People all over the world are moving into urban areas at a faster rate now than at any point in history. By 2050, more than five billion will live in cities. This rapid urbanisation combined with the growth of blockchain technology is set to transform the way the world uses currency, says Colu co-founder and CEO Amos Meiri.
“Connected cities are the drivers of economic growth and change,” Meiri told the audience at WIRED Money 2016. The need for people to feel connected with each other – to trade and exchange value on their own terms, will be more pressing in the future than it ever has been up to now.
To keep people connected financially, Meiri created Colu. The blockchain-based startup creates local currencies that can be used to buy and trade goods within communities, increasing co-operation and encouraging social projects. Colu wasn’t originally intended as a currency-creation tool but after 60 per cent of its users asked for the ability to create their own currencies, Meiri pivoted his startup into this new area.
“Money isn’t valuable by itself,” Meiri says, “it’s what you can do with it that matters.” Neighbourhood community managers and municipalities around the world are already agreeing with him and are using Colu to keep wealth circulating within their local communities. The startup also just closed a $9.6 million funding round including investment from venture capital firms Spark Capital and Aleph.
Technology requires a perfect storm of circumstances before an innovation really takes hold, Meiri adds. If Spotify was pitching way back in 1995 it would have been a great idea, but it took the widespread growth of high-speed internet to turn music streaming into a reality.
Blockchain’s moment is now. “Adoption and practical use of blockchain are not years away – they’re actually happening,” Meiri says. Right now, Colu is using the blockchain to support local businesses and drive economic growth across the world. Highly secure, corruption resistant and available to anyone with a smartphone, the blockchain is powering local economies and keeping them safe from the risk of volatile currencies and marketplaces.
“It’s a picture of an entirely new way of thinking about money,” Meiri says.
https://www.wired.co.uk/event/wired-money-2016
This article was originally published by WIRED UK
