands. Like we trust Google with our data, Facebook without personal information, messages and thoughts. We also trust JPMorgan Chase with our money and this has somehow become an important part of our lives. However, our information is used to build upon branding strategies
BMW has built a strong brand synonymous with the world luxury. BMW vehicles have become a part of a huge community which is why the owners feel pride, status as they drive their cars. To them, it’s all about the status. If you aren’t driving a BMW, you aren’t driving at all.
BMW’s decentralized community is called the BMW International Riders Association. The community is run totally independent of the corporation and is based on the idea of sharing experiences, ideas, and concepts, with over 35,000 members. Can you even imagine that?
Most communities enjoy most benefits of decentralized communities. Apple meets up community has about over 100,000 participants if you do a quick search on it. That’s insane, isn’t it? Even though Apple doesn’t oversee, or even play a role in these events, they benefit greatly from it and boost their brands.