You may remember our recent news about Intel coming up with more advanced features aimed to help miners get the most out of their hardware. The world is moving fast. Nvidia’s CEO is certain crypto will be the foundation of their company and the driving force behind their expansion.
It is fascinating imagining how Nvidia, one of the most delicious video card producers so far (we’re probably going to complete Just Cause 3 about 160 more times for the endless opportunities it presents), will accomplish that. Still, the new tech will highly likely not be the main source of profits just yet but rather the means of achieving greater goals to do with graphics drivers.
Let’s take a look at the latest developments and see if the news are every bit as exciting as they are promising to be.
Jensen Huang, the CEO of Nvidia, believes firmly that crypto will be the driving force behind everything that is yet to happen in the field of business in the next years. Nvidia is understandably enthusiastic about acquiring the competitive edge.
Thanks to reduced costs and unparalleled transaction speeds, blockchain and crypto technology are the keys to the future, we like to think, which means the crypto tech is an inevitable part of progress. However, Huang put it better than we ever could:
“Blockchain’s going to be here for a long time and it’s going to be a fundamentally new form of computing,” Huang said in his interview for Mad Money TV, “I expect blockchain, I expect cryptocurrency to be an important driver for GPUs. “Blockchain requires cryptography and the ability to have a public ledger that is completely immutable, perfectly safe, distributed all over the world. Our processor serves as the perfect processor to enable this supercomputing capability to be distributed. And that’s the reason why it’s used.”
The big picture
As you will have noticed by now, the biggest companies are rising to the challenge of bridling the blockchain technology thanks to the numerous and powerful advantages it offers.
The cons of using blockchain are many, and they aren’t only confined to the business world.
Pretty much everything from using drones to deliver milk to your house when your smart fridge finds you’re running low to keeping track of corrupt politicians, blockchain just might be the force that can be used to disinfect the world from evil if used well. Harward Business Review is equally enthusiastic about the prospects:
“With blockchain technology, the core system that underpins bitcoin, computers of separately owned entities follow a cryptographic protocol to constantly validate updates to a commonly shared ledger. A fundamental advantage of this distributed system, where no single company has control, is that it resolves problems of disclosure and accountability between individuals and institutions whose interests aren’t necessarily aligned. Mutually important data can be updated in real time, removing the need for laborious, error-prone reconciliation with each other’s internal records. It gives each member of the network far greater and timelier visibility of the total activity.”
So this is why, as you see, Nvidia is so enthusiastic about reduced transaction times, costs, and greatly improved efficiency – in the business sense of the word. Why did we mention costs? Reason 1: we have just paid for one purchase a 2,5% exchange fee, 3.9%+$1 international commission, and then 3.9% local commission again, with the total of almost a fifth of our payment sucked up by commission costs, and the prospect of waiting three days for our transaction on top of it all deeply saddens us.
The top reasons crypto is good for business, Nvidia-style
Mark Scanlin, the CEO of Born to Sell, describes not only greater efficiency but also way lower costs associated with blockchain:
“I used to use my bank’s international wire transfer, but it’s way too slow and expensive. I was charged an origination fee, a transfer fee, a receiving fee, and about three to five percent on the foreign exchange fee.
Now, I use Veem (formerly Veem: Simple, international wire transfers and bank transfers – Veem) instead, which uses blockchain to circumvent the normal international wire transfer rails. It’s way faster and cheaper: no fees of any kind and only one percent on the foreign exchange fee. It’s as simple to use as PayPal.
“I give them the recipient’s email and the number of euros I want them to receive. That’s it: no banking information. It’s the way international money transfers should be: easy, low-cost, and fast. Traditional wire transfers as we know them are going to go away in the long run.”
You can imagine how much lesser costs multiplied by a large company’s market cap can be appealing to a CEO. Still, Nvidia is more focused on creating quality and new opportunities which will radically see the world that we see than simply reducing costs.
Nvidia is very interested in implementing state-of-the-art technology to help produce self-driving cars the likes of which we are to see in Dubai and believe the future firmly belongs to those who have the latest technology.
“Gaming is a much bigger business, the data center is a much bigger business, our professional graphics is a much bigger business and, of course, in the future, everything that moves will be autonomous and we’ll have autonomous capabilities and that’s going to be a much bigger market,” stated Huang. “Cryptocurrency just gave it that extra bit of juice that caused all of our GPUs to be in such great demand.”
We are thrilled that crypto is at the center of the events, which is where it should be thanks to the immense potential it provides. Bitcoins are also on the rise this week, coming up more than a thousand dollars after its $6455 downfall on April 1st – which we really hope was the April 1st joke.
Image by Steemkr.
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