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#checks out with what he said on the swift legacy podcast
taylor-on-your-dash · 1 month
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Bob Orrall shared the handwritten lyrics for Crazier, dated 2004.
I spent the day recently with a French documentary crew, who are making a doc on Taylor’s global cultural influence. It was cool to look back at lyric sheets and photographs from early 2000’s, as well as the amazing “promo package” Taylor made that went out to all the execs to get them down to see her at The Bluebird, where she landed her deal! Thank you @smacna1 for sending them up to sunny Manchester-By-The-Sea.
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oldguardaudio · 3 years
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Kangaroo Court Derek Chauvin - George Floyd CASE
Kangaroo Court Confirmed: Prosecutor in George Floyd Case Makes Stunning Admission
Christine Favocci June 28, 2021, at 4:36pm
  Derek Chauvin’s murder conviction was a pivotal event in American history — not as the moment of racial reckoning the professional race-baiters have sold it as, but rather as the day the Sixth Amendment died.
The white former Minneapolis police officer was convicted of three counts of murder and will spend more than two decades behind bars after George Floyd, a black suspect, died while in his custody in May 2020.
Instead of the usual case of an impartial jury finding him guilty beyond a reasonable doubt (much more on that in a bit), it now appears there was a concerted effort to scapegoat and sacrifice Chauvin to appease the violent mobs who burned cities for months.
But you don’t have to take my word for it.
According to Keith Ellison, the attorney general of Minnesota and lead prosecutor in the case, Chauvin would not be in jail but for “ordinary people who courageously bore witness to Floyd’s death and the pressure from a community that demanded accountability and action,” he said in an Op-Ed for The Washington Post.
“For generations, America has been stuck in a cycle of inaction when it comes to addressing decades of mistrust between communities of color and law enforcement,” Ellison began.
“To honor the legacy of George Floyd, we must act now to break the cycle.”
Though Chauvin’s trial didn’t include any official accusations of racism against the ex-cop, Ellison subtly tied his conviction to larger tensions that exist between minority communities and law enforcement (Chauvin was somehow such an unabashed white supremacist that he married an Asian immigrant).
Ellison lamented how the prosecution of cops is scarce, pointing out that “Chauvin is one of the few police officers ever convicted of murder for a death on the job,” he wrote.
“Chauvin’s 22½-year sentence, announced Friday, is one of the longest any police officer in the United States has received in modern times for the death of a civilian,” Ellison gloated.
The attorney general further recommended “vigorous, visible and swift prosecutions” for officers who harm civilians with excessive use of force but ratcheted up that reasonable proposition into a call for activism.
“They should not be afraid to use all the tools the law puts at their disposal,” Ellison advised other prosecutors. “The visibility of prosecutions, to restore and build credibility with the public, is as important as the vigor employed.”
However, it was his conclusion that proved the outsized influence Black Lives Matter riots and activism had on the outcome of the case.
“My office could not have led the prosecution of Chauvin without the help of ordinary people who courageously bore witness to Floyd’s death, and the pressure from a community that demanded accountability and action,” Ellison said.
Related:
Report: Here's More Evidence Chauvin Juror Lied During Jury Selection
It was a sentiment shared by veteran instigator the Rev. Al Sharpton who similarly credited groups like BLM for Chauvin’s conviction and harsh sentence.
“Justice would have been the maximum. We got more than we thought, only because we have been disappointed so many times before,” Sharpton said Friday following the sentencing.
He asserted Chauvin’s 22.5-year sentence is “longer than we’ve ever gotten, but shorter than what we should have gotten in the past” for police involved in other such incidents.
“Let us remember: A man lost his life. This is not a prayer of celebration; it’s a prayer to thank God for giving the strength to this family and those activists that stayed in the streets to make sure this court had to do what was right,” he said in an apparent nod to the rioters who burned down several major cities in Floyd’s name.
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Ben Crump, the Floyd family’s attorney, also credited the uprisings for the severe sentence. “You all raised your voices and because you raised your voices, that is why we got the guilty conviction and that is why we got the longest sentence in the state of Minnesota history,” he said.
But more than Ellison’s words or Sharpton’s rallying cry or Crump’s gratitude, the actual circumstances of the trial reveal the greatest miscarriage of justice when it comes to the influence the racial activists had on Chauvin’s fate.
When footage of Chauvin with his knee across Floyd’s neck first went viral on social media, it sparked a months-long outbreak of protests and riots across the country largely fueled by the unfounded narrative that the incident was a racially motivated killing.
By the time Chauvin and the other officers involved would stand trial, Minneapolis had become ground-zero for those protests — but a judge denied a change of venue anyway.
This meant the jurors were plucked from a city still suffering from the aftermath of those protests tied directly to the man whose fate they would decide.
It was clear those selected were painfully aware of the grave consequences that would await the city all over again if Chauvin was set free as an implicit threat.
But then there was also California Democratic Rep. Maxine Waters who urged protestors at another anti-police rally in Minnesota to “get more confrontational” if they didn’t get their way just ahead of the Chauvin trial verdict — and jurors had not been sequestered at the time she said it.
Worst yet was juror Brandon Mitchell who it was later learned had attended BLM protests and on more than one occasion wore a shirt that specifically referenced the Floyd case with graphics that read “Get Your Knee Off Our Necks/BLM.”
  Chauvin was no choir boy, but he still deserved a fair trial that the Sixth Amendment specifically guarantees to all who are accused under the law.
Instead, what he got was an activist media exploiting racial tensions and a violent mob to influence prosecutors and jurors to send the man to jail.
Never mind that it could have been the number of drugs in Floyd’s system or resulting excited delirium that caused his death — only Chauvin’s conviction would appease the mob.
Many on the left cheer the verdict and the decades-long sentence as a victory for their movement, but it’s more likely this was a loss for the right to a fair trial.
Today it’s Derek Chauvin rotting in jail after facing such odds, a prospect many don’t find so bad considering he appeared to be callous and cold while a man died on the street — but who will it be next time?
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blogsmog · 3 years
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Lessons Learned in 2020
1…2…3….exhale and breathe. 2020 was a rollercoaster of a year, wasn't it? I felt like there were many times throughout the year where I was just holding my breath. Not sure what to expect next. Throughout the majority of my life, I have written in a journal. It’s a way for me stay somewhat sane and a way for me to reflect on my life. When I started writing about 2020, I realized it was far too easy to write on all the things that went wrong this year. The list could have been endless- but there were lessons learned in 2020. In fact, there were many positive takeaways from this crazy year. And here are the items that I am taking with me as we leave this year behind.
A life where love does
Three years ago, I read Bob Goff’s book, “Love Does.” Throughout this book, Goff shares personal stories that have changed his perceptive and thinking throughout his life. He commits to a life where he chooses to love everybody always. The book completely changed my entire outlook on life and I too decided that I was going to life a life where love does.
In 2020, I felt like we needed this more than ever. In a year that seemed to be filled with gray skies, we needed a little bit of sunshine. So, I tried to do just that. From sending little handwritten notes of encouragement to offering my photography services in ways that I could give back. For me to stay in a good head space, I needed to love others as much as possible this year.
Bob Goff also has a podcast called, “Dream Big.”  I would listen to an episode about once a week throughout this year. On one episode he chatted with Amy Grant and she said something that really stuck with me. While explaining one of her aspirations in life, Grant said, “I don’t plan to die with a savings account. I would like to die having been like a fire hose. A fire hose of generosity, that’s my dream.”
And that’s exactly how I felt about this year. And in regards to my life. I know that there is a purpose for everyone on this Earth. And I truly feel like mine is to help and love. And whether that is through financial support, emotional/listening support, or community service- I will do it. 
Gratitude
As I get older, I do often feel a sense of gratitude and thankfulness. So many people have helped me throughout my life. But this year, I felt more gratitude for the simple things in life. I was fortunate this year to have a job and to be able to provide a roof over my head. Many others were not. I remained fairly healthy throughout the year- while others did not. The point is that I am thankful to have what I have. And I recognize it all. 
I’m a photographer and it hit me this year that some of the photos I have taken of families were their last photos together. Some of those family members unfortunately passed away this year. And yes, that’s a part of life. But I am incredibly grateful and humbled to have been given the opportunity of documenting a milestone in their lives. To know that one day they will explain that family photo to another generation in their family means something to me.
If you lost a friend or a loved one in 2020, I am so sorry. My heart aches for you. And while my words will never be enough for what you are experiencing this year, please know that I am saying a prayer for you.
Music is the Ultimate Escape
Music is the ultimate escape and possibly the cure to many things. In 2020, I listened to a lot of music from past decades. At the beginning of the pandemic, I couldn’t stop listening to music from the 90s. Songs that I would listen to on car rides with my mom as a kid. Then, I started listening to a lot of oldies from the 60s. Now I am on to the 80s. I returned to mostly old music because of the nostalgia. Which I imagine many others did too during this year.
Taylor Swift released an album peak pandemic  called, “Folklore.” Instead of Swift writing from her usual personal narrative, she drew from inspirations of isolation and wrote songs that were told from different point of views. An album that truly fit 2020 because it was written in a sense of reflecting back on past years of life.
Then just five months later, she dropped a sister album titled, “Evermore.” This album continued the writing style that listeners were able to experience from Folklore. While listening to these albums, I often visioned the stories of the songs inside my head. In a way, they were albums of escapism. I’m not just saying this because I am a die hard Taylor Swift fan- but I feel as if these albums could be two of the best albums of 2020. If you haven’t listened to them yet- I encourage you to do so. Listen to each album from start to finish for your first listen....as you always should. (;
Health
When the pandemic first started, I spent a little too much time in the kitchen…..and at the Chick Fil A drive thru. I decided to really start working on my health, physically and mentally. I increased my workout routine by adding CrossFit into my life. I never really thought I would become one of those people who wakes up at 5:00 am to workout, but here we are-2020 baby. Since adding CrossFit into my life, I feel more energized than ever. It’s like a domino effect: You see results and feel better- so you slowly start to make other healthier changes throughout your lifestyle.
I started feeling really good mentally too. My head feels like it’s in a better mindset and space because of CrossFit. And here is where I get really honest- I struggle with loving myself sometimes. I am my biggest critic and can often be the meanest person to myself. I realized this year that in order for me to fully commit to a life of loving others, I could not possibly do that if I didn’t fully love myself. So, I have worked on changing the way I think and talk to myself. I am giving all of my fears and doubts to God and trying to spend less time controlling everything. I am learning to live a life of forgiveness and moving on from childhood insecurities.
This is something that I am always going to have to work hard at. And so many others struggle with this too. We just don’t talk about it enough. If you’re in the mental health boat, I am rooting for you.
Dolly Parton is the Queen
Do I really  have to explain this one? Growing up in East Tennessee, you almost are born into loving Dolly. I knew about her and liked her, but it wasn’t until the last year or two that I really realized how awesome she is.
Back in 2019, I listened to a podcast titled, “Dolly Parton’s America.” The podcast features interviews with Dolly, a visit to her actual Tennessee Mountain Home, and more. It was by far one of the best podcasts I have ever listened to and it made me really appreciate Dolly. From her childhood to her work ethic to her creativity. 
2020 worked hard, but Dolly Parton worked even harder. When most of the world seemed to pause, Dolly kept on doing what she does best: loving others and giving back. From donating money to help fund the COVID-19 Vaccine to continuing to support East Tennessee- she just kept on giving and giving.
I read an interview with Billboard Magazine where Dolly made the comment, “To whom much is given, much is required. So I look at my life with that every day and think that’s what God expects it of me. I expect it of myself and think people expect it of me. If I can be an inspiration, then I want to be that. That makes me feel good.”  And that really stuck with me for the majority of this past year.
Community
For the past couple of years, I have felt like I was in this strange relationship with my hometown. Part of me was not sure why I moved back after college, part of me wanted to establish myself, and part of me wanted to just move to a new city and start over.
But in 2020, I realized that I am completely content and happy with living back in my hometown of Clinton, Tennessee. The amount of people who have encouraged me and supported me as I have pursued my career and dreams has been incredible.
While reading another one of Bob Goff’s books (Yes, here I go again talking about Bob Goff), “Dream Big,” he said something about community that really spoke to me. He said, “As you pursue your ambitions, you’re going to need some hands to hold and some friends to love you so you don’t drift into open waters.” 
And that is exactly what 2020 brought to me- a community of people who completely listened to my crazy ideas and didn’t shut them down, but encouraged me and supported it.
My grandmother was the most influential person in my life. She had a strong love and dedication to Anderson County. Not only do I want to fulfill the legacy that she left behind, but I truly want to see my hometown thrive. I want to help it grow and I want to give back to a community that has given so much to me.
Learning to be Content
Throughout the past few years, I have craved the next big thing. I would achieve something off of my mental check list and instead of taking the time to enjoy it- I would be ready for the next thing. I have been working on changing my mindset and becoming more content with where I am at in life. By doing so, I feel as if I am more present and able to truly appreciate what I have.
If there’s anything we learned in 2020, is that life is too short. We take advantage of what we have. I don’t want to look back on a time in my life and think, “I wish I would have appreciated that longer. Wish I would have realized that was exactly what I needed.” 
Final Words
In Dream Big, Goff writes, “Our Legacy will be the amount of love and hope and encouragement we release into the world, our self-awareness and our other-awareness, and our willingness to adapt and adopt new approaches as we evolve.”
2020 was 100% that year. I can’t sit here and say it was completely terrible, because there were many teachable moments. But I can say that I am happy to say goodbye. In 2021, I plan on continuing to live a life where life does, listen to more Taylor Swift, read more Bob Goff, and hopefully step out of my comfort zone a bit more. I’m not sure what will happen, but I am ready for anything.
Cheers! 
Taylor 
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wbwest · 7 years
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New Post has been published on WilliamBruceWest.com
New Post has been published on http://www.williambrucewest.com/2017/08/25/west-week-ever-pop-culture-review-82517/
West Week Ever: Pop Culture In Review - 8/25/17
  In movie news, there was quite the controversial casting this week, as the color lines blurred for some comic book adaptations. First up, it was announced that English actor Ed Skrein would be portraying Japanese character Ben Daimio in the upcoming Hellboy reboot. Now, according to what I’ve read, Daimio’s Japanese heritage heavily influences the character, so this whitewashing of the character doesn’t seem to be in the best interest of the character. I mean, after the problems with whitewashing in Doctor Strange, Ghost in the Shell, Aloha, The Great Wall, and Ni’ihau, you’d think Hollywood would avoid shit like this. Yes, movies are made to make money, but it’s not like Skrein is a bankable star worth slotting into the role, so it doesn’t make a lot of sense. Usually this is done for the film’s STARS. Damon, Johansson, Stone. This is a secondary character, so it really wouldn’t have hurt them to seek out an Asian actor. Normally I’m just like “Well, Hollywood’s gonna Hollywood”, but this decision just doesn’t make a ton of sense.
Next up, 24: Legacy’s Anna Diop has been cast as Starfire in Warner Bros’ Titans series, slated to air on DC’s upcoming digital service. Some folks are saying they should’ve cast a Latina, but she’s gonna either be painted or CGied in orange, so it’s not like it’s gonna matter at the end of the day. Personally, if they wanted authenticity, I think they should’ve cast an actual orange alien princess. Right now there are just too many unknowns for me to get excited about this. I mean, DC announced the digital service without a lot of information. What’s gonna be on it? What will it cost? How much of the DC library will be available to be housed on it? As for Titans, this is the show TNT passed on. Ya know, the home of such illustrious shows as The Librarians and The Last Ship. I mean, they’re basically just about a notch up from what we got in the 90s from Universal’s Action Pack lineup. If Titans couldn’t fit anywhere on that schedule, then it probably just isn’t “ready for primetime” yet.
Speaking of aimless Warner Bros decisions, they announced 2 different Joker movies this week. First up is an origin tale, directed by Todd Phillips of Old School fame, and produced by Martin Scorsese. Hmm, one of those things is not like the other. I mean, why would Scorsese touch something helmed by the dude who gave us Road Trip? And who even WANTS a Joker origin story? First of all, it’s reportedly not even going to be part of the DCEU, so why confuse the audience with a story that won’t even really “count” in the grand scheme of things? Nobody needs a standalone origin of a take on a character they’ll likely never see again. This is just as foolish as Sony’s Don’t-Look-For-Spider-Man-To-Appear Venom movie. Next, the guys behind This Is Us (SO hot right now!) and Crazy, Stupid, Love are working on a Bonnie & Clyde-style Joker and Harley film, with Jared Leto and Margot Robbie reprising their roles from Suicide Squad. Since this would sort of negate the empowerment that Harley gained by the end of Squad, it’s believed that this actually means that the planned Gotham City Sirens film, also slated to star Robbie, is now dead. Honestly, I could do without either of these movies. I found Leto’s take on Joker to be…interesting, but Less is More with that character. Plus, I don’t really think the DCEU would be strengthened by this sort of movie. It’s not the world-building they need to be doing right now, as they haven’t even figured out the core of their star characters like Batman and Superman yet.
In TV news, Christopher Sebela’s comic Heartthrob has been optioned as a TV series by Felix Culpa – a production company launched by actress/Elvis’s granddaughter Riley Keough. Now, comics are optioned every day, and the final product never comes to fruition, but I hope this series sees the light of day. I’m actually a big fan of the comic, which is published by Oni Press. Set in the late 70s, it focuses on Callie, who’s received a heart transplant while the process is still in its infancy. Given a new lease on life, but still told she’s basically living on borrowed time, she decides to change her life when she meets Mercer, a charming guy with a shady side. She immediately falls for him, and he teaches her how to be bad, like rob banks and commit other crimes. She gets off on the rush. Pretty soon, however, she realizes that Mercer isn’t real. No, he’s actually the ghost of the guy whose heart is now in Callie. So, it’s a Bonnie & Clyde story where Clyde’s calling the shots from the afterlife. The book is published in “seasons”, so the first 5-issue miniseries wrapped up back in early 2016, while season 2 is hitting stores now. If you’re looking for a new comic not from the Big Two, I highly recommend it.
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In music news, Taylor Swift did a whole social blitz to announce that her next album would be called Reputation, and would be released Nov 10th. On top of that, the first single was released last night, with rumors that the video will premiere at Sunday’s MTV Video Music Awards. Ya know, the same awards hosted my Taylor’s enemy Katy Perry. Yeah, that should be pretty interesting to watch. Anyway, the new song is called “Look What You Made Me Do”, and I’m not too impressed. It lacks a real hook, while the chorus itself is basically spoken. I feel like it has all the ingredients for a great song, but it’s not living up to its full potential. If this is an indicator of what to expect on Reputation, though, I’ll admit I’m curious. It can’t be worse than Perry’s Witness.
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Speaking of Katy Perry, we got the premiere of her video for “Swish Swish”, which was reportedly her diss track against Taylor Swift. After a lot of backtracking and sucking up, though, it seems Katy wants to put that feud behind her. That’s why this horrible video does everything it can to take the bite out of a song that was never really that biting to begin with. I mean, just look at it – Molly Shannon? Terry Crews? Even Nicki Minaj was clearly CGied in, as I’m sure she didn’t wanna be anywhere near this shitshow. The sad thing about the Perry/Swift feud is that Katy bailed on it the minute she realized the Swifties were a more powerful lobby than she had thought. Nobody was feeling her SNL performances, and Witness didn’t exactly fly off the shelves. She realized that she can’t really survive by making enemies, so suddenly she became conciliatory to save her ass. Plus, it’s kinda lame that this blood feud started just because Taylor stole a few of Katy’s dancers for her tour. Anyway, you’ll never get those 6 minutes back. You’re welcome.
I had the pleasure of joining my buddy Zac for his new podcast, The Zac Shipley Show. He’s treating these first few episodes as pilots for ideas he’s wanted to try, so our ep was called Streaming Pile, where we talked about the worst things we could find on streaming services. I talked about a Star Trek: Voyager episode where formerly perky pixie Kes returns all middle-aged and bitter. You should check it out, and give a listen to his other episodes while you’re there!
Song of the Week
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I’ve been a big Maren Morris fan since she released “My Church”, and I was really into her next single, “80s Mercedes”. With this song she continues not to disappoint, as I love the groove on this thing. Listen to the bassline. It’s not a dance song, yet you can do a MEAN two-step to it. Hell, I think you could even do a casual version of The Hustle to it. This will definitely go to #1 given time.
Things You Might Have Missed This Week
NBC’s planned reboot of Xena: Warrior Princess – which would’ve featured a full-on lesbian relationship between her and Gabrielle – is officially dead, as they said “it didn’t warrant a reboot”. Man, if only other studios would realize this about some of their projects…
Director James Gunn mentioned in a Q & A session that the 3rd Guardians of the Galaxy film would set up the next 10-20 years of the Marvel Cinematic Universe. Yup, you’re just now realizing your own mortality. I’ll give you a minute to deal with that.
Speaking of Gunn, he’s attached to write the pilot for (and possibly direct) a reboot of 70s series Starsky & Hutch. This adaptation is supposed to be similar in tone to CBS’s upcoming S.W.A.T. and not comedic in tone like the 2004 Ben Stiller & Owen Wilson movie.
Surprising every critic in Hollywood, Netflix has renewed the maligned comedy Friends From College for a second season.
Known for controversial publicity stunts, Alamo Drafthouse is reportedly organizing a Clowns Only screening of the new adaptation of Stephen King’s It.
We got a new poster for Thor: Ragnarok. So many colors!
