Essential Points On Blockchain Experimentation

Advice to non-financial institutions experimenting with the blockchain. It is not just a currency for cross-border transactions, it is a platform for trust. It can be used as a historical record of truths, a register of information. It can be used to create all kinds of tokens that can be exchanged between your customers, your suppliers, your manufacturers, associates and affiliates. For remittances. What is slow, expensive, and difficult today can become cheap, fast, and easy when you use one of these digital currencies. But it's still early, so learn about it. You will hear a lot about "blockchain," but most of what you will hear is not the Internet of Money - rather the Intranet of Money, where you run antiquated software in the closed little enclave of your corporate backwaters. A blockchain that is not open, public, borderless, and permissionless is not what we're talking about here.

What would you tell to companies who are non-financial institutions about how they should take tactical steps to think about experimenting with the blockchain in terms of storing value?

I think understanding that it’s not just currency.

Understanding that it is a platform for trust.

Understanding that it can be used as a historical record of truths that can register information.

That it can be used to create all kinds of tokens that can be exchanged between your customers, your suppliers, your manufacturers.

That it can also be used simply as a currency, for any cross-border transactions: import and export activities, remittances-based flows, paying associates and affiliates.

… All of the things that today are expensive, slow, and difficult will become cheap, fast, and easy when you use one of these digital currencies but, it’s still early.

For now, learning about it. Here’s the one important thing you must understand: You will hear a lot about blockchain, and most of what you hear about blockchain is not the Internet of money, it is the intranet of money.

The intranet is where you run front page, an outlook, an antiquated software in a closed little enclave of your corporate backwaters, with stale content and boring apps. And in the end, it’s full of viruses anyway because you can’t keep it secure.

Blocking that is not open, that is not public, that is not borderless, that is not open for innovation, is not what we’re talking about here. That’s a really important distinction.

It may be useful if you want to run a clearinghouse between three banks. Maybe. But it’s not the Internet of money.

About the author

Satoshi Nakamoto

We developed bitcoin. This post is derivated from aantoop yt video with same headline under cc by license.

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