Bakkt, Bakkt, Bakkt.
Everyone is talking about Bakkt right now. But what is it?
First of all, it is important to understand that blockchain technology is very new. New to the point that very few people are capable of telling you what a blockchain is. Most people might have heard the word “Bitcoin” but do not understand the potential of its underlying technology, besides that it is a digital currency.
The goal as of now is to educate as many people as possible on the importance of blockchain technology and its solutions. It will facilitate adoption massively. If blockchain technology is used properly, it could enable many businesses and institutions to have better operations and economic structure.
However, this is no easy feature and I believe the first step in mass adoption is educating people on blockchain by offering a platform that will require everyone’s participation.
To try to address this problem, the Intercontinental Exchange (also known as ICE), in partnership with BGC, Microsoft and Starbucks, has initiated a project called Bakkt.
For those who do not know, ICE is the largest stock market in the world and specializes in derivatives (futures and options). ICE is the parent company of the NYSE and has helped transform several industries, such as energy, agricultural commodities and financial products.
The Bakkt project aims to serve financial institutions, merchants and consumers by connecting them with digital products. By creating the Bakkt project, ICE hopes to offer a platform that will serve as a bridge between the real world and the digital world. They are creating a regulated environment that would allow large companies and institutions to buy, sell and exchange digital currency easily. In addition, since Bakkt is a project initiated by ICE, given its authority, it will bring a lot more credibility to the blockchain ecosystem.
“Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer. We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce,” said Kelly Loeffler, CEO of Bakkt.
The efforts initiated by the ICE could be the first step towards a new era for blockchain technology. Hopefully, these efforts will facilitate the mass adoption of blockchain technology as well as educate the population as to the transformative potential that blockchain technology could have on our society.
2018 has been a very difficult year for investors. The market has been in a free fall since January, but will there be a light at the end of the tunnel by the end of the year?
The good news is that the project starts in just 2 months!
Stay tuned, more information will be provided near the launch date.