Michael K. Williams has reportedly been cut from the Star Wars Han Solo film, as Ron Howard’s reshoot schedule conflicted with another role that Williams had accepted.
There are, like, 8 different Knight Rider reboot treatments floating around Hollywood, but the latest rumor is that one of those productions is looking at John Cena as Michael Knight, with Kevin Hart as the voice of K.I.T.T. Of course, it would be a comedic adaptation, a la the popular Jump Street franchise.
Super Troopers 2, the sequel to one of the most overrated films I’ve ever seen, will hit theaters April 20th, 2018.
Anne Hathaway and Rebel Wilson will star in Nasty Women, which is a female-led reboot of the Michael Caine/Steve Martin classic Dirty Rotten Scoundrels.
Independence Day: Resurgence‘s Jessie T Usher will star in Son of Shaft, with Samuel L. Jackson potentially reprising his role as John Shaft (from the 2000 reboot film), the nephew of the original John Shaft, played by Richard Roundtree, who is also in talks to join the movie. Man, that gave me a headache.
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Always on the cutting edge, here’s Sesame Street’s parody of 2017’s song of the summer, “Despacito”
According to the creators, the Netflix series Stranger Things will most likely end after its fourth season
The actress formerly known as “Andrea Zuckerman”, Gabrielle Carteris, has been re-elected to a 2-year term as the President of the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA)
Ryan Gosling will host the season premiere of Saturday Night Live, with musical guest Jay-Z, on Sept 30th.
Jamie Bell is developing a Jumper TV series, based on the 2008 film about teleporters
Suicide Squad 2 is reportedly being fast tracked, but I hope they fast track it right into the garbage. I mean, I enjoyed the first one, but I don’t need a sequel.
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I like Nick Kroll, even though I never saw even a second of Kroll Show. Anyway, he’s got a new animated series about puberty called Big Mouth coming to Netflix and after watching this teaser I am ON BOARD!
We’re a month away from the premiere of Star Trek: Discovery, and it was revealed that it will be rated TV-MA, for Mature Audiences. Now, it doesn’t mean there’ll be tits and phasers, but it does mean they can tell more complex stories. That said, I still feel like they don’t truly understand the source material.
After a scathing essay from his ex-wife went public, accusing him of adultery and other generally shitty behavior to women, Joss Whedon went underground and the fan site, Whedonesque, shut down after 15 years.
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We got a new teaser for Netflix’s The Punisher. With the rate I’m getting through these Marvel shows, I’ll probably get to it just before Evie goes off to Hogwarts.
There was a national solar eclipse this week, which was the first occurrence since 1918. I’m sure you might’ve heard something about it. It was kind of a big deal. Folks were pimping out special cardboard glasses on Craigslist for insane amounts of money, and the American President made news by looking directly into it. It seems that it had a strange effect on different folks. For example, Netflix viewership went down 10% as people went outside to view the phenomenon. Not everyone understood what was going on, bless their hearts. At work, a frantic parent called in and said “Y’all watching the news? You hear about this eclipse? Is it serious?!” Apparently she thought it posed some sort of danger to her kids and the school. No, ma’am. It’s just a beautiful sky ballet. Anyway, the eclipse was EVERYWHERE. I didn’t get to see totality, but it was still nice to stand outside for a bit on a nice day. What am I saying? I hate the outdoors! Well, it was nice to not have to work for a few minutes. You couldn’t escape the Eclipse Fever at the start of the week, so that’s why the Solar Eclipse of 2017 had the West Week Ever.
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mrjeremydylan · 7 years
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My Favorite Album #212 - #BeatlesMonth Wall Street Journal's Allan Kozinn on how 'I Want To Hold Your Hand' broke the Beatles in America and the anatomy of an iconic hit
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Beatles scholar, author, Wall Street Journal music critic and co-host of Beatles podcast 'Things We Said Today' Allan Kozinn joins me to tell the behind-the-scenes story of 'I Want to Hold Your Hand' - why hadn't the Beatles cracked America prior to this song? How did a teenage girl and a radio DJ force the Beatles record label to rush release the song? How did the JFK assassination set the stage for Americans embrace of aspirational British pop?
Plus we break down the song piece by piece to show how the Fab Four constructed a perfect single which was just as groundbreaking and sophisticated as their later work - from the lyrics to the harmonies, the guitar parts and their first use of four-track overdubbing, the sexual undertones in the music and how it marked the apex and the climax of their 'Wooo' period.
If you enjoyed this episode, pick up a copy of Allan's book Got That Something! How the Beatles’ “I Want to Hold Your Hand” Changed Everything.
Listen in the player above or download the episode by clicking here.
Subscribe to the podcast on Apple Podcasts here or in other podcasting apps by searching ‘My Favorite Album’ or copying/pasting our RSS feed -http://myfavoritealbum.libsyn.com/rss My Favorite Album is a podcast unpacking the great works of pop music. Each episode features a different songwriter or musician discussing their favorite album of all time - their history with it, the making of the album, individual songs and the album’s influence on their own music. Jeremy Dylan is a filmmaker, journalist and photographer from Sydney, Australia who has worked in the music industry since 2007. He directed the the feature music documentary Jim Lauderdale: The King of Broken Hearts (out now!) and the feature film Benjamin Sniddlegrass and the Cauldron of Penguins, in addition to many commercials and music videos.
If you’ve got any feedback or suggestions, drop us a line at [email protected].
LINKS
- Allan Kozinn on Twitter.
- Subscribe to the Beatles podcast ‘Things We Said Today’.
- Buy I Want to Hold Your Hand here.
- Jeremy Dylan’s website, Twitter, Instagram and Facebook page.
- Like the podcast on Facebook here.
- If you dig the show, please leave a rating or review of the show on iTunes here.
CHECK OUT OUR OTHER EPISODES
211. #BeatlesMonth Conan’s Jimmy Vivino on the Sgt Pepper remixes and recreating the intricacies of the Beatles with the Fab Faux 210.  #BeatlesMonth Heartbreaker Benmont Tench on playing with Ringo, the Beatles RnB roots and the genius of ‘No Reply’ 209. #BeatlesMonth Ken Levine on ‘Sgt Pepper’s Lonely Hearts Club Band’ (1967) 208. All Our Exes Live In Texas on Rufus Wainwright ‘Want’ (2004) 207. Eilish Gilligan on Counting Crows ‘August and Everthing After’ (1993) 206. Katie Brianna on Rilo Kiley ‘Under the Blacklight’ (2007) 205. Pegi Young on her biggest influences, from Janis to Joni, Clapton to the Dead 204. Margaret Glaspy on Bjork ‘Vespertine’ (2001) 203. Iluka on Marvin Gaye ‘What’s Going On’ (1971) 202. Veronica Milsom (triple J) on The Shins ‘Wincing the Night Away’ (2007) 201. Charles Esten on Bruce Springsteen ‘Born to Run’ (1975) 200. What’s Your Favorite Aussie Music? with Benmont Tench, Duglas T Stewart, Natalie Prass, Sam Palladio and Jeff Greenstein 199. Showrunner Jeff Lieber on Gregory Alan Isakov ‘The Weatherman’ and how music fuels his writing process 198. Jack Colwell on Tori Amos ‘Boys for Pele’ (1996) 197. Benmont Tench on playing with Bob Dylan, Jenny Lewis and Ryan Adams and the worst advice he’s received 196. Ella Thompson (Dorsal Fins, GL) on Renee Geyer ‘Moving On’ 195. The Shires on Lady Antebellum ‘Own the Night’ (2011) 194. Duglas T Stewart (BMX Bandits) on Beach Boys ‘Love You’ (1977) 193. Dan Soder on Queens of the Stone Age ‘Like Clockwork’ (2013) 192. Kingswood on The Beatles ‘Magical Mystery Tour’ (1967) 191. Comedian Becky Lucas on Michael Jackson ‘Bad’ (1987) 190. PVT on Brian Eno ‘Another Green World’ (1975) 189. Middle Kids on My Brightest Diamond ‘Bring Me The Workhorse’ (2006) 188. The Bitter Script Reader on Tom Hanks ‘That Thing You Do’ (1996) 187. Carly Rae Jepsen ‘Emotion’ (2015) with CRJ Dream Team Roundtable 186. Sarah Belkner on Peter Gabriel ‘So’ (1986) 185. Mark Hart (Crowded House, Supertramp) on XTC ‘Drums and Wires’ (1979) 184. Emma Swift on Marianne Faithfull ‘Broken English’ (1974) 183. Owen Rabbit on Kate Bush ‘Hounds of Love’ (1985) 182. Robyn Hitchcock on Bob Dylan ‘Blonde on Blonde’ (1966) 181. Dave Mudie (Courtney Barnett) on Nirvana ‘Nevermind’ (1991) 180. Brian Koppelman on Bruce Springsteen ‘Nebraska’ (1982) 179. Nicholas Allbrook (POND) on OutKast ‘The Love Below’ (2003) 178. 2016 in Review: What the hell? ft Jeff Greenstein, Rob Draper & Cookin on 3 Burners, Melody Pool, Lisa Mitchell, Emma Swift, Brian Koppelman, Mark Hart (Crowded House), Davey Lane and Alex Lahey 177. Harper Simon on The Beatles ‘White Album’ (1968) 176. Andrew P Street on Models ‘Pleasure of Your Company’ (1983) 175. Matt Farley (Motern Media) on why The Beach Boys ‘Love You’ is better than ‘Pet Sounds’ 174. Lisa Mitchell on Regina Spektor ‘Begin to Hope’ (2006) and her favorite albums of 2016 173. Peter Bibby on Sleep ‘Dopesmoker’ (2003) 172. Slate’s Jack Hamilton on Stevie Wonder ‘Innervisions’ (1973) 171. Showrunner Blake Masters on Drive-By Truckers ‘The Dirty South’ (2004) 170. Taylor Goldsmith (Dawes) on on their new album ‘We’re All Gonna Die’, loving LA and the albums that inspire him 169. Sadler Vaden on The Rolling Stones ‘Goats Head Soup’ (1973) 168. Guy Clark biographer Tamara Saviano on ‘Dublin Blues’, Guy’s songwriting process and his musical legacy 167. What does Trump mean for music? 166. A Tribute to Sir George Martin, The Fifth Beatle with Davey Lane and Brett Wolfie 165. John Oates on Joni Mitchell ‘Blue’ (1971) 164. Jimmy Vivino on the birth of the Max Weinberg 7, his relationship with Conan O’Brien, country music and the future of rock’n’roll 163. DJ Alix Brown on Transformer (1972) by Lou Reed 162. Taylor Locke on Doolittle (1989) by the Pixies, the album that inspired 90s alt-rock 161. Harts on Around the World in a Day (1985) by Prince and jamming with Prince at Paisley Park 160. Mark McKinnon (The Circus) on Kristofferson and programming the President’s iPod 159. Alan Brough on A Walk Across the Rooftops (1984) by The Blue Nile 158. Peter Cooper on Pretty Close to the Truth (1994) and why we need Americana music 157. Will Colvin (Hedge Fund) on One of the Boys by Katy Perry (2008) 156. Julia Jacklin on Extraordinary Machine by Fiona Apple (2005) 155. Japanese Wallpaper on Currents by Tame Impala (2015) 154. Montaigne on her album Glorious Heights (2016) and its inspirations 153. Alex Lahey on Hot Fuss by the Killers (2004) 152. Jack Moffitt (The Preatures) on Physical Graffiti by Led Zeppelin (1975) 151. Mike Bloom on Axis Bold As Love by Jimi Hendrix (1968) 150. Hey Geronimo on Drowning in the Fountain of Youth by Dan Kelly (2006) 149. Mickey Raphael on Teatro by Willie Nelson (1998) 148. Jack Ladder on Suicide by Suicide 147. Rusty Anderson on Hot Rats by Frank Zappa 146. Kenny Aronoff on The Beatles 145. Bob Evans on A Grand Don’t Come for Free by The Streets 144. Chris Hewitt (Empire) on New Adventues in Hi-Fi by REM 143. Dr Warren Zanes on Tom Petty and the Heartbreakers by Tom Petty and the Heartbreakers 142. Dr Mark Kermode (Wittertainment) on Sleep No More by the Comsat Angels 141. Van Dyke Parks on Randy Newman by Randy Newman 140. Imogen Clark on Heartbreaker by Ryan Adams 139. Jesse Thorn on Fresh by Sly and the Family Stone 138. Stephen Tobolowsky on The Rise and Fall of Ziggy Stardust and the Spiders from Mars by David Bowie 137. Ben Blacker on Blood and Chocolate on Elvis Costello & the Attractions 136. Jonny Fritz on West by Lucinda Williams 135. Adam Busch on A River Ain’t Too Much to Love by Smog 134. Kelsea Ballerini on Blue Neighbourhood by Troye Sivan 133. Natalie Prass on Presenting Dionne Warwick 132. Josh Pyke on Badmotorfinger by Soundgarden 131. Kip Moore on Born to Run by Bruce Springsteen 130. Koi Child on Voodoo by D’Angelo 129. The Cadillac Three on Wildflowers by Tom Petty 128. Julian McCullough on Appetite for Destruction by Guns n Roses 127. Danny Clinch on Greetings from Ashbury Park NJ by Bruce Springsteen 126. Sam Palladio (Nashville) on October Road by James Taylor 125. Steve Mandel on Blood and Chocolate by Elvis Costello 124. Brian Koppelman on The History of the Eagles 123. Benmont Tench on Beggars Banquet by the Rolling Stones 122. Jimmy Vivino (Basic Cable Band) on Super Session by Al Kooper, Mike Bloomfield and Stephen Stills 121. Holiday Sidewinder on Pat Garrett & Billy the Kid by Bob Dylan 120. Ben Blacker on Aladdin Sane by David Bowie 119. EZTV on The Toms by The Toms 118. Jess Ribeiro on Transformer by Lou Reed 117. Whitney Rose on Keith Whitley Greatest Hits 116. Best Albums of 2015 with Danny Yau ft. Jason Isbell, Dan Kelly, Shane Nicholson, Tim Rogers, Will Hoge and Julien Barbagallo (Tame Impala) 115. Phil Spector’s A Christmas Gift For You with Jaime Lewis 114. Xmas Music ft. Kristian Bush, Lee Brice, Corb Lund and Tim Byron 113. Sam Outlaw on Pieces of the Sky by Emmylou Harris 112. Jason Isbell on Sticky Fingers by the Rolling Stones 111. Ash Naylor (Even) on Houses of the Holy by Led Zeppelin 110. Burke Reid (Gerling) on Dirty by Sonic Youth 109. Lance Ferguson (The Bamboos) on Kind of Blue by Miles Davis 108. Lindsay ‘The Doctor’ McDougall (Frenzal Rhomb) on Curses! by Future of the Left 107. Julien Barbagallo (Tame Impala) on Chrominance Decoder by April March 106. Melody Pool on Blue by Joni Mitchell 105. Rusty Hopkinson (You Am I) on ‘Nuggets: Original Artyfacts from the First Psychedelic Era’ 104. Jeff Greenstein on A Quick One (Happy Jack) by The Who 103. Dave Cobb on Revolver by the Beatles 102. Justin Melkmann (World War IX) on Coney Island Baby by Lou Reed 101. Kacey Musgraves on John Prine by John Prine 100. Does the album have a future? 99. Corb Lund on Gunfighter Ballads and Trail Songs by Marty Robbins 98. Bad Dreems on Unknown Pleasures by Joy Division 97. Davey Lane (You Am I) on Abbey Road by the Beatles 96. Dan Kelly on There’s A Riot Goin’ On by Sly and the Family Stone 95. Ash Grunwald on Mule Variations by Tom Waits 94. Stella Angelico on The Shangrilas 93. Eves the Behavior on Blue by Joni Mitchell 92. Troy Cassar-Daley on Willie Nelson’s Greatest Hits 91. Lydia Loveless on Pleased to Meet Me by the Replacements 90. Gena Rose Bruce on The Boatman’s Call by Nick Cave 89. Kitty Daisy and Lewis on A Swingin’ Safari by Bert Kaempfert 88. Will Hoge on Modern Sounds in Country & Western Music by Ray Charles 87. 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Danny Yau, Montaigne, Harts, Joelistics, Rose Elinor Dougall and Burke Reid 74 - Matt Farley (Motern Media) on RAM by Paul McCartney BONUS - Neil Finn on The Beatles, Neil Young, David Bowie and Radiohead 73 - Grace Farriss (Burn Antares) on All Things Must Pass by George Harrison 72 - Katie Noonan on Blue by Joni Mitchell 71 - Harts on Band of Gypsys by Jimi Hendrix 70 - Tim Rogers (You Am I) on Bring the Family by John Hiatt 69 - Mark Seymour (Hunters and Collectors) on The Ghost of Tom Joad by Bruce Springsteen 68 - Jeremy Neale on Graceland by Paul Simon 67 - Joelistics on Graceland by Paul Simon 66 - Brian Nankervis (RocKwiz) on Astral Weeks by Van Morrison 65 - ILUKA on Pastel Blues by Nina Simone 64 - Rose Elinor Dougall on Tender Buttons by Broadcast 63 - Sarah McLeod (The Superjesus) on Siamese Dream by The Smashing Pumpkins 62 - Keyone Starr on The Miseducation of Lauryn Hill 61 - Chase Bryant on Defying Gravity by Keith Urban 60 - Brian Koppelman on Southeastern by Jason Isbell 59 - Michael Carpenter on The Beatles White Album Side 4 58 - Pete Kilroy (Hey Geronimo) on The Beatles White Album Side 3 57 - Mark Wells on The Beatles White Album Side 2 56 - Jeff Greenstein on Colossal Youth by Young Marble Giants 55 - Laura Bell Bundy on Shania Twain, Otis Redding and Bright Eyes 54 - Jake Clemons on Surfacing by Sarah McLachlan 53 - Kristian Bush (Sugarland) on The Joshua Tree by U2 52 - Kevin Bennett (The Flood) on Willis Alan Ramsey by Willis Alan Ramsey 51 - Lee Brice on Unorthodox Jukebox by Bruno Mars 50 - Davey Lane (You Am I) on the White Album (Side 1) by The Beatles 49 - Joe Camilleri on The Rolling Stones by The Rolling Stones 48 - Russell Morris on The Rolling Stones by The Rolling Stones 47 - Mike Rudd (Spectrum) on England’s Newest Hitmakers by The Rolling Stones 46 - Henry Wagons on Harvest by Neil Young 45 - Megan Washington on Poses by Rufus Wainwright 44 - Andrew Hansen (The Chaser) on Armchair Theatre by Jeff Lynne 43 - She Rex on BlakRoc by The Black Keys 42 - Catherine Britt on Living with Ghosts by Patty Griffin 41 - Robyn Hitchcock on Plastic Ono Band by John Lennon 40 - Gideon Bensen (The Preatures) on Transformer by Lou Reed 39 - Harry Hookey on Blood on the Tracks by Bob Dylan 38 - Rob Draper on Faith by George Michael 37 - Best of 2014 ft. Danny Yau, Andrew Hansen, Gideon Bensen (The Preatures) and Mike Carr 36 - Doug Pettibone on Wrecking Ball by Emmylou Harris 35 - Ross Ryan on Late for the Sky by Jackson Browne 34 - Michael Carpenter on Hard Promises by Tom Petty & the Heartbreakers 33 - Davey Lane (You Am I) on Jesus of Cool by Nick Lowe 32 - Zane Carney on Smokin’ at the Half Note by Wes Montgomery 31 - Tony Buchen on Sgt Pepper’s Lonely Hearts Club Band by The Beatles 30 - Simon Relf (The Tambourine Girls) on On the Beach by Neil Young 29 - Peter Cooper on In Search of a Song by Tom T Hall 28 - Thelma Plum on Stolen Apples by Paul Kelly 27 - James House on Rubber Soul by the Beatles 26 - Ella Hooper on Let England Shake by PJ Harvey 25 - Abbey Road Special 24 - Alyssa Bonagura on Room for Squares by John Mayer 23 - Luke Davison (The Preatures) on Green Onions by Booker T and the MGs 22 - Neil Finn on Hunky Dory by David Bowie and In Rainbows by Radiohead 21 - Neil Finn on Beatles for Sale by the Beatles and After the Goldrush by Neil Young 20 - Morgan Evans on Diorama by Silverchair 19 - Emma Swift on Car Wheels On A Gravel Road by Lucinda Williams 18 - Danny Yau on Hourly Daily by You Am I 17 - J Robert Youngtown and Jon Auer (The Posies) on Hi Fi Way by You Am I 16 - Lester the Fierce on Hounds of Love by Kate Bush 15 - Luke Davison on Green Onions by Booker T and the MGs 14 - Jeff Cripps on Wheels of Fire by Cream 13 - Mark Holden on Blue by Joni Mitchell (Part 2) 12 - Mark Holden on Blue by Joni Mitchell (Part 1) 11 - Gossling on O by Damien Rice 10 - Matt Fell on Temple of Low Men by Crowded House 9 - Pete Thomas on Are You Experienced? by Jimi Hendrix (Part 2) 8 - Pete Thomas on Are You Experienced? by Jimi Hendrix (Part 1) 7 - Sam Hawksley on A Few Small Repairs by Shawn Colvin 6 - Jim Lauderdale on Grievous Angel by Gram Parsons 5 - Mark Moffatt on Blues Breakers by John Mayall and Eric Clapton 4 - Darren Carr on Ten Easy Pieces by Jimmy Webb 3 - Mark Wells on Revolver by The Beatles 2 - Mike Carr on Arrival by ABBA 1 - Rob Draper on Highway 61 Revisited by Bob Dylan
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jeffrmayhugh · 4 years
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Cryptocurrency is About To EXPLODE As Reddit Releases the Crypto Bulls! [AMAZING]
VIDEO TRANSCRIPT
All right. Welcome back, everybody. Mine is Austin Read it is finally adding a cryptocurrency. We have leaked screenshots and leaked video to prove it. So in what way will this crypto be integrated into Reddit? Well, read. It already has a point system, meaning you like posts, you like content and that content that you like flows to the top. So what that video and what these screenshots show is a new design implementation from Reddit of a blockchain-based point system. That’s huge because Reddit is not only the third most popular, the third most trafficked Web site in the United States, but also Reddit pulls over eleven million active users per day. So if what we’re seeing is true, which it has to be, this is a direct screenshot video from a recently updated Reddit app on the Android showing a wallet which now has a recovery phrase, meaning for Reddit users. Your information, your tokens are now stored on the blockchain. This is huge. This was originally broken by Reddit or Magoo Crypto, which appears to show a beta implementation of the system. If this goes past Beda, this will introduce so many more people into cryptocurrency. Now my question is, yes, Reddit appears to be implementing a blockchain, but really, why does Reddit need a blockchain? What advantages to a blockchain bring? That’s the big question. Is this just a buzz word? Will we be getting mutable karma? Now, there are so many more questions I have. Like, will there be an old coin? If so, Reddit will have to register that old coin with the SCC. Or maybe this will be closer to 49 bucks, meaning that they’ll stay on the platform. There’s no offramp. You can never really cash out. Time will tell. All we know right now is that they are testing it. It appears to be in beta in a direct quote from that red. I open my app up yesterday morning and sell the wallet menu option, went through it, saw blockchain and got super excited to share with the rest of you all from guy crypto. Let me know what you think. Down below in the comments section. Huge news coming out of REPL. Coming out of Catano, coming out of Beinart’s huge news. Watch today’s entire video. But next piece of news, we retweeted this foaled announcing the first-ever bitcoin rewards card from foaled and Visa. So what does this mean for you? Well, this is the first-ever credit card where you can earn bitcoin, not points every time you swipe the folded card. You get a percentage of your purchase back in Bitcoin. It’s a real bitcoin that goes right into your fold account. Watch this. A brave new world deserves a brave new card. Introducing the world’s first bitcoin rewards card from full spend dollars earned bitcoin on every purchase. Tear the folded card of the full path to super taxi experience. Protect your privacy and keep your personal data safe. Toll puts you in control, not the things. Welcome to the Bitcoin Privacy-Preserving Card of the future. Welcome to fold. I love it. I mean, I use a credit card almost every day. Credit cards are not going away anytime soon. And if I’m going to use a credit card, which I do. I would much rather earn some bitcoin back on each purchase. I have joined the waitlist if you want to join the waitlist. I put a link down below in the description. Check it out. Now, keep in mind, foaled did choose to support today’s video, but I already use fold. There’s a referral link in every single one of our videos because we actually use it. You know, I’m buying you play. I’m using Uber anyway. Mei’s will earn bitcoin with every single purchase I can if I can. Links down below. Check it out. Next piece of news before we get to Cardno. A ripple partnership is being discussed by a Bank of America. Exact. Keep in mind right now this is ripple to company. This has nothing to do with SRP at the moment, but this is all coming from an interview. In an interview discussing emerging digital payments technology, a lead executive at the Bank of America praised REPL as a partner. Well, what exactly did she say? Julie Harris, head of Global Banking Digital Strategy, made the comments on a podcast published by the Bank of America. The conversation centred around the emerging payment options available for businesses and the increasing need for faster, more efficient methods. Here is the direct quote. It’s not about our platform or our capabilities, meaning it’s not about the Bank of America’s capabilities. It’s about you. If you own a small business, it’s about you as a client and infrastructure that you have and the ability for us to integrate with you. Now, where does REPL come into this? Whether that’s with platforms and capabilities that we built, meaning the Bank of America is built or partnerships that we have with the likes of REPL or Swift. These are FinTechs that we’re partnering with. They’ve come through all of our rigour of legal compliance and we’re able to leverage our banking as a platform to deliver that to you. So this is. A little bit of praise for our Swift and REPL coming out of the Bank of America. Keep in mind this statement adds to the rumour that their software REPL software REPL Net maybe used REPL is being praised for its potential to integrate with bank services. So right now this is just a mention, but this does