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While I don’t like bitcoin as an investment, blockchain technology is here to stay. What is blockchain technology? Imagine all the costs, paperwork, and third parties involved to buy a home. Just to refinance a mortgage costs around a percent, to do what? Answer: To make sure there is trust. To make sure there’s a system of recourse in case trust isn’t enough.
Blockchain technology allows two parties to do business by locking an agreement into a public ledger for all to see. Sound crazy? So did the internet back in the early 90s. So did Airbnb. Let someone stay in another person’s house for the weekend? What!? Turns out once the issue of trust is figured out, there’s a business there. The same will be true for transactions involving big time money, like real estate or bond investing, for example. There’s a lot of fat to be cut in the inefficiencies of markets once the trust thing is figured out. Stay tuned.
Originally posted at Yoursurvivalguy.com.
