The Second Wave — Enterprise Cryptocurrency
The amount of entropy in the universe is always increasing, order tends to become disorder, and centralized structures (including organizations) tend to fragment or decentralize. As computing transitioned from servers to the cloud, and now shifts to the edge (#edgecomputing), the emergence of cryptocurrency as a decentralized medium of exchange is not surprising. It is, rather, the next stage in an ongoing evolutionary cycle.
Bitcoin arrived as a major disruptor-the end of the financial world as we knew it. Suddenly, there was a medium that was decentralized and unregulated. Unsurprisingly, in its early days, it was considered blasphemous. Bitcoin faced rough times but eventually gained a reputation as a transparent and relatively secure way to store and transfer value. Today, however, it is used primarily as a form of digital gold, an investment asset, or for international transfers. Since its inception in January 2009, its price has risen significantly and has shown distinct fluctuation patterns: spikes often correlate with regional or currency instability (e.g., Cyprus’s tax on bank deposits in 2013, or China’s recent yuan volatility), while declines often follow technical or operational issues-like the collapse of Mt. Gox or the Bitcoin Core 0.8 hack.
To date, the general population has used Bitcoin mainly as a commodity. However, it sparked the development of groundbreaking new technologies-blockchain being the most notable. Hundreds of new cryptocurrencies have since emerged: as of now, 649 cryptocurrencies and 69 commodities are listed on coinmarketcap.com (with many more elsewhere). Most of these are unlikely to survive. Some may hold historical or novelty value (e.g., Trumpcoin or Hillcoin), potentially becoming items of interest in future crypto-numismatic collections. The cryptocurrency space evolves rapidly-mining farms are proliferating, excitement is growing, and public interest is rising. Multiple forks and advanced altcoins with enhanced functionalities have been created, including Ethereum, Ripple, and Zcash.
So what comes next in the world of cryptocurrency? What will be the next big leap? Nearly all economists agree that the current monetary system is flawed: financial crises are becoming more frequent, and political instability greatly influences currency values. To operate efficiently in this environment, global enterprises may increasingly seek alternatives to traditional currencies.
Some experts argue that the U.S. dollar has value because the government says so; others contend it’s because people are willing to accept it as payment. But to say that money has value due solely to government decree or social convention tells us little. In truth, money has value because it is accepted-and this acceptance is often taken on blind faith. By this logic, any cryptocurrency has value as long as it achieves social acceptance.
Economist Murray N. Rothbard articulated this well: “In contrast to directly-used consumers’ or producers’ goods, money must have pre-existing prices on which to ground a demand. But the only way this can happen is by beginning with a useful commodity under barter, and then adding demand for a medium to the previous demand for direct use (e.g., for ornaments, in the case of gold). Thus government is powerless to create money for the economy; it can only be developed by the processes of the free market.” Bitcoin perfectly exemplifies a currency whose value was established by free market forces.
Of course, the possibility remains that some or all cryptocurrencies may be outlawed by governments. Fortunately, it is nearly impossible to eliminate them completely. And as entropy grows, enforcing such prohibitions will become increasingly difficult.
Multinational corporations (MNCs)-or globally integrated enterprises-share a common objective: the integration of production and value delivery worldwide. Cross-border commerce is poised to become the successor to e-commerce, and 37 of the world’s 100 largest economies are now corporations.
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As MNCs grow more complex and geographically dispersed, with host governments becoming more accommodating, populism on the rise, globalization intensifying, and central banks adapting, it’s conceivable that MNCs will explore the idea of implementing their own cryptocurrencies-Enterprise Cryptocurrencies.
Enterprise Cryptocurrency can be defined as a decentralized medium of exchange used as the preferred method of value transfer between enterprise entities, while also being traded on the open market.
This could mark the next phase in the evolution of digital currency-serving as a medium of exchange within a stable, predefined group of entities (i.e., global enterprises), yet still connected to the broader economy. A second wave may begin when MNCs discover how to effectively use and manage cryptocurrency. Given their financial and innovative capabilities, this could trigger a new wave of development and elevate digital currency to the next level.
Why would a company issue its own cryptocurrency? Reasons might include strengthening global independence, eliminating redundancies, streamlining procurement and finance, simplifying cross-border transactions, raising capital, and creating functionalities that surpass those of traditional money. So why haven’t they done it yet? While major banks have rallied around the R3 consortium to redefine their role and stake a claim in the world of digital currencies, major corporations have remained unusually silent. Is it because they don’t see the value-or is something brewing behind the scenes?
As with all new ventures, Enterprise Cryptocurrency will bring both opportunities and challenges: debates, skepticism, and speculation are inevitable. Being first is never easy-it takes courage, vision, and determination. Even companies known for innovation and bold thinking may hesitate to lead a financial revolution. More likely, they will join R3 or establish their own consortia.
However, there’s another scenario: an enterprise may not be the one to issue its cryptocurrency. Given the relative simplicity of creating new digital coins, a third party-perhaps motivated by semi-philanthropic goals-could launch a clean, non-pre-mined Enterprise Coin. This would give a company the chance to experiment with the coin without having been involved in its creation. The coin could be used for payments between affiliates and suppliers, potentially streamlining trade. If successful, the enterprise could later transition to its own pre-minted currency.
And as history tends to repeat itself, we may soon see people issuing digital coins for all known MNCs, hoping to trade them like domain names in the late 1990s.
But perhaps the most compelling opportunities lie in technology. Zcash, with its focus on privacy and selective transparency, comes closest to the ideal Enterprise Cryptocurrency. The race is on-let’s see who gets there first. Altcoins will compete for the chance to become the foundation of corporate digital currencies. Sooner or later, one or more MNCs will launch their own Enterprise Cryptocurrency, initiating the second wave of cryptocurrency evolution. And while these massive corporate vessels search for direction in these new digital waters, there is a sea of opportunity for entrepreneurs and crypto enthusiasts to forge their own paths in the Second Wave.
Author’s note, 2026: I originally published this article in 2017, when Bitcoin was still largely viewed as an outsider to the financial system and the idea of corporations creating or adopting digital currencies seemed speculative. I am republishing it here largely as written. Nearly a decade later, it provides an interesting baseline for looking at what happened — and what may still be ahead.
Originally published at https://www.linkedin.com.
