Crypto, blockchain-friendly business practices to create wealth for all
Early last year, the value of cryptocurrency took a big hit when more than $700 billion was emptied out of investors’ pockets, BLACK ENTERPRISE previously reported.
Do not worry! The future of digital currencies is on the rise. This new era of digital money, which represents any currency available solely in electronic form, offers faster payments, cheaper international transfers, support for the unbanked and underbanked, and more efficient government payments.
The technology used to keep track of transactions, known as blockchain, is not only the most common form of distributed ledger used by digital currencies. It’s also designed to work best in the Metaverse, which is still growing.
“The opportunity for Black-owned businesses to grow is how we got Black Wall Street and how we got Rosewood,” Isaiah Jacksonwrites in his book Black America and Bitcoin. “We were able to flourish as a middle class because the currency wasn’t controlled and we weren’t held to the standard that we have to use dollars.”
From cryptocurrency and stablecoins to NFTs and central bank digital currency (CBDC), take a look at these business practices that have the power to maintain financial freedom, make a difference in the world, and avoid another billion-dollar loss. Some black-owned crypto and blockchain companies are on the way.
Each one, teach one
Why is education an important business practice? It is crucial for creators and consumers to take a deep dive into financial literacy and learn the ins and outs of cryptocurrency. Gaining such knowledge can help protect users and create opportunities for experts to make money.
Actor and best-selling author Hill Harper trying to close the gap with racial wealth USA with North America’s first black-owned digital wallet, The Black Wall Street. Harper is laying the groundwork to “build the world’s largest investment and financial literacy curriculum and toolkit for black and Latino communities across the diaspora,” according to a story in BLACK ENTERPRISE.
Foster community, consumer impact
With digital currencies increasingly becoming an everyday part of consumer lifestyles and our economy, businesses can capitalize on this trend by reaching customers where they are with innovative digital assets.
“From a consumer-centric perspective, blockchain technology has the potential to significantly transform consumer relationships by improving data and information transparency and enhancing privacy and security,” said ONR CEO Jason Ten-Pow. “This blockchain innovation allows for innovative forms of consumer loyalty programs that have the potential to create added value and deeper customer connections.”
According to their website, Crypto Blockchain Plug, the first black-owned, brick-and-mortar digital asset education center and exchange in the country, is making an impact on society. The center also serves as a community and arena space that can be booked for a wide range of events.
Lead with diversity and inclusion
Different perspectives are necessary to create effective and sustainable business solutions. There is no exception for the heavily male-dominated crypto and blockchain industry.
Women now represent 48% of the entire global workforce, according to Teamstage, but the industry must lead with diversity and inclusion as part of its growth. For example, this number encourages diversity and the embrace of ideas that resonate more with underrepresented groups.
With ambitious efforts, organizations are building an inclusive cyrptoeconomy, such as the National Policy Network Of Women Of Color In Blockchain, and through intentional partnerships with blockchain companies, institutions, and other entities.