bode well for using ripple software from Bank of America. Let me know what you think. Is this the big deal? Is this no big deal? Comment below. Next up, we have major news involving finance being charged with embezzlement. Before that, just something personal I want to share with you about me and Aaron. We have officially signed on to participate in a covered 19 at a charity poker tournament. Now, what are the details? This is tonight. Aaron and I will be there playing. Hopefully, you can play with us, but the event will be capped at two thousand players with 50 percent of all proceeds being donated to the participating non-profits for COVA 19 relief and 50 percent of the winnings being split at the final table. This is really the crypto community coming together to support relief for Koven, 19. Now, Aaron and I were gonna be a featured player. We just signed on today. We’re not listed on the picture as yet, but we will be there. I want to invite you to play with us. Now does cost one hundred dollars per ticket. Again, this goes to charity. So it’s your call. Either keep it for you, invest in bitcoin or good cause. Good event. See if you can bust me or my brother out. But I plan to win. There’s a link down below. The Cardno Foundation has endorsed the South African Blockchain Alliance establishment to boost adoption so big collaboration between Catano and South African Blockchain Alliance, the Cardona Foundation praised the establishment of the South African National Blockchain Alliance Essay NBA on April 7th, and this cooperation endeavours to explore further ways to strengthen technology’s adoption through South Africa. So this is a little insight on where Cano is setting their sights for the adoption of Catano. Why did they choose South Africa? Well, according to the official announcement, the Cardenal Foundation praised the use of blockchain technology to boost socio-economic growth. They also have a goal of increasing blockchain adoption in that region. So, again, to me, this just kind of shows Cardno is playing the long game, setting up their roots in poorer socioeconomic areas like South Africa. In a direct quote from the announcement, Cardon’s believes in empowering individuals and enterprises by putting them in direct control of their information, wealth and value. Blockchain technology lets developing nations break ties with legacy banking systems, costly middlemen and entrenched political structures. So this quite possibly could be South Africa’s way to opt-out of corruption and centralization. Next piece of news finance has been charged with embezzling almost a million dollars worth of crypto. What are the details? Well, actually, in November of 2018, finance blocked an account that had almost a million eight hundred and fifty thousand dollars worth of crypto funds. Now, the owner of that account claims that the exchange led by Ceecee stole his money. And this money, it wasn’t just Bitcoin. There was a bitcoin. And a theory, M-theory classic like one iota yo’s Tauron. The point is, it wasn’t a single transaction. His account got shut down and finance is being charged with embezzlement. Now we’ll see. This is just the accusation. Innocent until proven guilty. In my opinion. But Sisi has clapped back and said Sisi says that because by NANS requires KYC AML, which is knowing your customer anti-money-laundering verification from each person, that they had a right to seize that guy’s money because there was a question regarding the origins of that guy’s funds. Wow. Huge invasion of privacy, in my opinion. Although I guess it is in the terms of service. They have a right to know the origin of your funds. And according to finance, the exchange said that the account was blocked at the request of the South Korean police, though the user claims that he had not received any complaints from the South Korean authorities himself. Take your money off the exchange. Keep it for yourself. Not your keys, not your coins. I’ll keep you updated on how this turns out. But again, by NANCE. Just like a bank, they could seize it if they want to. That is the video for today. My name’s Austin again. If it intrigues you, defers to a bitcoin rewards card. Join the waitlist. I did hop on the card, earn some bitcoin back on daily purchases, and if you had the means and you wanna give back, donate to a good cause. Come play poker with us again. If the first two thousand people. I would love to see the altcoin daily army represent next to me, next to Aaron. Let’s bust some people out for charity. That’s the video like always. See you tomorrow.
source https://www.cryptosharks.net/cryptocurrency-is-about-to-explode-crypto-bulls-amazing/ source https://cryptosharks1.tumblr.com/post/615259263046172672
0 notes
scottmapess · 4 years
Text
Cryptocurrency is About To EXPLODE As Reddit Releases the Crypto Bulls! [AMAZING]
VIDEO TRANSCRIPT
All right. Welcome back, everybody. Mine is Austin Read it is finally adding a cryptocurrency. We have leaked screenshots and leaked video to prove it. So in what way will this crypto be integrated into Reddit? Well, read. It already has a point system, meaning you like posts, you like content and that content that you like flows to the top. So what that video and what these screenshots show is a new design implementation from Reddit of a blockchain-based point system. That’s huge because Reddit is not only the third most popular, the third most trafficked Web site in the United States, but also Reddit pulls over eleven million active users per day. So if what we’re seeing is true, which it has to be, this is a direct screenshot video from a recently updated Reddit app on the Android showing a wallet which now has a recovery phrase, meaning for Reddit users. Your information, your tokens are now stored on the blockchain. This is huge. This was originally broken by Reddit or Magoo Crypto, which appears to show a beta implementation of the system. If this goes past Beda, this will introduce so many more people into cryptocurrency. Now my question is, yes, Reddit appears to be implementing a blockchain, but really, why does Reddit need a blockchain? What advantages to a blockchain bring? That’s the big question. Is this just a buzz word? Will we be getting mutable karma? Now, there are so many more questions I have. Like, will there be an old coin? If so, Reddit will have to register that old coin with the SCC. Or maybe this will be closer to 49 bucks, meaning that they’ll stay on the platform. There’s no offramp. You can never really cash out. Time will tell. All we know right now is that they are testing it. It appears to be in beta in a direct quote from that red. I open my app up yesterday morning and sell the wallet menu option, went through it, saw blockchain and got super excited to share with the rest of you all from guy crypto. Let me know what you think. Down below in the comments section. Huge news coming out of REPL. Coming out of Catano, coming out of Beinart’s huge news. Watch today’s entire video. But next piece of news, we retweeted this foaled announcing the first-ever bitcoin rewards card from foaled and Visa. So what does this mean for you? Well, this is the first-ever credit card where you can earn bitcoin, not points every time you swipe the folded card. You get a percentage of your purchase back in Bitcoin. It’s a real bitcoin that goes right into your fold account. Watch this. A brave new world deserves a brave new card. Introducing the world’s first bitcoin rewards card from full spend dollars earned bitcoin on every purchase. Tear the folded card of the full path to super taxi experience. Protect your privacy and keep your personal data safe. Toll puts you in control, not the things. Welcome to the Bitcoin Privacy-Preserving Card of the future. Welcome to fold. I love it. I mean, I use a credit card almost every day. Credit cards are not going away anytime soon. And if I’m going to use a credit card, which I do. I would much rather earn some bitcoin back on each purchase. I have joined the waitlist if you want to join the waitlist. I put a link down below in the description. Check it out. Now, keep in mind, foaled did choose to support today’s video, but I already use fold. There’s a referral link in every single one of our videos because we actually use it. You know, I’m buying you play. I’m using Uber anyway. Mei’s will earn bitcoin with every single purchase I can if I can. Links down below. Check it out. Next piece of news before we get to Cardno. A ripple partnership is being discussed by a Bank of America. Exact. Keep in mind right now this is ripple to company. This has nothing to do with SRP at the moment, but this is all coming from an interview. In an interview discussing emerging digital payments technology, a lead executive at the Bank of America praised REPL as a partner. Well, what exactly did she say? Julie Harris, head of Global Banking Digital Strategy, made the comments on a podcast published by the Bank of America. The conversation centred around the emerging payment options available for businesses and the increasing need for faster, more efficient methods. Here is the direct quote. It’s not about our platform or our capabilities, meaning it’s not about the Bank of America’s capabilities. It’s about you. If you own a small business, it’s about you as a client and infrastructure that you have and the ability for us to integrate with you. Now, where does REPL come into this? Whether that’s with platforms and capabilities that we built, meaning the Bank of America is built or partnerships that we have with the likes of REPL or Swift. These are FinTechs that we’re partnering with. They’ve come through all of our rigour of legal compliance and we’re able to leverage our banking as a platform to deliver that to you. So this is. A little bit of praise for our Swift and REPL coming out of the Bank of America. Keep in mind this statement adds to the rumour that their software REPL software REPL Net maybe used REPL is being praised for its potential to integrate with bank services. So right now this is just a mention, but this does bode well for using ripple software from Bank of America. Let me know what you think. Is this the big deal? Is this no big deal? Comment below. Next up, we have major news involving finance being charged with embezzlement. Before that, just something personal I want to share with you about me and Aaron. We have officially signed on to participate in a covered 19 at a charity poker tournament. Now, what are the details? This is tonight. Aaron and I will be there playing. Hopefully, you can play with us, but the event will be capped at two thousand players with 50 percent of all proceeds being donated to the participating non-profits for COVA 19 relief and 50 percent of the winnings being split at the final table. This is really the crypto community coming together to support relief for Koven, 19. Now, Aaron and I were gonna be a featured player. We just signed on today. We’re not listed on the picture as yet, but we will be there. I want to invite you to play with us. Now does cost one hundred dollars per ticket. Again, this goes to charity. So it’s your call. Either keep it for you, invest in bitcoin or good cause. Good event. See if you can bust me or my brother out. But I plan to win. There’s a link down below. The Cardno Foundation has endorsed the South African Blockchain Alliance establishment to boost adoption so big collaboration between Catano and South African Blockchain Alliance, the Cardona Foundation praised the establishment of the South African National Blockchain Alliance Essay NBA on April 7th, and this cooperation endeavours to explore further ways to strengthen technology’s adoption through South Africa. So this is a little insight on where Cano is setting their sights for the adoption of Catano. Why did they choose South Africa? Well, according to the official announcement, the Cardenal Foundation praised the use of blockchain technology to boost socio-economic growth. They also have a goal of increasing blockchain adoption in that region. So, again, to me, this just kind of shows Cardno is playing the long game, setting up their roots in poorer socioeconomic areas like South Africa. In a direct quote from the announcement, Cardon’s believes in empowering individuals and enterprises by putting them in direct control of their information, wealth and value. Blockchain technology lets developing nations break ties with legacy banking systems, costly middlemen and entrenched political structures. So this quite possibly could be South Africa’s way to opt-out of corruption and centralization. Next piece of news finance has been charged with embezzling almost a million dollars worth of crypto. What are the details? Well, actually, in November of 2018, finance blocked an account that had almost a million eight hundred and fifty thousand dollars worth of crypto funds. Now, the owner of that account claims that the exchange led by Ceecee stole his money. And this money, it wasn’t just Bitcoin. There was a bitcoin. And a theory, M-theory classic like one iota yo’s Tauron. The point is, it wasn’t a single transaction. His account got shut down and finance is being charged with embezzlement. Now we’ll see. This is just the accusation. Innocent until proven guilty. In my opinion. But Sisi has clapped back and said Sisi says that because by NANS requires KYC AML, which is knowing your customer anti-money-laundering verification from each person, that they had a right to seize that guy’s money because there was a question regarding the origins of that guy’s funds. Wow. Huge invasion of privacy, in my opinion. Although I guess it is in the terms of service. They have a right to know the origin of your funds. And according to finance, the exchange said that the account was blocked at the request of the South Korean police, though the user claims that he had not received any complaints from the South Korean authorities himself. Take your money off the exchange. Keep it for yourself. Not your keys, not your coins. I’ll keep you updated on how this turns out. But again, by NANCE. Just like a bank, they could seize it if they want to. That is the video for today. My name’s Austin again. If it intrigues you, defers to a bitcoin rewards card. Join the waitlist. I did hop on the card, earn some bitcoin back on daily purchases, and if you had the means and you wanna give back, donate to a good cause. Come play poker with us again. If the first two thousand people. I would love to see the altcoin daily army represent next to me, next to Aaron. Let’s bust some people out for charity. That’s the video like always. See you tomorrow.
source https://www.cryptosharks.net/cryptocurrency-is-about-to-explode-crypto-bulls-amazing/ source https://cryptosharks1.blogspot.com/2020/04/cryptocurrency-is-about-to-explode-as.html
0 notes
cryptosharks1 · 4 years
Text
Cryptocurrency is About To EXPLODE As Reddit Releases the Crypto Bulls! [AMAZING]
VIDEO TRANSCRIPT
All right. Welcome back, everybody. Mine is Austin Read it is finally adding a cryptocurrency. We have leaked screenshots and leaked video to prove it. So in what way will this crypto be integrated into Reddit? Well, read. It already has a point system, meaning you like posts, you like content and that content that you like flows to the top. So what that video and what these screenshots show is a new design implementation from Reddit of a blockchain-based point system. That’s huge because Reddit is not only the third most popular, the third most trafficked Web site in the United States, but also Reddit pulls over eleven million active users per day. So if what we’re seeing is true, which it has to be, this is a direct screenshot video from a recently updated Reddit app on the Android showing a wallet which now has a recovery phrase, meaning for Reddit users. Your information, your tokens are now stored on the blockchain. This is huge. This was originally broken by Reddit or Magoo Crypto, which appears to show a beta implementation of the system. If this goes past Beda, this will introduce so many more people into cryptocurrency. Now my question is, yes, Reddit appears to be implementing a blockchain, but really, why does Reddit need a blockchain? What advantages to a blockchain bring? That’s the big question. Is this just a buzz word? Will we be getting mutable karma? Now, there are so many more questions I have. Like, will there be an old coin? If so, Reddit will have to register that old coin with the SCC. Or maybe this will be closer to 49 bucks, meaning that they’ll stay on the platform. There’s no offramp. You can never really cash out. Time will tell. All we know right now is that they are testing it. It appears to be in beta in a direct quote from that red. I open my app up yesterday morning and sell the wallet menu option, went through it, saw blockchain and got super excited to share with the rest of you all from guy crypto. Let me know what you think. Down below in the comments section. Huge news coming out of REPL. Coming out of Catano, coming out of Beinart’s huge news. Watch today’s entire video. But next piece of news, we retweeted this foaled announcing the first-ever bitcoin rewards card from foaled and Visa. So what does this mean for you? Well, this is the first-ever credit card where you can earn bitcoin, not points every time you swipe the folded card. You get a percentage of your purchase back in Bitcoin. It’s a real bitcoin that goes right into your fold account. Watch this. A brave new world deserves a brave new card. Introducing the world’s first bitcoin rewards card from full spend dollars earned bitcoin on every purchase. Tear the folded card of the full path to super taxi experience. Protect your privacy and keep your personal data safe. Toll puts you in control, not the things. Welcome to the Bitcoin Privacy-Preserving Card of the future. Welcome to fold. I love it. I mean, I use a credit card almost every day. Credit cards are not going away anytime soon. And if I’m going to use a credit card, which I do. I would much rather earn some bitcoin back on each purchase. I have joined the waitlist if you want to join the waitlist. I put a link down below in the description. Check it out. Now, keep in mind, foaled did choose to support today’s video, but I already use fold. There’s a referral link in every single one of our videos because we actually use it. You know, I’m buying you play. I’m using Uber anyway. Mei’s will earn bitcoin with every single purchase I can if I can. Links down below. Check it out. Next piece of news before we get to Cardno. A ripple partnership is being discussed by a Bank of America. Exact. Keep in mind right now this is ripple to company. This has nothing to do with SRP at the moment, but this is all coming from an interview. In an interview discussing emerging digital payments technology, a lead executive at the Bank of America praised REPL as a partner. Well, what exactly did she say? Julie Harris, head of Global Banking Digital Strategy, made the comments on a podcast published by the Bank of America. The conversation centred around the emerging payment options available for businesses and the increasing need for faster, more efficient methods. Here is the direct quote. It’s not about our platform or our capabilities, meaning it’s not about the Bank of America’s capabilities. It’s about you. If you own a small business, it’s about you as a client and infrastructure that you have and the ability for us to integrate with you. Now, where does REPL come into this? Whether that’s with platforms and capabilities that we built, meaning the Bank of America is built or partnerships that we have with the likes of REPL or Swift. These are FinTechs that we’re partnering with. They’ve come through all of our rigour of legal compliance and we’re able to leverage our banking as a platform to deliver that to you. So this is. A little bit of praise for our Swift and REPL coming out of the Bank of America. Keep in mind this statement adds to the rumour that their software REPL software REPL Net maybe used REPL is being praised for its potential to integrate with bank services. So right now this is just a mention, but this does bode well for using ripple software from Bank of America. Let me know what you think. Is this the big deal? Is this no big deal? Comment below. Next up, we have major news involving finance being charged with embezzlement. Before that, just something personal I want to share with you about me and Aaron. We have officially signed on to participate in a covered 19 at a charity poker tournament. Now, what are the details? This is tonight. Aaron and I will be there playing. Hopefully, you can play with us, but the event will be capped at two thousand players with 50 percent of all proceeds being donated to the participating non-profits for COVA 19 relief and 50 percent of the winnings being split at the final table. This is really the crypto community coming together to support relief for Koven, 19. Now, Aaron and I were gonna be a featured player. We just signed on today. We’re not listed on the picture as yet, but we will be there. I want to invite you to play with us. Now does cost one hundred dollars per ticket. Again, this goes to charity. So it’s your call. Either keep it for you, invest in bitcoin or good cause. Good event. See if you can bust me or my brother out. But I plan to win. There’s a link down below. The Cardno Foundation has endorsed the South African Blockchain Alliance establishment to boost adoption so big collaboration between Catano and South African Blockchain Alliance, the Cardona Foundation praised the establishment of the South African National Blockchain Alliance Essay NBA on April 7th, and this cooperation endeavours to explore further ways to strengthen technology’s adoption through South Africa. So this is a little insight on where Cano is setting their sights for the adoption of Catano. Why did they choose South Africa? Well, according to the official announcement, the Cardenal Foundation praised the use of blockchain technology to boost socio-economic growth. They also have a goal of increasing blockchain adoption in that region. So, again, to me, this just kind of shows Cardno is playing the long game, setting up their roots in poorer socioeconomic areas like South Africa. In a direct quote from the announcement, Cardon’s believes in empowering individuals and enterprises by putting them in direct control of their information, wealth and value. Blockchain technology lets developing nations break ties with legacy banking systems, costly middlemen and entrenched political structures. So this quite possibly could be South Africa’s way to opt-out of corruption and centralization. Next piece of news finance has been charged with embezzling almost a million dollars worth of crypto. What are the details? Well, actually, in November of 2018, finance blocked an account that had almost a million eight hundred and fifty thousand dollars worth of crypto funds. Now, the owner of that account claims that the exchange led by Ceecee stole his money. And this money, it wasn’t just Bitcoin. There was a bitcoin. And a theory, M-theory classic like one iota yo’s Tauron. The point is, it wasn’t a single transaction. His account got shut down and finance is being charged with embezzlement. Now we’ll see. This is just the accusation. Innocent until proven guilty. In my opinion. But Sisi has clapped back and said Sisi says that because by NANS requires KYC AML, which is knowing your customer anti-money-laundering verification from each person, that they had a right to seize that guy’s money because there was a question regarding the origins of that guy’s funds. Wow. Huge invasion of privacy, in my opinion. Although I guess it is in the terms of service. They have a right to know the origin of your funds. And according to finance, the exchange said that the account was blocked at the request of the South Korean police, though the user claims that he had not received any complaints from the South Korean authorities himself. Take your money off the exchange. Keep it for yourself. Not your keys, not your coins. I’ll keep you updated on how this turns out. But again, by NANCE. Just like a bank, they could seize it if they want to. That is the video for today. My name’s Austin again. If it intrigues you, defers to a bitcoin rewards card. Join the waitlist. I did hop on the card, earn some bitcoin back on daily purchases, and if you had the means and you wanna give back, donate to a good cause. Come play poker with us again. If the first two thousand people. I would love to see the altcoin daily army represent next to me, next to Aaron. Let’s bust some people out for charity. That’s the video like always. See you tomorrow.
