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.