Early last year, the value of cryptocurrency took a heavy plunge as more than $700 billion was depleted from investor pockets, BLACK ENTERPRISE previously reported.
Don’t fret! The future of digital currencies is on the rise. This new era of digital money, which represents any currency that’s available exclusively 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 is also designed to work best in the Metaverse, which is still in its growing stages.
“The ability for Black-owned businesses to grow is how we got Black Wall Street and how we got Rosewood,” Isaiah Jackson, writes in his book Black America and Bitcoin. “We were able to flourish as a middle class because the currency was not controlled, and we were not held to the standard that we have to use the dollar.”
From cryptocurrency and stablecoins to NFTs and central bank digital currency (CBDC), take a look at these business practices that have the power to sustain financial freedom, make a difference in the world, and avoid another billion-dollar loss. Some Black-owned crypto and blockchain businesses are on their way.
Each one, teach one
Why is education an important business practice? It is paramount for creators and consumers to take a deep dive into financial literacy and learning the ins and outs of cryptocurrency. Attaining such knowledge can help protect users and create opportunities for experts to make money.
Actor and best-selling author Hill Harper is trying to close the racial wealth gap in the United States with North America’s first Black-owned digital wallet, The Black Wall Street. Harper is laying down the foundation to “build the world’s largest investment and financial literacy curriculum and toolkit for Black and Latinx communities across the diaspora,” per a story in BLACK ENTERPRISE.
Fostering community, consumer impact
With digital currencies increasingly becoming a part of the everyday lives of consumers’ lifestyle 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 substantially transform consumer relationships by enhancing data and information transparency and improving privacy and security,” said ONR CEO Jason Ten-Pow. “This blockchain innovation allows for innovative forms of consumer loyalty programs which have the potential to create additional value and deeper customer connections.”
According to its website, Crypto Blockchain Plug, the first Black-owned, brick and mortar digital asset education center and exchange in the country, is making a community impact. The center also serves as a community co-working and venue space that can be booked for a wide range of events.
Lead with diversity and inclusion
Diverse 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. This number, for instance, 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 enterprises, institutions, and other entities.