source https://www.cryptosharks.net/cryptocurrency-is-about-to-explode-crypto-bulls-amazing/
0 notes
heatherrdavis1 · 4 years
Text
Cryptocurrency is About To EXPLODE As Reddit Releases the Crypto Bulls! [AMAZING]
VIDEO TRANSCRIPT
All right. Welcome back, everybody. Mine is Austin Read it is finally adding a cryptocurrency. We have leaked screenshots and leaked video to prove it. So in what way will this crypto be integrated into Reddit? Well, read. It already has a point system, meaning you like posts, you like content and that content that you like flows to the top. So what that video and what these screenshots show is a new design implementation from Reddit of a blockchain-based point system. That’s huge because Reddit is not only the third most popular, the third most trafficked Web site in the United States, but also Reddit pulls over eleven million active users per day. So if what we’re seeing is true, which it has to be, this is a direct screenshot video from a recently updated Reddit app on the Android showing a wallet which now has a recovery phrase, meaning for Reddit users. Your information, your tokens are now stored on the blockchain. This is huge. This was originally broken by Reddit or Magoo Crypto, which appears to show a beta implementation of the system. If this goes past Beda, this will introduce so many more people into cryptocurrency. Now my question is, yes, Reddit appears to be implementing a blockchain, but really, why does Reddit need a blockchain? What advantages to a blockchain bring? That’s the big question. Is this just a buzz word? Will we be getting mutable karma? Now, there are so many more questions I have. Like, will there be an old coin? If so, Reddit will have to register that old coin with the SCC. Or maybe this will be closer to 49 bucks, meaning that they’ll stay on the platform. There’s no offramp. You can never really cash out. Time will tell. All we know right now is that they are testing it. It appears to be in beta in a direct quote from that red. I open my app up yesterday morning and sell the wallet menu option, went through it, saw blockchain and got super excited to share with the rest of you all from guy crypto. Let me know what you think. Down below in the comments section. Huge news coming out of REPL. Coming out of Catano, coming out of Beinart’s huge news. Watch today’s entire video. But next piece of news, we retweeted this foaled announcing the first-ever bitcoin rewards card from foaled and Visa. So what does this mean for you? Well, this is the first-ever credit card where you can earn bitcoin, not points every time you swipe the folded card. You get a percentage of your purchase back in Bitcoin. It’s a real bitcoin that goes right into your fold account. Watch this. A brave new world deserves a brave new card. Introducing the world’s first bitcoin rewards card from full spend dollars earned bitcoin on every purchase. Tear the folded card of the full path to super taxi experience. Protect your privacy and keep your personal data safe. Toll puts you in control, not the things. Welcome to the Bitcoin Privacy-Preserving Card of the future. Welcome to fold. I love it. I mean, I use a credit card almost every day. Credit cards are not going away anytime soon. And if I’m going to use a credit card, which I do. I would much rather earn some bitcoin back on each purchase. I have joined the waitlist if you want to join the waitlist. I put a link down below in the description. Check it out. Now, keep in mind, foaled did choose to support today’s video, but I already use fold. There’s a referral link in every single one of our videos because we actually use it. You know, I’m buying you play. I’m using Uber anyway. Mei’s will earn bitcoin with every single purchase I can if I can. Links down below. Check it out. Next piece of news before we get to Cardno. A ripple partnership is being discussed by a Bank of America. Exact. Keep in mind right now this is ripple to company. This has nothing to do with SRP at the moment, but this is all coming from an interview. In an interview discussing emerging digital payments technology, a lead executive at the Bank of America praised REPL as a partner. Well, what exactly did she say? Julie Harris, head of Global Banking Digital Strategy, made the comments on a podcast published by the Bank of America. The conversation centred around the emerging payment options available for businesses and the increasing need for faster, more efficient methods. Here is the direct quote. It’s not about our platform or our capabilities, meaning it’s not about the Bank of America’s capabilities. It’s about you. If you own a small business, it’s about you as a client and infrastructure that you have and the ability for us to integrate with you. Now, where does REPL come into this? Whether that’s with platforms and capabilities that we built, meaning the Bank of America is built or partnerships that we have with the likes of REPL or Swift. These are FinTechs that we’re partnering with. They’ve come through all of our rigour of legal compliance and we’re able to leverage our banking as a platform to deliver that to you. So this is. A little bit of praise for our Swift and REPL coming out of the Bank of America. Keep in mind this statement adds to the rumour that their software REPL software REPL Net maybe used REPL is being praised for its potential to integrate with bank services. So right now this is just a mention, but this does bode well for using ripple software from Bank of America. Let me know what you think. Is this the big deal? Is this no big deal? Comment below. Next up, we have major news involving finance being charged with embezzlement. Before that, just something personal I want to share with you about me and Aaron. We have officially signed on to participate in a covered 19 at a charity poker tournament. Now, what are the details? This is tonight. Aaron and I will be there playing. Hopefully, you can play with us, but the event will be capped at two thousand players with 50 percent of all proceeds being donated to the participating non-profits for COVA 19 relief and 50 percent of the winnings being split at the final table. This is really the crypto community coming together to support relief for Koven, 19. Now, Aaron and I were gonna be a featured player. We just signed on today. We’re not listed on the picture as yet, but we will be there. I want to invite you to play with us. Now does cost one hundred dollars per ticket. Again, this goes to charity. So it’s your call. Either keep it for you, invest in bitcoin or good cause. Good event. See if you can bust me or my brother out. But I plan to win. There’s a link down below. The Cardno Foundation has endorsed the South African Blockchain Alliance establishment to boost adoption so big collaboration between Catano and South African Blockchain Alliance, the Cardona Foundation praised the establishment of the South African National Blockchain Alliance Essay NBA on April 7th, and this cooperation endeavours to explore further ways to strengthen technology’s adoption through South Africa. So this is a little insight on where Cano is setting their sights for the adoption of Catano. Why did they choose South Africa? Well, according to the official announcement, the Cardenal Foundation praised the use of blockchain technology to boost socio-economic growth. They also have a goal of increasing blockchain adoption in that region. So, again, to me, this just kind of shows Cardno is playing the long game, setting up their roots in poorer socioeconomic areas like South Africa. In a direct quote from the announcement, Cardon’s believes in empowering individuals and enterprises by putting them in direct control of their information, wealth and value. Blockchain technology lets developing nations break ties with legacy banking systems, costly middlemen and entrenched political structures. So this quite possibly could be South Africa’s way to opt-out of corruption and centralization. Next piece of news finance has been charged with embezzling almost a million dollars worth of crypto. What are the details? Well, actually, in November of 2018, finance blocked an account that had almost a million eight hundred and fifty thousand dollars worth of crypto funds. Now, the owner of that account claims that the exchange led by Ceecee stole his money. And this money, it wasn’t just Bitcoin. There was a bitcoin. And a theory, M-theory classic like one iota yo’s Tauron. The point is, it wasn’t a single transaction. His account got shut down and finance is being charged with embezzlement. Now we’ll see. This is just the accusation. Innocent until proven guilty. In my opinion. But Sisi has clapped back and said Sisi says that because by NANS requires KYC AML, which is knowing your customer anti-money-laundering verification from each person, that they had a right to seize that guy’s money because there was a question regarding the origins of that guy’s funds. Wow. Huge invasion of privacy, in my opinion. Although I guess it is in the terms of service. They have a right to know the origin of your funds. And according to finance, the exchange said that the account was blocked at the request of the South Korean police, though the user claims that he had not received any complaints from the South Korean authorities himself. Take your money off the exchange. Keep it for yourself. Not your keys, not your coins. I’ll keep you updated on how this turns out. But again, by NANCE. Just like a bank, they could seize it if they want to. That is the video for today. My name’s Austin again. If it intrigues you, defers to a bitcoin rewards card. Join the waitlist. I did hop on the card, earn some bitcoin back on daily purchases, and if you had the means and you wanna give back, donate to a good cause. Come play poker with us again. If the first two thousand people. I would love to see the altcoin daily army represent next to me, next to Aaron. Let’s bust some people out for charity. That’s the video like always. See you tomorrow.
Via https://www.cryptosharks.net/cryptocurrency-is-about-to-explode-crypto-bulls-amazing/
source https://cryptosharks.weebly.com/blog/cryptocurrency-is-about-to-explode-as-reddit-releases-the-crypto-bulls-amazing
0 notes
airadam · 4 years
Text
Episode 130 : In The House
"We'll get the drums goin' so you can dance again, don't worry..."
- "Old Man" Ebro
I think it's fair to say that this has been a month like no other, certainly in the UK, where the restrictions on movement that other places in the world were ahead of us on finally came down. These are strange times where we're all trying to get used to new ways of living, but I hope this month's show has some tunes that can lift your mood a little!
As mentioned in the show, Hip-Hop Chip Shop are selling gift vouchers which you can cash in when the restaurant opens back up - and crucially, for every one bought, they'll donate a meal to someone in need!
Twitter : @airadam13
Playlist/Notes
Heltah Skeltah : Operation Lock Down
The sampler 12" for the "Nocturnal" LP made its way onto my turntables this month, and this old 90s favourite wormed its way into my head as a possible inclusion for this episode. I umm-ed and ahh-ed but a chat with someone whose opinion I respect convinced me to go with it. Actually referring to Heltah Skeltah and Boot Camp Clik's goal to lock down the industry, it was a big statement of intent for the Ruck (Sean Price) and Rock, two MCs making their entry to the game. The skills are on display without question though, and this track is notable for being a reach outside their camp for production - E-Swift of Tha Alkaholiks is on the boards for the woozy, dreamlike thump. Big tune then, and unexpectedly fitting now.
Abstract Orchestra : Eyes Up
Great version of a solid Slum Village beat. Abstract Orchestra have been touring and recording for a while with their takes on J Dilla material, and along with the current lineup of Slum Village, they've finally released "Fantastic 2020", a version of the classic "Fantastic, Volume 2" with instrumental and vocal tracks. By the way - make sure to buy the two-disc CD version for all the content!
Voodoo Black ft. LayFullStop : In The Mood
Voodoo Black have been getting ratings here since the start - and it was an honour to have Dubbul O, one of the MCs, here as a guest last year - and so it's with great pleasure that we can talk about their debut LP! "Sitting At The Table" will have just been released as you read this, and it's a lean ten-track collection that does Manchester proud. Ellis Meade, Sparkz, and Dubbul O are joined on this particular number by adopted Manchester daughter LayFullStop, who really does set the mood on top of the DJ Cutterz beat. It's always great to see sustained effort come out on top!
Kombo ft. Vinia Mojica : Sands Of Time
I played the wicked B-side to this back on episode 2 (!), then filed the vinyl back on the shelf from where it occasionally made outings - but only as part of the recent effort to digitise my collection has the A-side really got the deep listening it deserved. Ge-ology on the chilled beat perfectly scores Kombo's love rhymes, and Vinia Mojica keeps it subtle with her vocal contribution. 
Little Brother : Altitudes (Flyin' High)
Another great B-side that may have escaped your notice! Back in 2002, Little Brother were making noise on the underground as a promising crew on the rise - one of the first to blow up primarily on the internet - and their single "Whatever You Say" was a mixshow/mixtape staple of the time. Tucked away at the very end of the B-side was this little gem that didn't make the album (but was later heard on "The Chittlin Circuit 1.5"), themed around aviation and featuring classic 9th Wonder production underneath confident rhymes from Phonte and Big Pooh.
Consequence ft. Phife Dawg : No Place Like Home
One of the last tracks Phife ever recorded, this was a great release from last year. These two real-life cousins who both made their different contributions to A Tribe Called Quest over the years come together in an ode to their home of Queens over a smooth beat by Cons and Mike Cash, with Alex Isley on the hook. Yes, that "Isley" does in fact link directly to the famous Isley Brothers - the songwriting and multi-instrumentalist legend Ernie is her father!
Superior Thought : Sky
I was amazed I hadn't played this already - quality sample-heavy beat by a producer and engineer out of London, a 2011 release that feels like it was only out a few weeks ago! Pick this one up on the "S'strumentals" LP along with twenty-three other beats, and all for free!
Clear Soul Forces : Kraken
Always here for some CSF. Ilajide brings the bump as always, and on the mic, all the MCs are representing lovely. This was available on the Fat Beats 25th Anniversary Compilation from last year, but CSF have a brand new LP out which is well worth checking! 
Freddie Gibbs & Madlib ft. Anderson .Paak : Giannis
Anderson does his thing here for sure, but Gibbs is unquestionably the star turn on the mic here. Waka Flocka Flame recently admitted being a "wack rapper" but said "my realness overcame my wackness". Freddie Gibbs has the realness and the skills. This is one of the big tunes from his second LP with Madlib, "Bandana", which is definitely worth your time for a listen. The quick line that gives the track its title ("real Gs move in silence like Giannis") might not be the first time someone has referenced a silent "G" in that way, but then Gibbs builds off it immediately afterwards like the elite MC that he is.
The Cool Kids ft. Louis The Child : Super Smash Bros
Tim Dog's "Fuck Compton" was an angry diss. Pusha T dripped with disgust at Drake's conduct on "The Story of Adidon". This? This is... disdainful. Dismissive. The Cool Kids sound like they're just annoyed they had to take time out of their day to address people who aren't coming up to standard. It's also kind of amusing to me that here's a group I remember as the new young artists - now, several years down the line, they are older heads disappointed about how the new generation of youngsters are doing it! Wicked single, with fellow Illinois natives Louis The Child providing the booming beat. Full marks for the inspired sampling of Ebro's rant for the break after the first verse; if you didn't know (and I didn't at first), you'd think this was recorded specifically for this track!
Stic : Motivated
It is so time for a second album of motivational music by Stic of dead prez! The original "The Workout" was an original and welcome release for those in the know, and hopefully the sequel can gather even more of a following. Here, his dramatic production comes through with "Eye of the Tiger" vibes filtered through a Hip-Hop mentality, with a positive lyrical message of pushing forward to victory! 
DJ Bombjack : From The Depths Of The Soul
Another one that popped up in my vinyl conversion mission, this is a nice instrumental from a UK DJ and producer from the 1999 "The Brothers Grim" EP.
De La Soul : The Future
Supa Dave West made this one thump! This is the opener on "The Grind Date", and the sampled hook points to an mix of optimism about the future and a determination to shape it. The solid two verses speak on the unquestionably strong legacy De La have carved out over the years - and they're not done yet.
Lisa Shaw : I'm Okay
This was a track from the 2009 "Free" album that I overlooked for a long time in favour of some of the others, but have grown to appreciate. Lisa's voice has the kind of cool clarity that points to the influence of Sade, and Dave Warrin keeps the production low-key to give her space to breathe.
Jazzanova : No Use
A personal headphone favourite which somehow hadn't been played on the show yet! Jazzy (as you'd expect), continental, breezy production from the German production collective, with the kind of delicate balancing of elements that so many fail to master. Clara Hill's lead vocals fit in perfectly, making this a really satisfying listen. The "In Between" album is almost twenty years old, but hasn't really aged at all.
Pete Rock ft. Carl McIntosh & Jane Eugene : Take Your Time
If you've never heard Pete Rock's "Soul Survivor" LP, it's a must-own - he takes an imaginative selection of excellent guests and knocks it out of the park with his stellar production. This is a prime example, where he shows his appreciation for talent that wasn't necessarily "current" at the time, bringing in McIntosh and Eugene of the seminal UK group Loose Ends to lend their soulful vibes. The beat is a relaxed head-nodder supreme, and Pete gets it done on the mic too - not breaking your head open with crazy bars, just staying in the pocket, which is what the track needs.
MindsOne & Kev Brown : Manipulated (Instrumental)
Kev Brown really is one of the best when it comes to those basslines. My god. Serious beat from the 2014 "Pillars" EP.
The Notorious B.I.G. : Hypnotize
A huge tune to finish, one which can't fail to put a smile on your face! I first heard this one in a club, likely just before its official release, and the reaction it got was something special. The first single from "Life After Death", and the last Biggie record to be released before his death, this was a perfect combination of elements. Biggie's rhymes had skills for the streets but still appealed to the club and radio, The Hitmen took the Herb Alpert "Rise" sample and gave it new energy, and Total's Pamela Long nailed the infectious, sing-along hook. Fittingly for our current times, that hook is almost exactly twenty seconds long, making it a perfect timer for thorough hand-washing. So fresh, so clean.
Please remember to support the artists you like! The purpose of putting the podcast out and providing the full tracklist is to try and give some light, so do use the songs on each episode as a starting point to search out more material. If you have Spotify in your country it's a great way to explore, but otherwise there's always Youtube and the like. Seeing your favourite artists live is the best way to put money in their pockets, and buy the vinyl/CDs/downloads of the stuff you like the most!
Check out this episode!
0 notes
cryptswahili · 5 years
Text
Using Blockchain: A Strategic Roadmap for Companies
Bitcoin may be getting the headlines, but what makes companies more excited is the blockchain, the decentralized ledger technology that underpins cryptocurrencies. It has the potential to revolutionize everything from financial settlements on Wall Street to global supply chains. But like any promising innovation, there’s also plenty of hype that comes along with it.
Saikat Chaudhuri, executive director of the Mack Institute for Innovation Management at Wharton, wades through the hyperbole to discover the true promise of the blockchain and presents strategies on how companies must approach this technology to be successful. He offers a roadmap for companies to follow as they consider adopting the blockchain.
Chaudhuri’s analysis is encapsulated in the white paper, ‘Making Sense of Blockchain: How Firms Can Chart a Strategic Path Forward,’ which he co-authored with Mack research associate Pragna Kolli, Jitin Jain, a recent Wharton MBA who is now director of products at Bankex, as well as Penn Blockchain Club founders Abhinav Prateek and Nate Rush. Chaudhuri recently joined Knowledge@Wharton to talk about their findings. (Listen to the podcast at the top of the page.)
An edited transcript of the conversation follows.
Knowledge@Wharton: The blockchain is garnering tremendous interest in business circles. Can you tell me why people are so excited about it?
Saikat Chaudhuri: There’s a lot of, I dare say, hype around it. But the excitement comes from the fact that the blockchain technology promises to really revolutionize how we conduct any kind of transaction, be they financial or otherwise, to make it much more efficient and perhaps much more effective. And that applies to the banking system, tracking of goods and services, interactions between suppliers and vendors — any kind of transaction you can think of.
Knowledge@Wharton: What is the relationship between blockchain and the bitcoin? One of the most common beliefs is they’re the same thing. Are they?
Chaudhuri: They’re absolutely not. There is a relationship between them though, which is that bitcoin uses the blockchain technology. The blockchain technology facilitates these transactions. It’s basically a ledger.
Bitcoin was one of the first applications of blockchain technology; it’s a digital cryptocurrency. So, people synonymize both of them, even though actually they’re not the same thing. Bitcoin just happens to be something that uses blockchain.
Unfortunately, bitcoin doesn’t always have positive connotations beyond the movements in the market, which have been negative as of late. Bitcoin has been adopted oftentimes by, for instance, the underworld in order to conduct transactions because it’s a currency that can be used by people who want to be outside of the tracking of the usual financial transactions. It’s been convenient for them. That’s one application.
“The blockchain technology promises to really revolutionize how we conduct any kind of transaction.”
Knowledge@Wharton: In layman’s terms, can you explain how blockchain works?
Chaudhuri: Think of blockchain as a distributed, shared ledger. That’s really all it is. In other words, you can see what transactions are being made, and when, and what they’re all about. That’s basically what blockchain is. It’s just a shared recordkeeping device for transactions.
Now it has a few attractive features associated with it. One is that it’s very transparent. All parties who are part of a transaction, they can see the transaction simultaneously. Think of collaborating on Google Docs, for example, even though it’s a bit more sophisticated than that. The other piece of it is that it’s almost uneditable. People can’t manipulate the ledger’s transactions record.
Now what does that mean? Think about it — any transaction you do, all the parties that are involved can see it. Let’s say you’re transferring money from point A to point B. What banks use today is the SWIFT network, which is on the back end. Let’s say you send some money. A whole bunch of different intermediaries confirm that you have the money and it gets transferred from one place to another. And then eventually your money arrives at the place you want. That’s also why even though we have cool apps now that let you deposit checks using your mobile device, it still takes a few days for the actual checks to clear.
With blockchain, what happens is essentially the transactions are seen simultaneously by all parties. So, the transaction can be conducted instantaneously or near instantaneously. Everybody can just adjust their accounts. The way it works is that the data is recorded once. You can’t really change that data, but all pieces of data that are associated with a transaction are locked together in a chain, hence the name. What you can see happening and what’s very attractive is you can automate certain transactions as well. We call that a smart contract, essentially.
If I’m Microsoft and I have licenses, let’s say, for my software that are given to different companies, you don’t need someone to verify what are the different applications you have the rights to or how many machines have access to that. That can all be done via machine. It can essentially verify all those things and you can automatically conduct those transactions. And of course, everything has a time stamp associated with it too.
Knowledge@Wharton: That sounds very disruptive. Can you give us some examples of actual business cases where companies have used blockchain?
Chaudhuri: You’ll see them in a variety of different areas. For instance, a cool one that I recently saw is that in India in Calcutta in the State of West Bengal, the first birth certificate was recently recorded in December (2018) using blockchain technology, where recordkeeping is now much more transparent. People can’t manipulate those records in any way. And all the information will be there for everyone to see.
Closer to home, what you observe is companies using it in their supply chain. Take retail companies, for instance. What they do is if they have a whole bunch of suppliers who normally do the transactions, payments, etc., you send some paperwork, you send some money, and it gets verified along the process somehow. Now with different parties in the mix what companies can do in that ecosystem is to say, ‘We trust you guys. We know you guys. So, we can just automate these transactions when you send us something. We won’t look so closely.’
Another cool example is in the world of Spotify and music. Music distribution now works in such a way where it’s easy for us as consumers to download different kinds of music. But the way that the artist gets compensated is actually fairly cumbersome. So, at the end of, let’s say, a quarter or any kind of time period, somebody tracks how many times a song has been downloaded and then a check goes out to pay the artists.
Now if you use a blockchain technology where you can see the transactions coupled with a smart contract, immediately, or near immediately, when a song is downloaded the actual artist can receive their payment. Some of the music or media companies that are offering songs to download are using this technology.
Knowledge@Wharton: You say in the paper that blockchain may not be for every company. Why not?
Chaudhuri: Blockchain is an attractive technology in general, which can help speed up transactions and make them efficient. But there are a number of challenges associated with it that we haven’t quite found answers to. For instance, the financial impact is a little bit unclear. You have to invest in infrastructure, right? And gauging the impact is very hard.
Another aspect is that certain parties could get disintermediated. Look at the role of banks, for instance. Banks are players who essentially have roles as intermediaries in a transaction. They could get disrupted. So, they’ll definitely resist. Think about the role of lawyers for providing, say, notary services. Those notary services may no longer be required if you can automatically conduct transactions between different parties.
There’s also a technological aspect because the technology needs to be refined. We actually don’t have any standards right now for blockchain, even though we’ve got Ethereum and others trying to promote their standard. Then you’ve got the issue of legacy infrastructure and taking on the task of trying to upgrade all kinds of infrastructure at companies to handle these kinds of transactions. That would require a huge amount of investment, even after deciding to use the technology.
And then there are organizational and regulatory issues. On the organizational side, you’ve got teams that have to really be brought on board, so your business models might change. And then where do you get the talent from? It’s a new technology.
On the regulatory side, beyond the financial, technical and organizational aspects, there are a lot of hesitations. And the reason is that you can imagine after the financial crisis that took place about a decade ago now, in general regulators are very hesitant to move to new technologies to accelerate transactions, especially in the banking world.
I was talking to the head of one of the Fed banks that’s close to Wharton [Philadelphia Fed President Patrick Harker] and I asked him, ‘So what are you guys doing? How do you guys feel about adopting this technology?’ And he said to me, ‘We’re very hesitant. The reason is that if all of a sudden we allow transactions to take place decentrally — because that’s one of the facets of blockchain technology where there’s no one intermediary who really looks over it, but it’s out there somewhere — then what if people manipulate it? How can we intervene? What can we do?’
I understand their hesitation on that front. At the same time there’s an interesting thought experiment, which is that perhaps you could argue that the financial crisis was actually partly caused by power being concentrated too much in a handful of intermediaries. And maybe if we democratize the whole system a little bit then it could be a little bit more open. But certainly, that’s a question that has to be resolved.
“Where do you get the talent from? It’s a new technology.”
Where I can imagine technologies like blockchain being adopted more quickly is in some emerging market, such as China or India or Africa, as we’re actually seeing. The reason is even though they may also perceive some of the risks that [Harker] articulated, they also have a financial inclusion problem.
In other words, if you were to roll out the traditional banking infrastructure it’d be very expensive. So, they can leapfrog to a technology that facilitates transactions, whether it’s banking, or real estate and property transactions, all kinds of things, in a much more expeditious fashion. There’s a different reward potential there as well.
If you look, for instance, in China in some areas, they have so-called sandboxes where they relax the rules and people can use technologies like blockchain to do transactions, even things like giving loans to each other through apps that will allow direct peer-to-peer types of payments at very high levels, utilizing technologies like blockchain in order to track the transactions.
Knowledge@Wharton: One of the things that I really like in the paper is that it presents a road map for firms that might be thinking about adopting the blockchain. Can you go through that for us a little bit?
Chaudhuri: Absolutely. We sought to be provocative in this white paper. The ideas here are really intended to provoke a little bit of discussion. We hear a lot about the technical sides and the hype around this and we wanted to put a bit of structure in it.
One of the questions to ask is, ‘Do you need blockchain as a solution now?’ Of course, at some point in time if there’s a better technology, blockchain or otherwise, to enable transactions to be more efficient and effective, everybody will go to it. But at this juncture with all the challenges and the uncertainties that I outlined earlier, the question is one of timing. Do I need it now or not?
We thought long and hard and went to different parties and asked, ‘Where do we see adoption? Where do we not see adoption? Where does it make sense? Where doesn’t it?’ We came up with two parameters. One parameter is this: Is there a sufficient interparty transaction base in terms of the number of transactions, the number of parties involved, and perhaps risk of non-compliance? And the second is, is the infrastructure ready in terms of scalability and privacy? If you look at these two parameters the question becomes, ‘Who needs blockchain now and who doesn’t need it now, and then, are they in a position to actually adopt it at the moment?’
In certain places where you have supply chain functions, where a lot of vendors interact with each other, that’s a case where you’ve got a lot of infrastructure, a lot of parties, a lot of contracts that need to be enforced. Think about that as the infrastructure being ready, as well as having a high base of transactions that need to occur.
If you look at an Amazon for instance, or any major industrial company, anybody who’s out there who needs work with their supply chain and huge ecosystems, it’s a very natural use case to say make it more efficient. The reason it’s also a little bit safer is because the parties actually know each other. Those concerns that the Philadelphia Fed president had articulated to me are not as prominent because parties know each other. On the other hand, if you look at small vendors, mom and pop stores and other places, they may have a lot of different customers, but they also may have a small number of transactions and they certainly don’t have the infrastructure. So, it’s not going to be as useful.
The interesting category, though, is in places where you’ve got a huge number of transactions, but the infrastructure might not be ready. Think about the stock market for instance. There you need to ensure scalability but also privacy and absolute security — and to establish that first. So even though they’re handling so many transactions and at some point it should make sense to move to a technology like that, it’s not quite there yet. And non-supply chain functions even at big companies don’t need it either. So that’s one important question to ask, ‘Do I need it at all?’
“One of the questions to ask is, ‘Do you need blockchain as a solution now?’”
Once I’ve established that, then I can move into finding out where to use it. With most technologies nowadays we have this temptation to get very excited about all kinds of applications. But the key is what are my use cases? Is my procurement function where I want to have it? Or if I’m Johnson and Johnson, is one of my challenges not being able to accurately track the genuineness of a drug? Let me keep tabs on it using a blockchain technology.
Or if I’m Maersk, which is one of the world’s largest shipping companies, do I use it to track containers, for instance, and customers and where things are happening in terms of each point, and what’s happening at each stage where I can see not only the activity but specific use cases as well?
Once I decide that, then I have to think about the ecosystem. Are my suppliers in a position to do this? Do they want to do it? Do they trust me? And do they have the infrastructure? I have to help them. And then I have to get to a point and ask the question, ‘What would it take to actually implement it?’ There are a lot of questions here. How do I source the new technology and the capability for doing it? It’s so new.
I can choose a number of different methods to go about it. I can do so internally. For instance I can say, ‘Let me build up a team that does blockchain.’ That certainly makes sense in order to have control over it if you see it widely applied very, very quickly. I can also say, ‘Let me partner with another company that understands it really well.’ There are a lot of new startups and tech companies out there which really do this kind of work. That takes some of the risk off of me and I can try it on a smaller scale.
Then finally, I can buy one of these blockchain firms to acquire the in-house technology to do it and get the teams with expertise about the technology. But that also brings a lot of risk, especially at this early stage because you’re actually paying for it and you have to integrate — even if you’re not sure where the technology is going, so it might be a little bit of an early bet there.
Once you’ve done all that analysis you can implement it and roll it out. I still recommend doing it in a phased fashion where you try a few use cases first. Play with it a little bit, and then expand it if it works out for you.
Knowledge@Wharton: Given the list of potential pitfalls ahead for companies looking to implement the blockchain, what do you think are some of the wrong ways that they are thinking about or implementing this technology?
Chaudhuri: Whenever you have something where there’s a lot of excitement and maybe not as much understanding associated with it, the tendency is the ‘fear of missing out’ phenomenon. We see a lot of companies … just talking about blockchain.
One of the biggest problems is people get enamored with a technology and don’t think so much about this question of, ‘Do I really need it at this moment, and if so, how will I implement it? Am I even ready for it and how much money will it cost? And what impact will it have on my partners as well?’ These are some of the challenges that we’ve seen.
The other part is purely technical. I’ll give you another example. If you think about all of these transactions taking place, somewhere you have to conduct these transactions. From an energy efficiency point of view, there are arguments to be made that it’s really inefficient at this moment. So, that’s another facet.
“People get enamored with a technology [without asking themselves], ‘Do I really need it at this moment, and if so, how will I implement it?’”
The other part is that people are either not willing to try it or they rush into it. They’re jumping in very aggressively or just waiting and seeing. None of those is really the right answer if you’re a company that has a lot of transactions where you could easily do it, such as with your suppliers, and the infrastructure is ready. Instead of this trial and error, do a few things that’s there.
And the final pitfall or maybe misconception that I see is they think that blockchain as it is, is the be all and end all. That’s propagated by certain parties and that’s understandable. There are so many questions to be answered that I think it’s really important to bring those up.
Right now, what you have is a lot of companies that are promoting like the Ethereum standard, but it’s really on the developer and the technical side. What we really need are coalitions of adopters of the technology who will then advocate for a standard that works. That’s what we kind of saw in other areas like telecom too, and that will help them.
Knowledge@Wharton: How will you follow up this research? What’s next?
Chaudhuri: This is very much the beginning. We have a number of things in mind. One is that we want to really get people’s reactions to this. And as I mentioned, this was a very general primer at the moment. It’s meant to tickle the interest of not just the CIO of a company, but the CEO and other general managers and give them a basic platform to have a conversation on.
What we plan to do as part of a larger fintech initiative is follow how transactions are changing. We’re going to focus a little bit on the banking industry first and see how that can potentially change, seeing that there are leapfrogging examples in different emerging markets. We might even have a conference on it. But certainly, we’re working on some papers in that area as well and then we’ll broaden it again to see the adoption. We also have a few events lined up.
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vanessawestwcrtr5 · 5 years
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Using Blockchain: A Strategic Roadmap for Companies
Using Blockchain: A Strategic Roadmap for Companies
Bitcoin may be getting the headlines, but what makes companies more excited is the blockchain, the decentralized ledger technology that underpins cryptocurrencies. It has the potential to revolutionize everything from financial settlements on Wall Street to global supply chains. But like any promising innovation, there’s also plenty of hype that comes along with it.
Saikat Chaudhuri, executive director of the Mack Institute for Innovation Management at Wharton, wades through the hyperbole to discover the true promise of the blockchain and presents strategies on how companies must approach this technology to be successful. He offers a roadmap for companies to follow as they consider adopting the blockchain.
Chaudhuri’s analysis is encapsulated in the white paper, ‘Making Sense of Blockchain: How Firms Can Chart a Strategic Path Forward,’ which he co-authored with Mack research associate Pragna Kolli, Jitin Jain, a recent Wharton MBA who is now director of products at Bankex, as well as Penn Blockchain Club founders Abhinav Prateek and Nate Rush. Chaudhuri recently joined Knowledge@Wharton to talk about their findings. (Listen to the podcast at the top of the page.)
An edited transcript of the conversation follows.
Knowledge@Wharton: The blockchain is garnering tremendous interest in business circles. Can you tell me why people are so excited about it?
Saikat Chaudhuri: There’s a lot of, I dare say, hype around it. But the excitement comes from the fact that the blockchain technology promises to really revolutionize how we conduct any kind of transaction, be they financial or otherwise, to make it much more efficient and perhaps much more effective. And that applies to the banking system, tracking of goods and services, interactions between suppliers and vendors — any kind of transaction you can think of.
Knowledge@Wharton: What is the relationship between blockchain and the bitcoin? One of the most common beliefs is they’re the same thing. Are they?
Chaudhuri: They’re absolutely not. There is a relationship between them though, which is that bitcoin uses the blockchain technology. The blockchain technology facilitates these transactions. It’s basically a ledger.
Bitcoin was one of the first applications of blockchain technology; it’s a digital cryptocurrency. So, people synonymize both of them, even though actually they’re not the same thing. Bitcoin just happens to be something that uses blockchain.
Unfortunately, bitcoin doesn’t always have positive connotations beyond the movements in the market, which have been negative as of late. Bitcoin has been adopted oftentimes by, for instance, the underworld in order to conduct transactions because it’s a currency that can be used by people who want to be outside of the tracking of the usual financial transactions. It’s been convenient for them. That’s one application.
“The blockchain technology promises to really revolutionize how we conduct any kind of transaction.”
Knowledge@Wharton: In layman’s terms, can you explain how blockchain works?
Chaudhuri: Think of blockchain as a distributed, shared ledger. That’s really all it is. In other words, you can see what transactions are being made, and when, and what they’re all about. That’s basically what blockchain is. It’s just a shared recordkeeping device for transactions.
Now it has a few attractive features associated with it. One is that it’s very transparent. All parties who are part of a transaction, they can see the transaction simultaneously. Think of collaborating on Google Docs, for example, even though it’s a bit more sophisticated than that. The other piece of it is that it’s almost uneditable. People can’t manipulate the ledger’s transactions record.
Now what does that mean? Think about it — any transaction you do, all the parties that are involved can see it. Let’s say you’re transferring money from point A to point B. What banks use today is the SWIFT network, which is on the back end. Let’s say you send some money. A whole bunch of different intermediaries confirm that you have the money and it gets transferred from one place to another. And then eventually your money arrives at the place you want. That’s also why even though we have cool apps now that let you deposit checks using your mobile device, it still takes a few days for the actual checks to clear.
With blockchain, what happens is essentially the transactions are seen simultaneously by all parties. So, the transaction can be conducted instantaneously or near instantaneously. Everybody can just adjust their accounts. The way it works is that the data is recorded once. You can’t really change that data, but all pieces of data that are associated with a transaction are locked together in a chain, hence the name. What you can see happening and what’s very attractive is you can automate certain transactions as well. We call that a smart contract, essentially.
If I’m Microsoft and I have licenses, let’s say, for my software that are given to different companies, you don’t need someone to verify what are the different applications you have the rights to or how many machines have access to that. That can all be done via machine. It can essentially verify all those things and you can automatically conduct those transactions. And of course, everything has a time stamp associated with it too.
Knowledge@Wharton: That sounds very disruptive. Can you give us some examples of actual business cases where companies have used blockchain?
Chaudhuri: You’ll see them in a variety of different areas. For instance, a cool one that I recently saw is that in India in Calcutta in the State of West Bengal, the first birth certificate was recently recorded in December (2018) using blockchain technology, where recordkeeping is now much more transparent. People can’t manipulate those records in any way. And all the information will be there for everyone to see.
Closer to home, what you observe is companies using it in their supply chain. Take retail companies, for instance. What they do is if they have a whole bunch of suppliers who normally do the transactions, payments, etc., you send some paperwork, you send some money, and it gets verified along the process somehow. Now with different parties in the mix what companies can do in that ecosystem is to say, ‘We trust you guys. We know you guys. So, we can just automate these transactions when you send us something. We won’t look so closely.’
Another cool example is in the world of Spotify and music. Music distribution now works in such a way where it’s easy for us as consumers to download different kinds of music. But the way that the artist gets compensated is actually fairly cumbersome. So, at the end of, let’s say, a quarter or any kind of time period, somebody tracks how many times a song has been downloaded and then a check goes out to pay the artists.
Now if you use a blockchain technology where you can see the transactions coupled with a smart contract, immediately, or near immediately, when a song is downloaded the actual artist can receive their payment. Some of the music or media companies that are offering songs to download are using this technology.
Knowledge@Wharton: You say in the paper that blockchain may not be for every company. Why not?
Chaudhuri: Blockchain is an attractive technology in general, which can help speed up transactions and make them efficient. But there are a number of challenges associated with it that we haven’t quite found answers to. For instance, the financial impact is a little bit unclear. You have to invest in infrastructure, right? And gauging the impact is very hard.
Another aspect is that certain parties could get disintermediated. Look at the role of banks, for instance. Banks are players who essentially have roles as intermediaries in a transaction. They could get disrupted. So, they’ll definitely resist. Think about the role of lawyers for providing, say, notary services. Those notary services may no longer be required if you can automatically conduct transactions between different parties.
There’s also a technological aspect because the technology needs to be refined. We actually don’t have any standards right now for blockchain, even though we’ve got Ethereum and others trying to promote their standard. Then you’ve got the issue of legacy infrastructure and taking on the task of trying to upgrade all kinds of infrastructure at companies to handle these kinds of transactions. That would require a huge amount of investment, even after deciding to use the technology.
And then there are organizational and regulatory issues. On the organizational side, you’ve got teams that have to really be brought on board, so your business models might change. And then where do you get the talent from? It’s a new technology.
On the regulatory side, beyond the financial, technical and organizational aspects, there are a lot of hesitations. And the reason is that you can imagine after the financial crisis that took place about a decade ago now, in general regulators are very hesitant to move to new technologies to accelerate transactions, especially in the banking world.
I was talking to the head of one of the Fed banks that’s close to Wharton [Philadelphia Fed President Patrick Harker] and I asked him, ‘So what are you guys doing? How do you guys feel about adopting this technology?’ And he said to me, ‘We’re very hesitant. The reason is that if all of a sudden we allow transactions to take place decentrally — because that’s one of the facets of blockchain technology where there’s no one intermediary who really looks over it, but it’s out there somewhere — then what if people manipulate it? How can we intervene? What can we do?’
I understand their hesitation on that front. At the same time there’s an interesting thought experiment, which is that perhaps you could argue that the financial crisis was actually partly caused by power being concentrated too much in a handful of intermediaries. And maybe if we democratize the whole system a little bit then it could be a little bit more open. But certainly, that’s a question that has to be resolved.
“Where do you get the talent from? It’s a new technology.”
Where I can imagine technologies like blockchain being adopted more quickly is in some emerging market, such as China or India or Africa, as we’re actually seeing. The reason is even though they may also perceive some of the risks that [Harker] articulated, they also have a financial inclusion problem.
In other words, if you were to roll out the traditional banking infrastructure it’d be very expensive. So, they can leapfrog to a technology that facilitates transactions, whether it’s banking, or real estate and property transactions, all kinds of things, in a much more expeditious fashion. There’s a different reward potential there as well.
If you look, for instance, in China in some areas, they have so-called sandboxes where they relax the rules and people can use technologies like blockchain to do transactions, even things like giving loans to each other through apps that will allow direct peer-to-peer types of payments at very high levels, utilizing technologies like blockchain in order to track the transactions.
Knowledge@Wharton: One of the things that I really like in the paper is that it presents a road map for firms that might be thinking about adopting the blockchain. Can you go through that for us a little bit?
Chaudhuri: Absolutely. We sought to be provocative in this white paper. The ideas here are really intended to provoke a little bit of discussion. We hear a lot about the technical sides and the hype around this and we wanted to put a bit of structure in it.
One of the questions to ask is, ‘Do you need blockchain as a solution now?’ Of course, at some point in time if there’s a better technology, blockchain or otherwise, to enable transactions to be more efficient and effective, everybody will go to it. But at this juncture with all the challenges and the uncertainties that I outlined earlier, the question is one of timing. Do I need it now or not?
We thought long and hard and went to different parties and asked, ‘Where do we see adoption? Where do we not see adoption? Where does it make sense? Where doesn’t it?’ We came up with two parameters. One parameter is this: Is there a sufficient interparty transaction base in terms of the number of transactions, the number of parties involved, and perhaps risk of non-compliance? And the second is, is the infrastructure ready in terms of scalability and privacy? If you look at these two parameters the question becomes, ‘Who needs blockchain now and who doesn’t need it now, and then, are they in a position to actually adopt it at the moment?’
In certain places where you have supply chain functions, where a lot of vendors interact with each other, that’s a case where you’ve got a lot of infrastructure, a lot of parties, a lot of contracts that need to be enforced. Think about that as the infrastructure being ready, as well as having a high base of transactions that need to occur.
If you look at an Amazon for instance, or any major industrial company, anybody who’s out there who needs work with their supply chain and huge ecosystems, it’s a very natural use case to say make it more efficient. The reason it’s also a little bit safer is because the parties actually know each other. Those concerns that the Philadelphia Fed president had articulated to me are not as prominent because parties know each other. On the other hand, if you look at small vendors, mom and pop stores and other places, they may have a lot of different customers, but they also may have a small number of transactions and they certainly don’t have the infrastructure. So, it’s not going to be as useful.
The interesting category, though, is in places where you’ve got a huge number of transactions, but the infrastructure might not be ready. Think about the stock market for instance. There you need to ensure scalability but also privacy and absolute security — and to establish that first. So even though they’re handling so many transactions and at some point it should make sense to move to a technology like that, it’s not quite there yet. And non-supply chain functions even at big companies don’t need it either. So that’s one important question to ask, ‘Do I need it at all?’
“One of the questions to ask is, ‘Do you need blockchain as a solution now?’”
Once I’ve established that, then I can move into finding out where to use it. With most technologies nowadays we have this temptation to get very excited about all kinds of applications. But the key is what are my use cases? Is my procurement function where I want to have it? Or if I’m Johnson and Johnson, is one of my challenges not being able to accurately track the genuineness of a drug? Let me keep tabs on it using a blockchain technology.
Or if I’m Maersk, which is one of the world’s largest shipping companies, do I use it to track containers, for instance, and customers and where things are happening in terms of each point, and what’s happening at each stage where I can see not only the activity but specific use cases as well?
Once I decide that, then I have to think about the ecosystem. Are my suppliers in a position to do this? Do they want to do it? Do they trust me? And do they have the infrastructure? I have to help them. And then I have to get to a point and ask the question, ‘What would it take to actually implement it?’ There are a lot of questions here. How do I source the new technology and the capability for doing it? It’s so new.
I can choose a number of different methods to go about it. I can do so internally. For instance I can say, ‘Let me build up a team that does blockchain.’ That certainly makes sense in order to have control over it if you see it widely applied very, very quickly. I can also say, ‘Let me partner with another company that understands it really well.’ There are a lot of new startups and tech companies out there which really do this kind of work. That takes some of the risk off of me and I can try it on a smaller scale.
Then finally, I can buy one of these blockchain firms to acquire the in-house technology to do it and get the teams with expertise about the technology. But that also brings a lot of risk, especially at this early stage because you’re actually paying for it and you have to integrate — even if you’re not sure where the technology is going, so it might be a little bit of an early bet there.
Once you’ve done all that analysis you can implement it and roll it out. I still recommend doing it in a phased fashion where you try a few use cases first. Play with it a little bit, and then expand it if it works out for you.
Knowledge@Wharton: Given the list of potential pitfalls ahead for companies looking to implement the blockchain, what do you think are some of the wrong ways that they are thinking about or implementing this technology?
Chaudhuri: Whenever you have something where there’s a lot of excitement and maybe not as much understanding associated with it, the tendency is the ‘fear of missing out’ phenomenon. We see a lot of companies … just talking about blockchain.
One of the biggest problems is people get enamored with a technology and don’t think so much about this question of, ‘Do I really need it at this moment, and if so, how will I implement it? Am I even ready for it and how much money will it cost? And what impact will it have on my partners as well?’ These are some of the challenges that we’ve seen.
The other part is purely technical. I’ll give you another example. If you think about all of these transactions taking place, somewhere you have to conduct these transactions. From an energy efficiency point of view, there are arguments to be made that it’s really inefficient at this moment. So, that’s another facet.
“People get enamored with a technology [without asking themselves], ‘Do I really need it at this moment, and if so, how will I implement it?’”
The other part is that people are either not willing to try it or they rush into it. They’re jumping in very aggressively or just waiting and seeing. None of those is really the right answer if you’re a company that has a lot of transactions where you could easily do it, such as with your suppliers, and the infrastructure is ready. Instead of this trial and error, do a few things that’s there.
And the final pitfall or maybe misconception that I see is they think that blockchain as it is, is the be all and end all. That’s propagated by certain parties and that’s understandable. There are so many questions to be answered that I think it’s really important to bring those up.
Right now, what you have is a lot of companies that are promoting like the Ethereum standard, but it’s really on the developer and the technical side. What we really need are coalitions of adopters of the technology who will then advocate for a standard that works. That’s what we kind of saw in other areas like telecom too, and that will help them.
Knowledge@Wharton: How will you follow up this research? What’s next?
Chaudhuri: This is very much the beginning. We have a number of things in mind. One is that we want to really get people’s reactions to this. And as I mentioned, this was a very general primer at the moment. It’s meant to tickle the interest of not just the CIO of a company, but the CEO and other general managers and give them a basic platform to have a conversation on.
What we plan to do as part of a larger fintech initiative is follow how transactions are changing. We’re going to focus a little bit on the banking industry first and see how that can potentially change, seeing that there are leapfrogging examples in different emerging markets. We might even have a conference on it. But certainly, we’re working on some papers in that area as well and then we’ll broaden it again to see the adoption. We also have a few events lined up.
Source link http://bit.ly/2SB3ZGB
0 notes
Text
Using Blockchain: A Strategic Roadmap for Companies
Using Blockchain: A Strategic Roadmap for Companies
Bitcoin may be getting the headlines, but what makes companies more excited is the blockchain, the decentralized ledger technology that underpins cryptocurrencies. It has the potential to revolutionize everything from financial settlements on Wall Street to global supply chains. But like any promising innovation, there’s also plenty of hype that comes along with it.
Saikat Chaudhuri, executive director of the Mack Institute for Innovation Management at Wharton, wades through the hyperbole to discover the true promise of the blockchain and presents strategies on how companies must approach this technology to be successful. He offers a roadmap for companies to follow as they consider adopting the blockchain.
Chaudhuri’s analysis is encapsulated in the white paper, ‘Making Sense of Blockchain: How Firms Can Chart a Strategic Path Forward,’ which he co-authored with Mack research associate Pragna Kolli, Jitin Jain, a recent Wharton MBA who is now director of products at Bankex, as well as Penn Blockchain Club founders Abhinav Prateek and Nate Rush. Chaudhuri recently joined Knowledge@Wharton to talk about their findings. (Listen to the podcast at the top of the page.)
An edited transcript of the conversation follows.
Knowledge@Wharton: The blockchain is garnering tremendous interest in business circles. Can you tell me why people are so excited about it?
Saikat Chaudhuri: There’s a lot of, I dare say, hype around it. But the excitement comes from the fact that the blockchain technology promises to really revolutionize how we conduct any kind of transaction, be they financial or otherwise, to make it much more efficient and perhaps much more effective. And that applies to the banking system, tracking of goods and services, interactions between suppliers and vendors — any kind of transaction you can think of.
Knowledge@Wharton: What is the relationship between blockchain and the bitcoin? One of the most common beliefs is they’re the same thing. Are they?
Chaudhuri: They’re absolutely not. There is a relationship between them though, which is that bitcoin uses the blockchain technology. The blockchain technology facilitates these transactions. It’s basically a ledger.
Bitcoin was one of the first applications of blockchain technology; it’s a digital cryptocurrency. So, people synonymize both of them, even though actually they’re not the same thing. Bitcoin just happens to be something that uses blockchain.
Unfortunately, bitcoin doesn’t always have positive connotations beyond the movements in the market, which have been negative as of late. Bitcoin has been adopted oftentimes by, for instance, the underworld in order to conduct transactions because it’s a currency that can be used by people who want to be outside of the tracking of the usual financial transactions. It’s been convenient for them. That’s one application.
“The blockchain technology promises to really revolutionize how we conduct any kind of transaction.”
Knowledge@Wharton: In layman’s terms, can you explain how blockchain works?
Chaudhuri: Think of blockchain as a distributed, shared ledger. That’s really all it is. In other words, you can see what transactions are being made, and when, and what they’re all about. That’s basically what blockchain is. It’s just a shared recordkeeping device for transactions.
Now it has a few attractive features associated with it. One is that it’s very transparent. All parties who are part of a transaction, they can see the transaction simultaneously. Think of collaborating on Google Docs, for example, even though it’s a bit more sophisticated than that. The other piece of it is that it’s almost uneditable. People can’t manipulate the ledger’s transactions record.
Now what does that mean? Think about it — any transaction you do, all the parties that are involved can see it. Let’s say you’re transferring money from point A to point B. What banks use today is the SWIFT network, which is on the back end. Let’s say you send some money. A whole bunch of different intermediaries confirm that you have the money and it gets transferred from one place to another. And then eventually your money arrives at the place you want. That’s also why even though we have cool apps now that let you deposit checks using your mobile device, it still takes a few days for the actual checks to clear.
With blockchain, what happens is essentially the transactions are seen simultaneously by all parties. So, the transaction can be conducted instantaneously or near instantaneously. Everybody can just adjust their accounts. The way it works is that the data is recorded once. You can’t really change that data, but all pieces of data that are associated with a transaction are locked together in a chain, hence the name. What you can see happening and what’s very attractive is you can automate certain transactions as well. We call that a smart contract, essentially.
If I’m Microsoft and I have licenses, let’s say, for my software that are given to different companies, you don’t need someone to verify what are the different applications you have the rights to or how many machines have access to that. That can all be done via machine. It can essentially verify all those things and you can automatically conduct those transactions. And of course, everything has a time stamp associated with it too.
Knowledge@Wharton: That sounds very disruptive. Can you give us some examples of actual business cases where companies have used blockchain?
Chaudhuri: You’ll see them in a variety of different areas. For instance, a cool one that I recently saw is that in India in Calcutta in the State of West Bengal, the first birth certificate was recently recorded in December (2018) using blockchain technology, where recordkeeping is now much more transparent. People can’t manipulate those records in any way. And all the information will be there for everyone to see.
Closer to home, what you observe is companies using it in their supply chain. Take retail companies, for instance. What they do is if they have a whole bunch of suppliers who normally do the transactions, payments, etc., you send some paperwork, you send some money, and it gets verified along the process somehow. Now with different parties in the mix what companies can do in that ecosystem is to say, ‘We trust you guys. We know you guys. So, we can just automate these transactions when you send us something. We won’t look so closely.’
Another cool example is in the world of Spotify and music. Music distribution now works in such a way where it’s easy for us as consumers to download different kinds of music. But the way that the artist gets compensated is actually fairly cumbersome. So, at the end of, let’s say, a quarter or any kind of time period, somebody tracks how many times a song has been downloaded and then a check goes out to pay the artists.
Now if you use a blockchain technology where you can see the transactions coupled with a smart contract, immediately, or near immediately, when a song is downloaded the actual artist can receive their payment. Some of the music or media companies that are offering songs to download are using this technology.
Knowledge@Wharton: You say in the paper that blockchain may not be for every company. Why not?
Chaudhuri: Blockchain is an attractive technology in general, which can help speed up transactions and make them efficient. But there are a number of challenges associated with it that we haven’t quite found answers to. For instance, the financial impact is a little bit unclear. You have to invest in infrastructure, right? And gauging the impact is very hard.
Another aspect is that certain parties could get disintermediated. Look at the role of banks, for instance. Banks are players who essentially have roles as intermediaries in a transaction. They could get disrupted. So, they’ll definitely resist. Think about the role of lawyers for providing, say, notary services. Those notary services may no longer be required if you can automatically conduct transactions between different parties.
There’s also a technological aspect because the technology needs to be refined. We actually don’t have any standards right now for blockchain, even though we’ve got Ethereum and others trying to promote their standard. Then you’ve got the issue of legacy infrastructure and taking on the task of trying to upgrade all kinds of infrastructure at companies to handle these kinds of transactions. That would require a huge amount of investment, even after deciding to use the technology.
And then there are organizational and regulatory issues. On the organizational side, you’ve got teams that have to really be brought on board, so your business models might change. And then where do you get the talent from? It’s a new technology.
On the regulatory side, beyond the financial, technical and organizational aspects, there are a lot of hesitations. And the reason is that you can imagine after the financial crisis that took place about a decade ago now, in general regulators are very hesitant to move to new technologies to accelerate transactions, especially in the banking world.
I was talking to the head of one of the Fed banks that’s close to Wharton [Philadelphia Fed President Patrick Harker] and I asked him, ‘So what are you guys doing? How do you guys feel about adopting this technology?’ And he said to me, ‘We’re very hesitant. The reason is that if all of a sudden we allow transactions to take place decentrally — because that’s one of the facets of blockchain technology where there’s no one intermediary who really looks over it, but it’s out there somewhere — then what if people manipulate it? How can we intervene? What can we do?’
I understand their hesitation on that front. At the same time there’s an interesting thought experiment, which is that perhaps you could argue that the financial crisis was actually partly caused by power being concentrated too much in a handful of intermediaries. And maybe if we democratize the whole system a little bit then it could be a little bit more open. But certainly, that’s a question that has to be resolved.
“Where do you get the talent from? It’s a new technology.”
Where I can imagine technologies like blockchain being adopted more quickly is in some emerging market, such as China or India or Africa, as we’re actually seeing. The reason is even though they may also perceive some of the risks that [Harker] articulated, they also have a financial inclusion problem.
In other words, if you were to roll out the traditional banking infrastructure it’d be very expensive. So, they can leapfrog to a technology that facilitates transactions, whether it’s banking, or real estate and property transactions, all kinds of things, in a much more expeditious fashion. There’s a different reward potential there as well.
If you look, for instance, in China in some areas, they have so-called sandboxes where they relax the rules and people can use technologies like blockchain to do transactions, even things like giving loans to each other through apps that will allow direct peer-to-peer types of payments at very high levels, utilizing technologies like blockchain in order to track the transactions.
Knowledge@Wharton: One of the things that I really like in the paper is that it presents a road map for firms that might be thinking about adopting the blockchain. Can you go through that for us a little bit?
Chaudhuri: Absolutely. We sought to be provocative in this white paper. The ideas here are really intended to provoke a little bit of discussion. We hear a lot about the technical sides and the hype around this and we wanted to put a bit of structure in it.
One of the questions to ask is, ‘Do you need blockchain as a solution now?’ Of course, at some point in time if there’s a better technology, blockchain or otherwise, to enable transactions to be more efficient and effective, everybody will go to it. But at this juncture with all the challenges and the uncertainties that I outlined earlier, the question is one of timing. Do I need it now or not?
We thought long and hard and went to different parties and asked, ‘Where do we see adoption? Where do we not see adoption? Where does it make sense? Where doesn’t it?’ We came up with two parameters. One parameter is this: Is there a sufficient interparty transaction base in terms of the number of transactions, the number of parties involved, and perhaps risk of non-compliance? And the second is, is the infrastructure ready in terms of scalability and privacy? If you look at these two parameters the question becomes, ‘Who needs blockchain now and who doesn’t need it now, and then, are they in a position to actually adopt it at the moment?’
In certain places where you have supply chain functions, where a lot of vendors interact with each other, that’s a case where you’ve got a lot of infrastructure, a lot of parties, a lot of contracts that need to be enforced. Think about that as the infrastructure being ready, as well as having a high base of transactions that need to occur.
If you look at an Amazon for instance, or any major industrial company, anybody who’s out there who needs work with their supply chain and huge ecosystems, it’s a very natural use case to say make it more efficient. The reason it’s also a little bit safer is because the parties actually know each other. Those concerns that the Philadelphia Fed president had articulated to me are not as prominent because parties know each other. On the other hand, if you look at small vendors, mom and pop stores and other places, they may have a lot of different customers, but they also may have a small number of transactions and they certainly don’t have the infrastructure. So, it’s not going to be as useful.
The interesting category, though, is in places where you’ve got a huge number of transactions, but the infrastructure might not be ready. Think about the stock market for instance. There you need to ensure scalability but also privacy and absolute security — and to establish that first. So even though they’re handling so many transactions and at some point it should make sense to move to a technology like that, it’s not quite there yet. And non-supply chain functions even at big companies don’t need it either. So that’s one important question to ask, ‘Do I need it at all?’
“One of the questions to ask is, ‘Do you need blockchain as a solution now?’”
Once I’ve established that, then I can move into finding out where to use it. With most technologies nowadays we have this temptation to get very excited about all kinds of applications. But the key is what are my use cases? Is my procurement function where I want to have it? Or if I’m Johnson and Johnson, is one of my challenges not being able to accurately track the genuineness of a drug? Let me keep tabs on it using a blockchain technology.
Or if I’m Maersk, which is one of the world’s largest shipping companies, do I use it to track containers, for instance, and customers and where things are happening in terms of each point, and what’s happening at each stage where I can see not only the activity but specific use cases as well?
Once I decide that, then I have to think about the ecosystem. Are my suppliers in a position to do this? Do they want to do it? Do they trust me? And do they have the infrastructure? I have to help them. And then I have to get to a point and ask the question, ‘What would it take to actually implement it?’ There are a lot of questions here. How do I source the new technology and the capability for doing it? It’s so new.
I can choose a number of different methods to go about it. I can do so internally. For instance I can say, ‘Let me build up a team that does blockchain.’ That certainly makes sense in order to have control over it if you see it widely applied very, very quickly. I can also say, ‘Let me partner with another company that understands it really well.’ There are a lot of new startups and tech companies out there which really do this kind of work. That takes some of the risk off of me and I can try it on a smaller scale.
Then finally, I can buy one of these blockchain firms to acquire the in-house technology to do it and get the teams with expertise about the technology. But that also brings a lot of risk, especially at this early stage because you’re actually paying for it and you have to integrate — even if you’re not sure where the technology is going, so it might be a little bit of an early bet there.
Once you’ve done all that analysis you can implement it and roll it out. I still recommend doing it in a phased fashion where you try a few use cases first. Play with it a little bit, and then expand it if it works out for you.
Knowledge@Wharton: Given the list of potential pitfalls ahead for companies looking to implement the blockchain, what do you think are some of the wrong ways that they are thinking about or implementing this technology?
Chaudhuri: Whenever you have something where there’s a lot of excitement and maybe not as much understanding associated with it, the tendency is the ‘fear of missing out’ phenomenon. We see a lot of companies … just talking about blockchain.
One of the biggest problems is people get enamored with a technology and don’t think so much about this question of, ‘Do I really need it at this moment, and if so, how will I implement it? Am I even ready for it and how much money will it cost? And what impact will it have on my partners as well?’ These are some of the challenges that we’ve seen.
The other part is purely technical. I’ll give you another example. If you think about all of these transactions taking place, somewhere you have to conduct these transactions. From an energy efficiency point of view, there are arguments to be made that it’s really inefficient at this moment. So, that’s another facet.
“People get enamored with a technology [without asking themselves], ‘Do I really need it at this moment, and if so, how will I implement it?’”
The other part is that people are either not willing to try it or they rush into it. They’re jumping in very aggressively or just waiting and seeing. None of those is really the right answer if you’re a company that has a lot of transactions where you could easily do it, such as with your suppliers, and the infrastructure is ready. Instead of this trial and error, do a few things that’s there.
And the final pitfall or maybe misconception that I see is they think that blockchain as it is, is the be all and end all. That’s propagated by certain parties and that’s understandable. There are so many questions to be answered that I think it’s really important to bring those up.
Right now, what you have is a lot of companies that are promoting like the Ethereum standard, but it’s really on the developer and the technical side. What we really need are coalitions of adopters of the technology who will then advocate for a standard that works. That’s what we kind of saw in other areas like telecom too, and that will help them.
Knowledge@Wharton: How will you follow up this research? What’s next?
Chaudhuri: This is very much the beginning. We have a number of things in mind. One is that we want to really get people’s reactions to this. And as I mentioned, this was a very general primer at the moment. It’s meant to tickle the interest of not just the CIO of a company, but the CEO and other general managers and give them a basic platform to have a conversation on.
What we plan to do as part of a larger fintech initiative is follow how transactions are changing. We’re going to focus a little bit on the banking industry first and see how that can potentially change, seeing that there are leapfrogging examples in different emerging markets. We might even have a conference on it. But certainly, we’re working on some papers in that area as well and then we’ll broaden it again to see the adoption. We also have a few events lined up.
Source link http://bit.ly/2SB3ZGB
0 notes
courtneyvbrooks87 · 5 years
Text
Using Blockchain: A Strategic Roadmap for Companies
Using Blockchain: A Strategic Roadmap for Companies
Bitcoin may be getting the headlines, but what makes companies more excited is the blockchain, the decentralized ledger technology that underpins cryptocurrencies. It has the potential to revolutionize everything from financial settlements on Wall Street to global supply chains. But like any promising innovation, there’s also plenty of hype that comes along with it.
Saikat Chaudhuri, executive director of the Mack Institute for Innovation Management at Wharton, wades through the hyperbole to discover the true promise of the blockchain and presents strategies on how companies must approach this technology to be successful. He offers a roadmap for companies to follow as they consider adopting the blockchain.
Chaudhuri’s analysis is encapsulated in the white paper, ‘Making Sense of Blockchain: How Firms Can Chart a Strategic Path Forward,’ which he co-authored with Mack research associate Pragna Kolli, Jitin Jain, a recent Wharton MBA who is now director of products at Bankex, as well as Penn Blockchain Club founders Abhinav Prateek and Nate Rush. Chaudhuri recently joined Knowledge@Wharton to talk about their findings. (Listen to the podcast at the top of the page.)
An edited transcript of the conversation follows.
Knowledge@Wharton: The blockchain is garnering tremendous interest in business circles. Can you tell me why people are so excited about it?
Saikat Chaudhuri: There’s a lot of, I dare say, hype around it. But the excitement comes from the fact that the blockchain technology promises to really revolutionize how we conduct any kind of transaction, be they financial or otherwise, to make it much more efficient and perhaps much more effective. And that applies to the banking system, tracking of goods and services, interactions between suppliers and vendors — any kind of transaction you can think of.
Knowledge@Wharton: What is the relationship between blockchain and the bitcoin? One of the most common beliefs is they’re the same thing. Are they?
Chaudhuri: They’re absolutely not. There is a relationship between them though, which is that bitcoin uses the blockchain technology. The blockchain technology facilitates these transactions. It’s basically a ledger.
Bitcoin was one of the first applications of blockchain technology; it’s a digital cryptocurrency. So, people synonymize both of them, even though actually they’re not the same thing. Bitcoin just happens to be something that uses blockchain.
Unfortunately, bitcoin doesn’t always have positive connotations beyond the movements in the market, which have been negative as of late. Bitcoin has been adopted oftentimes by, for instance, the underworld in order to conduct transactions because it’s a currency that can be used by people who want to be outside of the tracking of the usual financial transactions. It’s been convenient for them. That’s one application.
“The blockchain technology promises to really revolutionize how we conduct any kind of transaction.”
Knowledge@Wharton: In layman’s terms, can you explain how blockchain works?
Chaudhuri: Think of blockchain as a distributed, shared ledger. That’s really all it is. In other words, you can see what transactions are being made, and when, and what they’re all about. That’s basically what blockchain is. It’s just a shared recordkeeping device for transactions.
Now it has a few attractive features associated with it. One is that it’s very transparent. All parties who are part of a transaction, they can see the transaction simultaneously. Think of collaborating on Google Docs, for example, even though it’s a bit more sophisticated than that. The other piece of it is that it’s almost uneditable. People can’t manipulate the ledger’s transactions record.
Now what does that mean? Think about it — any transaction you do, all the parties that are involved can see it. Let’s say you’re transferring money from point A to point B. What banks use today is the SWIFT network, which is on the back end. Let’s say you send some money. A whole bunch of different intermediaries confirm that you have the money and it gets transferred from one place to another. And then eventually your money arrives at the place you want. That’s also why even though we have cool apps now that let you deposit checks using your mobile device, it still takes a few days for the actual checks to clear.
With blockchain, what happens is essentially the transactions are seen simultaneously by all parties. So, the transaction can be conducted instantaneously or near instantaneously. Everybody can just adjust their accounts. The way it works is that the data is recorded once. You can’t really change that data, but all pieces of data that are associated with a transaction are locked together in a chain, hence the name. What you can see happening and what’s very attractive is you can automate certain transactions as well. We call that a smart contract, essentially.
If I’m Microsoft and I have licenses, let’s say, for my software that are given to different companies, you don’t need someone to verify what are the different applications you have the rights to or how many machines have access to that. That can all be done via machine. It can essentially verify all those things and you can automatically conduct those transactions. And of course, everything has a time stamp associated with it too.
Knowledge@Wharton: That sounds very disruptive. Can you give us some examples of actual business cases where companies have used blockchain?
Chaudhuri: You’ll see them in a variety of different areas. For instance, a cool one that I recently saw is that in India in Calcutta in the State of West Bengal, the first birth certificate was recently recorded in December (2018) using blockchain technology, where recordkeeping is now much more transparent. People can’t manipulate those records in any way. And all the information will be there for everyone to see.
Closer to home, what you observe is companies using it in their supply chain. Take retail companies, for instance. What they do is if they have a whole bunch of suppliers who normally do the transactions, payments, etc., you send some paperwork, you send some money, and it gets verified along the process somehow. Now with different parties in the mix what companies can do in that ecosystem is to say, ‘We trust you guys. We know you guys. So, we can just automate these transactions when you send us something. We won’t look so closely.’
Another cool example is in the world of Spotify and music. Music distribution now works in such a way where it’s easy for us as consumers to download different kinds of music. But the way that the artist gets compensated is actually fairly cumbersome. So, at the end of, let’s say, a quarter or any kind of time period, somebody tracks how many times a song has been downloaded and then a check goes out to pay the artists.
Now if you use a blockchain technology where you can see the transactions coupled with a smart contract, immediately, or near immediately, when a song is downloaded the actual artist can receive their payment. Some of the music or media companies that are offering songs to download are using this technology.
Knowledge@Wharton: You say in the paper that blockchain may not be for every company. Why not?
Chaudhuri: Blockchain is an attractive technology in general, which can help speed up transactions and make them efficient. But there are a number of challenges associated with it that we haven’t quite found answers to. For instance, the financial impact is a little bit unclear. You have to invest in infrastructure, right? And gauging the impact is very hard.
Another aspect is that certain parties could get disintermediated. Look at the role of banks, for instance. Banks are players who essentially have roles as intermediaries in a transaction. They could get disrupted. So, they’ll definitely resist. Think about the role of lawyers for providing, say, notary services. Those notary services may no longer be required if you can automatically conduct transactions between different parties.
There’s also a technological aspect because the technology needs to be refined. We actually don’t have any standards right now for blockchain, even though we’ve got Ethereum and others trying to promote their standard. Then you’ve got the issue of legacy infrastructure and taking on the task of trying to upgrade all kinds of infrastructure at companies to handle these kinds of transactions. That would require a huge amount of investment, even after deciding to use the technology.
And then there are organizational and regulatory issues. On the organizational side, you’ve got teams that have to really be brought on board, so your business models might change. And then where do you get the talent from? It’s a new technology.
On the regulatory side, beyond the financial, technical and organizational aspects, there are a lot of hesitations. And the reason is that you can imagine after the financial crisis that took place about a decade ago now, in general regulators are very hesitant to move to new technologies to accelerate transactions, especially in the banking world.
I was talking to the head of one of the Fed banks that’s close to Wharton [Philadelphia Fed President Patrick Harker] and I asked him, ‘So what are you guys doing? How do you guys feel about adopting this technology?’ And he said to me, ‘We’re very hesitant. The reason is that if all of a sudden we allow transactions to take place decentrally — because that’s one of the facets of blockchain technology where there’s no one intermediary who really looks over it, but it’s out there somewhere — then what if people manipulate it? How can we intervene? What can we do?’
I understand their hesitation on that front. At the same time there’s an interesting thought experiment, which is that perhaps you could argue that the financial crisis was actually partly caused by power being concentrated too much in a handful of intermediaries. And maybe if we democratize the whole system a little bit then it could be a little bit more open. But certainly, that’s a question that has to be resolved.
“Where do you get the talent from? It’s a new technology.”
Where I can imagine technologies like blockchain being adopted more quickly is in some emerging market, such as China or India or Africa, as we’re actually seeing. The reason is even though they may also perceive some of the risks that [Harker] articulated, they also have a financial inclusion problem.
In other words, if you were to roll out the traditional banking infrastructure it’d be very expensive. So, they can leapfrog to a technology that facilitates transactions, whether it’s banking, or real estate and property transactions, all kinds of things, in a much more expeditious fashion. There’s a different reward potential there as well.
If you look, for instance, in China in some areas, they have so-called sandboxes where they relax the rules and people can use technologies like blockchain to do transactions, even things like giving loans to each other through apps that will allow direct peer-to-peer types of payments at very high levels, utilizing technologies like blockchain in order to track the transactions.
Knowledge@Wharton: One of the things that I really like in the paper is that it presents a road map for firms that might be thinking about adopting the blockchain. Can you go through that for us a little bit?
Chaudhuri: Absolutely. We sought to be provocative in this white paper. The ideas here are really intended to provoke a little bit of discussion. We hear a lot about the technical sides and the hype around this and we wanted to put a bit of structure in it.
One of the questions to ask is, ‘Do you need blockchain as a solution now?’ Of course, at some point in time if there’s a better technology, blockchain or otherwise, to enable transactions to be more efficient and effective, everybody will go to it. But at this juncture with all the challenges and the uncertainties that I outlined earlier, the question is one of timing. Do I need it now or not?
We thought long and hard and went to different parties and asked, ‘Where do we see adoption? Where do we not see adoption? Where does it make sense? Where doesn’t it?’ We came up with two parameters. One parameter is this: Is there a sufficient interparty transaction base in terms of the number of transactions, the number of parties involved, and perhaps risk of non-compliance? And the second is, is the infrastructure ready in terms of scalability and privacy? If you look at these two parameters the question becomes, ‘Who needs blockchain now and who doesn’t need it now, and then, are they in a position to actually adopt it at the moment?’
In certain places where you have supply chain functions, where a lot of vendors interact with each other, that’s a case where you’ve got a lot of infrastructure, a lot of parties, a lot of contracts that need to be enforced. Think about that as the infrastructure being ready, as well as having a high base of transactions that need to occur.
If you look at an Amazon for instance, or any major industrial company, anybody who’s out there who needs work with their supply chain and huge ecosystems, it’s a very natural use case to say make it more efficient. The reason it’s also a little bit safer is because the parties actually know each other. Those concerns that the Philadelphia Fed president had articulated to me are not as prominent because parties know each other. On the other hand, if you look at small vendors, mom and pop stores and other places, they may have a lot of different customers, but they also may have a small number of transactions and they certainly don’t have the infrastructure. So, it’s not going to be as useful.
The interesting category, though, is in places where you’ve got a huge number of transactions, but the infrastructure might not be ready. Think about the stock market for instance. There you need to ensure scalability but also privacy and absolute security — and to establish that first. So even though they’re handling so many transactions and at some point it should make sense to move to a technology like that, it’s not quite there yet. And non-supply chain functions even at big companies don’t need it either. So that’s one important question to ask, ‘Do I need it at all?’
“One of the questions to ask is, ‘Do you need blockchain as a solution now?’”
Once I’ve established that, then I can move into finding out where to use it. With most technologies nowadays we have this temptation to get very excited about all kinds of applications. But the key is what are my use cases? Is my procurement function where I want to have it? Or if I’m Johnson and Johnson, is one of my challenges not being able to accurately track the genuineness of a drug? Let me keep tabs on it using a blockchain technology.
Or if I’m Maersk, which is one of the world’s largest shipping companies, do I use it to track containers, for instance, and customers and where things are happening in terms of each point, and what’s happening at each stage where I can see not only the activity but specific use cases as well?
Once I decide that, then I have to think about the ecosystem. Are my suppliers in a position to do this? Do they want to do it? Do they trust me? And do they have the infrastructure? I have to help them. And then I have to get to a point and ask the question, ‘What would it take to actually implement it?’ There are a lot of questions here. How do I source the new technology and the capability for doing it? It’s so new.
I can choose a number of different methods to go about it. I can do so internally. For instance I can say, ‘Let me build up a team that does blockchain.’ That certainly makes sense in order to have control over it if you see it widely applied very, very quickly. I can also say, ‘Let me partner with another company that understands it really well.’ There are a lot of new startups and tech companies out there which really do this kind of work. That takes some of the risk off of me and I can try it on a smaller scale.
Then finally, I can buy one of these blockchain firms to acquire the in-house technology to do it and get the teams with expertise about the technology. But that also brings a lot of risk, especially at this early stage because you’re actually paying for it and you have to integrate — even if you’re not sure where the technology is going, so it might be a little bit of an early bet there.
Once you’ve done all that analysis you can implement it and roll it out. I still recommend doing it in a phased fashion where you try a few use cases first. Play with it a little bit, and then expand it if it works out for you.
Knowledge@Wharton: Given the list of potential pitfalls ahead for companies looking to implement the blockchain, what do you think are some of the wrong ways that they are thinking about or implementing this technology?
Chaudhuri: Whenever you have something where there’s a lot of excitement and maybe not as much understanding associated with it, the tendency is the ‘fear of missing out’ phenomenon. We see a lot of companies … just talking about blockchain.
One of the biggest problems is people get enamored with a technology and don’t think so much about this question of, ‘Do I really need it at this moment, and if so, how will I implement it? Am I even ready for it and how much money will it cost? And what impact will it have on my partners as well?’ These are some of the challenges that we’ve seen.
The other part is purely technical. I’ll give you another example. If you think about all of these transactions taking place, somewhere you have to conduct these transactions. From an energy efficiency point of view, there are arguments to be made that it’s really inefficient at this moment. So, that’s another facet.
“People get enamored with a technology [without asking themselves], ‘Do I really need it at this moment, and if so, how will I implement it?’”
The other part is that people are either not willing to try it or they rush into it. They’re jumping in very aggressively or just waiting and seeing. None of those is really the right answer if you’re a company that has a lot of transactions where you could easily do it, such as with your suppliers, and the infrastructure is ready. Instead of this trial and error, do a few things that’s there.
And the final pitfall or maybe misconception that I see is they think that blockchain as it is, is the be all and end all. That’s propagated by certain parties and that’s understandable. There are so many questions to be answered that I think it’s really important to bring those up.
Right now, what you have is a lot of companies that are promoting like the Ethereum standard, but it’s really on the developer and the technical side. What we really need are coalitions of adopters of the technology who will then advocate for a standard that works. That’s what we kind of saw in other areas like telecom too, and that will help them.
Knowledge@Wharton: How will you follow up this research? What’s next?
Chaudhuri: This is very much the beginning. We have a number of things in mind. One is that we want to really get people’s reactions to this. And as I mentioned, this was a very general primer at the moment. It’s meant to tickle the interest of not just the CIO of a company, but the CEO and other general managers and give them a basic platform to have a conversation on.
What we plan to do as part of a larger fintech initiative is follow how transactions are changing. We’re going to focus a little bit on the banking industry first and see how that can potentially change, seeing that there are leapfrogging examples in different emerging markets. We might even have a conference on it. But certainly, we’re working on some papers in that area as well and then we’ll broaden it again to see the adoption. We also have a few events lined up.
Source link http://bit.ly/2SB3ZGB
0 notes
teiraymondmccoy78 · 5 years
Text
Using Blockchain: A Strategic Roadmap for Companies
Using Blockchain: A Strategic Roadmap for Companies
Bitcoin may be getting the headlines, but what makes companies more excited is the blockchain, the decentralized ledger technology that underpins cryptocurrencies. It has the potential to revolutionize everything from financial settlements on Wall Street to global supply chains. But like any promising innovation, there’s also plenty of hype that comes along with it.
Saikat Chaudhuri, executive director of the Mack Institute for Innovation Management at Wharton, wades through the hyperbole to discover the true promise of the blockchain and presents strategies on how companies must approach this technology to be successful. He offers a roadmap for companies to follow as they consider adopting the blockchain.
Chaudhuri’s analysis is encapsulated in the white paper, ‘Making Sense of Blockchain: How Firms Can Chart a Strategic Path Forward,’ which he co-authored with Mack research associate Pragna Kolli, Jitin Jain, a recent Wharton MBA who is now director of products at Bankex, as well as Penn Blockchain Club founders Abhinav Prateek and Nate Rush. Chaudhuri recently joined Knowledge@Wharton to talk about their findings. (Listen to the podcast at the top of the page.)
An edited transcript of the conversation follows.
Knowledge@Wharton: The blockchain is garnering tremendous interest in business circles. Can you tell me why people are so excited about it?
Saikat Chaudhuri: There’s a lot of, I dare say, hype around it. But the excitement comes from the fact that the blockchain technology promises to really revolutionize how we conduct any kind of transaction, be they financial or otherwise, to make it much more efficient and perhaps much more effective. And that applies to the banking system, tracking of goods and services, interactions between suppliers and vendors — any kind of transaction you can think of.
Knowledge@Wharton: What is the relationship between blockchain and the bitcoin? One of the most common beliefs is they’re the same thing. Are they?
Chaudhuri: They’re absolutely not. There is a relationship between them though, which is that bitcoin uses the blockchain technology. The blockchain technology facilitates these transactions. It’s basically a ledger.
Bitcoin was one of the first applications of blockchain technology; it’s a digital cryptocurrency. So, people synonymize both of them, even though actually they’re not the same thing. Bitcoin just happens to be something that uses blockchain.
Unfortunately, bitcoin doesn’t always have positive connotations beyond the movements in the market, which have been negative as of late. Bitcoin has been adopted oftentimes by, for instance, the underworld in order to conduct transactions because it’s a currency that can be used by people who want to be outside of the tracking of the usual financial transactions. It’s been convenient for them. That’s one application.
“The blockchain technology promises to really revolutionize how we conduct any kind of transaction.”
Knowledge@Wharton: In layman’s terms, can you explain how blockchain works?
Chaudhuri: Think of blockchain as a distributed, shared ledger. That’s really all it is. In other words, you can see what transactions are being made, and when, and what they’re all about. That’s basically what blockchain is. It’s just a shared recordkeeping device for transactions.
Now it has a few attractive features associated with it. One is that it’s very transparent. All parties who are part of a transaction, they can see the transaction simultaneously. Think of collaborating on Google Docs, for example, even though it’s a bit more sophisticated than that. The other piece of it is that it’s almost uneditable. People can’t manipulate the ledger’s transactions record.
Now what does that mean? Think about it — any transaction you do, all the parties that are involved can see it. Let’s say you’re transferring money from point A to point B. What banks use today is the SWIFT network, which is on the back end. Let’s say you send some money. A whole bunch of different intermediaries confirm that you have the money and it gets transferred from one place to another. And then eventually your money arrives at the place you want. That’s also why even though we have cool apps now that let you deposit checks using your mobile device, it still takes a few days for the actual checks to clear.
With blockchain, what happens is essentially the transactions are seen simultaneously by all parties. So, the transaction can be conducted instantaneously or near instantaneously. Everybody can just adjust their accounts. The way it works is that the data is recorded once. You can’t really change that data, but all pieces of data that are associated with a transaction are locked together in a chain, hence the name. What you can see happening and what’s very attractive is you can automate certain transactions as well. We call that a smart contract, essentially.
If I’m Microsoft and I have licenses, let’s say, for my software that are given to different companies, you don’t need someone to verify what are the different applications you have the rights to or how many machines have access to that. That can all be done via machine. It can essentially verify all those things and you can automatically conduct those transactions. And of course, everything has a time stamp associated with it too.
Knowledge@Wharton: That sounds very disruptive. Can you give us some examples of actual business cases where companies have used blockchain?
Chaudhuri: You’ll see them in a variety of different areas. For instance, a cool one that I recently saw is that in India in Calcutta in the State of West Bengal, the first birth certificate was recently recorded in December (2018) using blockchain technology, where recordkeeping is now much more transparent. People can’t manipulate those records in any way. And all the information will be there for everyone to see.
Closer to home, what you observe is companies using it in their supply chain. Take retail companies, for instance. What they do is if they have a whole bunch of suppliers who normally do the transactions, payments, etc., you send some paperwork, you send some money, and it gets verified along the process somehow. Now with different parties in the mix what companies can do in that ecosystem is to say, ‘We trust you guys. We know you guys. So, we can just automate these transactions when you send us something. We won’t look so closely.’
Another cool example is in the world of Spotify and music. Music distribution now works in such a way where it’s easy for us as consumers to download different kinds of music. But the way that the artist gets compensated is actually fairly cumbersome. So, at the end of, let’s say, a quarter or any kind of time period, somebody tracks how many times a song has been downloaded and then a check goes out to pay the artists.
Now if you use a blockchain technology where you can see the transactions coupled with a smart contract, immediately, or near immediately, when a song is downloaded the actual artist can receive their payment. Some of the music or media companies that are offering songs to download are using this technology.
Knowledge@Wharton: You say in the paper that blockchain may not be for every company. Why not?
Chaudhuri: Blockchain is an attractive technology in general, which can help speed up transactions and make them efficient. But there are a number of challenges associated with it that we haven’t quite found answers to. For instance, the financial impact is a little bit unclear. You have to invest in infrastructure, right? And gauging the impact is very hard.
Another aspect is that certain parties could get disintermediated. Look at the role of banks, for instance. Banks are players who essentially have roles as intermediaries in a transaction. They could get disrupted. So, they’ll definitely resist. Think about the role of lawyers for providing, say, notary services. Those notary services may no longer be required if you can automatically conduct transactions between different parties.
There’s also a technological aspect because the technology needs to be refined. We actually don’t have any standards right now for blockchain, even though we’ve got Ethereum and others trying to promote their standard. Then you’ve got the issue of legacy infrastructure and taking on the task of trying to upgrade all kinds of infrastructure at companies to handle these kinds of transactions. That would require a huge amount of investment, even after deciding to use the technology.
And then there are organizational and regulatory issues. On the organizational side, you’ve got teams that have to really be brought on board, so your business models might change. And then where do you get the talent from? It’s a new technology.
On the regulatory side, beyond the financial, technical and organizational aspects, there are a lot of hesitations. And the reason is that you can imagine after the financial crisis that took place about a decade ago now, in general regulators are very hesitant to move to new technologies to accelerate transactions, especially in the banking world.
I was talking to the head of one of the Fed banks that’s close to Wharton [Philadelphia Fed President Patrick Harker] and I asked him, ‘So what are you guys doing? How do you guys feel about adopting this technology?’ And he said to me, ‘We’re very hesitant. The reason is that if all of a sudden we allow transactions to take place decentrally — because that’s one of the facets of blockchain technology where there’s no one intermediary who really looks over it, but it’s out there somewhere — then what if people manipulate it? How can we intervene? What can we do?’
I understand their hesitation on that front. At the same time there’s an interesting thought experiment, which is that perhaps you could argue that the financial crisis was actually partly caused by power being concentrated too much in a handful of intermediaries. And maybe if we democratize the whole system a little bit then it could be a little bit more open. But certainly, that’s a question that has to be resolved.
“Where do you get the talent from? It’s a new technology.”
Where I can imagine technologies like blockchain being adopted more quickly is in some emerging market, such as China or India or Africa, as we’re actually seeing. The reason is even though they may also perceive some of the risks that [Harker] articulated, they also have a financial inclusion problem.
In other words, if you were to roll out the traditional banking infrastructure it’d be very expensive. So, they can leapfrog to a technology that facilitates transactions, whether it’s banking, or real estate and property transactions, all kinds of things, in a much more expeditious fashion. There’s a different reward potential there as well.
If you look, for instance, in China in some areas, they have so-called sandboxes where they relax the rules and people can use technologies like blockchain to do transactions, even things like giving loans to each other through apps that will allow direct peer-to-peer types of payments at very high levels, utilizing technologies like blockchain in order to track the transactions.
Knowledge@Wharton: One of the things that I really like in the paper is that it presents a road map for firms that might be thinking about adopting the blockchain. Can you go through that for us a little bit?
Chaudhuri: Absolutely. We sought to be provocative in this white paper. The ideas here are really intended to provoke a little bit of discussion. We hear a lot about the technical sides and the hype around this and we wanted to put a bit of structure in it.
One of the questions to ask is, ‘Do you need blockchain as a solution now?’ Of course, at some point in time if there’s a better technology, blockchain or otherwise, to enable transactions to be more efficient and effective, everybody will go to it. But at this juncture with all the challenges and the uncertainties that I outlined earlier, the question is one of timing. Do I need it now or not?
We thought long and hard and went to different parties and asked, ‘Where do we see adoption? Where do we not see adoption? Where does it make sense? Where doesn’t it?’ We came up with two parameters. One parameter is this: Is there a sufficient interparty transaction base in terms of the number of transactions, the number of parties involved, and perhaps risk of non-compliance? And the second is, is the infrastructure ready in terms of scalability and privacy? If you look at these two parameters the question becomes, ‘Who needs blockchain now and who doesn’t need it now, and then, are they in a position to actually adopt it at the moment?’
In certain places where you have supply chain functions, where a lot of vendors interact with each other, that’s a case where you’ve got a lot of infrastructure, a lot of parties, a lot of contracts that need to be enforced. Think about that as the infrastructure being ready, as well as having a high base of transactions that need to occur.
If you look at an Amazon for instance, or any major industrial company, anybody who’s out there who needs work with their supply chain and huge ecosystems, it’s a very natural use case to say make it more efficient. The reason it’s also a little bit safer is because the parties actually know each other. Those concerns that the Philadelphia Fed president had articulated to me are not as prominent because parties know each other. On the other hand, if you look at small vendors, mom and pop stores and other places, they may have a lot of different customers, but they also may have a small number of transactions and they certainly don’t have the infrastructure. So, it’s not going to be as useful.
The interesting category, though, is in places where you’ve got a huge number of transactions, but the infrastructure might not be ready. Think about the stock market for instance. There you need to ensure scalability but also privacy and absolute security — and to establish that first. So even though they’re handling so many transactions and at some point it should make sense to move to a technology like that, it’s not quite there yet. And non-supply chain functions even at big companies don’t need it either. So that’s one important question to ask, ‘Do I need it at all?’
“One of the questions to ask is, ‘Do you need blockchain as a solution now?’”
Once I’ve established that, then I can move into finding out where to use it. With most technologies nowadays we have this temptation to get very excited about all kinds of applications. But the key is what are my use cases? Is my procurement function where I want to have it? Or if I’m Johnson and Johnson, is one of my challenges not being able to accurately track the genuineness of a drug? Let me keep tabs on it using a blockchain technology.
Or if I’m Maersk, which is one of the world’s largest shipping companies, do I use it to track containers, for instance, and customers and where things are happening in terms of each point, and what’s happening at each stage where I can see not only the activity but specific use cases as well?
Once I decide that, then I have to think about the ecosystem. Are my suppliers in a position to do this? Do they want to do it? Do they trust me? And do they have the infrastructure? I have to help them. And then I have to get to a point and ask the question, ‘What would it take to actually implement it?’ There are a lot of questions here. How do I source the new technology and the capability for doing it? It’s so new.
I can choose a number of different methods to go about it. I can do so internally. For instance I can say, ‘Let me build up a team that does blockchain.’ That certainly makes sense in order to have control over it if you see it widely applied very, very quickly. I can also say, ‘Let me partner with another company that understands it really well.’ There are a lot of new startups and tech companies out there which really do this kind of work. That takes some of the risk off of me and I can try it on a smaller scale.
Then finally, I can buy one of these blockchain firms to acquire the in-house technology to do it and get the teams with expertise about the technology. But that also brings a lot of risk, especially at this early stage because you’re actually paying for it and you have to integrate — even if you’re not sure where the technology is going, so it might be a little bit of an early bet there.
Once you’ve done all that analysis you can implement it and roll it out. I still recommend doing it in a phased fashion where you try a few use cases first. Play with it a little bit, and then expand it if it works out for you.
Knowledge@Wharton: Given the list of potential pitfalls ahead for companies looking to implement the blockchain, what do you think are some of the wrong ways that they are thinking about or implementing this technology?
Chaudhuri: Whenever you have something where there’s a lot of excitement and maybe not as much understanding associated with it, the tendency is the ‘fear of missing out’ phenomenon. We see a lot of companies … just talking about blockchain.
One of the biggest problems is people get enamored with a technology and don’t think so much about this question of, ‘Do I really need it at this moment, and if so, how will I implement it? Am I even ready for it and how much money will it cost? And what impact will it have on my partners as well?’ These are some of the challenges that we’ve seen.
The other part is purely technical. I’ll give you another example. If you think about all of these transactions taking place, somewhere you have to conduct these transactions. From an energy efficiency point of view, there are arguments to be made that it’s really inefficient at this moment. So, that’s another facet.
“People get enamored with a technology [without asking themselves], ‘Do I really need it at this moment, and if so, how will I implement it?’”
The other part is that people are either not willing to try it or they rush into it. They’re jumping in very aggressively or just waiting and seeing. None of those is really the right answer if you’re a company that has a lot of transactions where you could easily do it, such as with your suppliers, and the infrastructure is ready. Instead of this trial and error, do a few things that’s there.
And the final pitfall or maybe misconception that I see is they think that blockchain as it is, is the be all and end all. That’s propagated by certain parties and that’s understandable. There are so many questions to be answered that I think it’s really important to bring those up.
Right now, what you have is a lot of companies that are promoting like the Ethereum standard, but it’s really on the developer and the technical side. What we really need are coalitions of adopters of the technology who will then advocate for a standard that works. That’s what we kind of saw in other areas like telecom too, and that will help them.
Knowledge@Wharton: How will you follow up this research? What’s next?
Chaudhuri: This is very much the beginning. We have a number of things in mind. One is that we want to really get people’s reactions to this. And as I mentioned, this was a very general primer at the moment. It’s meant to tickle the interest of not just the CIO of a company, but the CEO and other general managers and give them a basic platform to have a conversation on.
What we plan to do as part of a larger fintech initiative is follow how transactions are changing. We’re going to focus a little bit on the banking industry first and see how that can potentially change, seeing that there are leapfrogging examples in different emerging markets. We might even have a conference on it. But certainly, we’re working on some papers in that area as well and then we’ll broaden it again to see the adoption. We also have a few events lined up.
Source link http://bit.ly/2SB3ZGB
0 notes
bobbynolanios88 · 5 years
Text
Using Blockchain: A Strategic Roadmap for Companies
Using Blockchain: A Strategic Roadmap for Companies
Bitcoin may be getting the headlines, but what makes companies more excited is the blockchain, the decentralized ledger technology that underpins cryptocurrencies. It has the potential to revolutionize everything from financial settlements on Wall Street to global supply chains. But like any promising innovation, there’s also plenty of hype that comes along with it.
Saikat Chaudhuri, executive director of the Mack Institute for Innovation Management at Wharton, wades through the hyperbole to discover the true promise of the blockchain and presents strategies on how companies must approach this technology to be successful. He offers a roadmap for companies to follow as they consider adopting the blockchain.
Chaudhuri’s analysis is encapsulated in the white paper, ‘Making Sense of Blockchain: How Firms Can Chart a Strategic Path Forward,’ which he co-authored with Mack research associate Pragna Kolli, Jitin Jain, a recent Wharton MBA who is now director of products at Bankex, as well as Penn Blockchain Club founders Abhinav Prateek and Nate Rush. Chaudhuri recently joined Knowledge@Wharton to talk about their findings. (Listen to the podcast at the top of the page.)
An edited transcript of the conversation follows.
Knowledge@Wharton: The blockchain is garnering tremendous interest in business circles. Can you tell me why people are so excited about it?
Saikat Chaudhuri: There’s a lot of, I dare say, hype around it. But the excitement comes from the fact that the blockchain technology promises to really revolutionize how we conduct any kind of transaction, be they financial or otherwise, to make it much more efficient and perhaps much more effective. And that applies to the banking system, tracking of goods and services, interactions between suppliers and vendors — any kind of transaction you can think of.
Knowledge@Wharton: What is the relationship between blockchain and the bitcoin? One of the most common beliefs is they’re the same thing. Are they?
Chaudhuri: They’re absolutely not. There is a relationship between them though, which is that bitcoin uses the blockchain technology. The blockchain technology facilitates these transactions. It’s basically a ledger.
Bitcoin was one of the first applications of blockchain technology; it’s a digital cryptocurrency. So, people synonymize both of them, even though actually they’re not the same thing. Bitcoin just happens to be something that uses blockchain.
Unfortunately, bitcoin doesn’t always have positive connotations beyond the movements in the market, which have been negative as of late. Bitcoin has been adopted oftentimes by, for instance, the underworld in order to conduct transactions because it’s a currency that can be used by people who want to be outside of the tracking of the usual financial transactions. It’s been convenient for them. That’s one application.
“The blockchain technology promises to really revolutionize how we conduct any kind of transaction.”
Knowledge@Wharton: In layman’s terms, can you explain how blockchain works?
Chaudhuri: Think of blockchain as a distributed, shared ledger. That’s really all it is. In other words, you can see what transactions are being made, and when, and what they’re all about. That’s basically what blockchain is. It’s just a shared recordkeeping device for transactions.
Now it has a few attractive features associated with it. One is that it’s very transparent. All parties who are part of a transaction, they can see the transaction simultaneously. Think of collaborating on Google Docs, for example, even though it’s a bit more sophisticated than that. The other piece of it is that it’s almost uneditable. People can’t manipulate the ledger’s transactions record.
Now what does that mean? Think about it — any transaction you do, all the parties that are involved can see it. Let’s say you’re transferring money from point A to point B. What banks use today is the SWIFT network, which is on the back end. Let’s say you send some money. A whole bunch of different intermediaries confirm that you have the money and it gets transferred from one place to another. And then eventually your money arrives at the place you want. That’s also why even though we have cool apps now that let you deposit checks using your mobile device, it still takes a few days for the actual checks to clear.
With blockchain, what happens is essentially the transactions are seen simultaneously by all parties. So, the transaction can be conducted instantaneously or near instantaneously. Everybody can just adjust their accounts. The way it works is that the data is recorded once. You can’t really change that data, but all pieces of data that are associated with a transaction are locked together in a chain, hence the name. What you can see happening and what’s very attractive is you can automate certain transactions as well. We call that a smart contract, essentially.
If I’m Microsoft and I have licenses, let’s say, for my software that are given to different companies, you don’t need someone to verify what are the different applications you have the rights to or how many machines have access to that. That can all be done via machine. It can essentially verify all those things and you can automatically conduct those transactions. And of course, everything has a time stamp associated with it too.
Knowledge@Wharton: That sounds very disruptive. Can you give us some examples of actual business cases where companies have used blockchain?
Chaudhuri: You’ll see them in a variety of different areas. For instance, a cool one that I recently saw is that in India in Calcutta in the State of West Bengal, the first birth certificate was recently recorded in December (2018) using blockchain technology, where recordkeeping is now much more transparent. People can’t manipulate those records in any way. And all the information will be there for everyone to see.
Closer to home, what you observe is companies using it in their supply chain. Take retail companies, for instance. What they do is if they have a whole bunch of suppliers who normally do the transactions, payments, etc., you send some paperwork, you send some money, and it gets verified along the process somehow. Now with different parties in the mix what companies can do in that ecosystem is to say, ‘We trust you guys. We know you guys. So, we can just automate these transactions when you send us something. We won’t look so closely.’
Another cool example is in the world of Spotify and music. Music distribution now works in such a way where it’s easy for us as consumers to download different kinds of music. But the way that the artist gets compensated is actually fairly cumbersome. So, at the end of, let’s say, a quarter or any kind of time period, somebody tracks how many times a song has been downloaded and then a check goes out to pay the artists.
Now if you use a blockchain technology where you can see the transactions coupled with a smart contract, immediately, or near immediately, when a song is downloaded the actual artist can receive their payment. Some of the music or media companies that are offering songs to download are using this technology.
Knowledge@Wharton: You say in the paper that blockchain may not be for every company. Why not?
Chaudhuri: Blockchain is an attractive technology in general, which can help speed up transactions and make them efficient. But there are a number of challenges associated with it that we haven’t quite found answers to. For instance, the financial impact is a little bit unclear. You have to invest in infrastructure, right? And gauging the impact is very hard.
Another aspect is that certain parties could get disintermediated. Look at the role of banks, for instance. Banks are players who essentially have roles as intermediaries in a transaction. They could get disrupted. So, they’ll definitely resist. Think about the role of lawyers for providing, say, notary services. Those notary services may no longer be required if you can automatically conduct transactions between different parties.
There’s also a technological aspect because the technology needs to be refined. We actually don’t have any standards right now for blockchain, even though we’ve got Ethereum and others trying to promote their standard. Then you’ve got the issue of legacy infrastructure and taking on the task of trying to upgrade all kinds of infrastructure at companies to handle these kinds of transactions. That would require a huge amount of investment, even after deciding to use the technology.
And then there are organizational and regulatory issues. On the organizational side, you’ve got teams that have to really be brought on board, so your business models might change. And then where do you get the talent from? It’s a new technology.
On the regulatory side, beyond the financial, technical and organizational aspects, there are a lot of hesitations. And the reason is that you can imagine after the financial crisis that took place about a decade ago now, in general regulators are very hesitant to move to new technologies to accelerate transactions, especially in the banking world.
I was talking to the head of one of the Fed banks that’s close to Wharton [Philadelphia Fed President Patrick Harker] and I asked him, ‘So what are you guys doing? How do you guys feel about adopting this technology?’ And he said to me, ‘We’re very hesitant. The reason is that if all of a sudden we allow transactions to take place decentrally — because that’s one of the facets of blockchain technology where there’s no one intermediary who really looks over it, but it’s out there somewhere — then what if people manipulate it? How can we intervene? What can we do?’
I understand their hesitation on that front. At the same time there’s an interesting thought experiment, which is that perhaps you could argue that the financial crisis was actually partly caused by power being concentrated too much in a handful of intermediaries. And maybe if we democratize the whole system a little bit then it could be a little bit more open. But certainly, that’s a question that has to be resolved.
“Where do you get the talent from? It’s a new technology.”
Where I can imagine technologies like blockchain being adopted more quickly is in some emerging market, such as China or India or Africa, as we’re actually seeing. The reason is even though they may also perceive some of the risks that [Harker] articulated, they also have a financial inclusion problem.
In other words, if you were to roll out the traditional banking infrastructure it’d be very expensive. So, they can leapfrog to a technology that facilitates transactions, whether it’s banking, or real estate and property transactions, all kinds of things, in a much more expeditious fashion. There’s a different reward potential there as well.
If you look, for instance, in China in some areas, they have so-called sandboxes where they relax the rules and people can use technologies like blockchain to do transactions, even things like giving loans to each other through apps that will allow direct peer-to-peer types of payments at very high levels, utilizing technologies like blockchain in order to track the transactions.
Knowledge@Wharton: One of the things that I really like in the paper is that it presents a road map for firms that might be thinking about adopting the blockchain. Can you go through that for us a little bit?
Chaudhuri: Absolutely. We sought to be provocative in this white paper. The ideas here are really intended to provoke a little bit of discussion. We hear a lot about the technical sides and the hype around this and we wanted to put a bit of structure in it.
One of the questions to ask is, ‘Do you need blockchain as a solution now?’ Of course, at some point in time if there’s a better technology, blockchain or otherwise, to enable transactions to be more efficient and effective, everybody will go to it. But at this juncture with all the challenges and the uncertainties that I outlined earlier, the question is one of timing. Do I need it now or not?
We thought long and hard and went to different parties and asked, ‘Where do we see adoption? Where do we not see adoption? Where does it make sense? Where doesn’t it?’ We came up with two parameters. One parameter is this: Is there a sufficient interparty transaction base in terms of the number of transactions, the number of parties involved, and perhaps risk of non-compliance? And the second is, is the infrastructure ready in terms of scalability and privacy? If you look at these two parameters the question becomes, ‘Who needs blockchain now and who doesn’t need it now, and then, are they in a position to actually adopt it at the moment?’
In certain places where you have supply chain functions, where a lot of vendors interact with each other, that’s a case where you’ve got a lot of infrastructure, a lot of parties, a lot of contracts that need to be enforced. Think about that as the infrastructure being ready, as well as having a high base of transactions that need to occur.
If you look at an Amazon for instance, or any major industrial company, anybody who’s out there who needs work with their supply chain and huge ecosystems, it’s a very natural use case to say make it more efficient. The reason it’s also a little bit safer is because the parties actually know each other. Those concerns that the Philadelphia Fed president had articulated to me are not as prominent because parties know each other. On the other hand, if you look at small vendors, mom and pop stores and other places, they may have a lot of different customers, but they also may have a small number of transactions and they certainly don’t have the infrastructure. So, it’s not going to be as useful.
The interesting category, though, is in places where you’ve got a huge number of transactions, but the infrastructure might not be ready. Think about the stock market for instance. There you need to ensure scalability but also privacy and absolute security — and to establish that first. So even though they’re handling so many transactions and at some point it should make sense to move to a technology like that, it’s not quite there yet. And non-supply chain functions even at big companies don’t need it either. So that’s one important question to ask, ‘Do I need it at all?’
“One of the questions to ask is, ‘Do you need blockchain as a solution now?’”
Once I’ve established that, then I can move into finding out where to use it. With most technologies nowadays we have this temptation to get very excited about all kinds of applications. But the key is what are my use cases? Is my procurement function where I want to have it? Or if I’m Johnson and Johnson, is one of my challenges not being able to accurately track the genuineness of a drug? Let me keep tabs on it using a blockchain technology.
Or if I’m Maersk, which is one of the world’s largest shipping companies, do I use it to track containers, for instance, and customers and where things are happening in terms of each point, and what’s happening at each stage where I can see not only the activity but specific use cases as well?
Once I decide that, then I have to think about the ecosystem. Are my suppliers in a position to do this? Do they want to do it? Do they trust me? And do they have the infrastructure? I have to help them. And then I have to get to a point and ask the question, ‘What would it take to actually implement it?’ There are a lot of questions here. How do I source the new technology and the capability for doing it? It’s so new.
I can choose a number of different methods to go about it. I can do so internally. For instance I can say, ‘Let me build up a team that does blockchain.’ That certainly makes sense in order to have control over it if you see it widely applied very, very quickly. I can also say, ‘Let me partner with another company that understands it really well.’ There are a lot of new startups and tech companies out there which really do this kind of work. That takes some of the risk off of me and I can try it on a smaller scale.
Then finally, I can buy one of these blockchain firms to acquire the in-house technology to do it and get the teams with expertise about the technology. But that also brings a lot of risk, especially at this early stage because you’re actually paying for it and you have to integrate — even if you’re not sure where the technology is going, so it might be a little bit of an early bet there.
Once you’ve done all that analysis you can implement it and roll it out. I still recommend doing it in a phased fashion where you try a few use cases first. Play with it a little bit, and then expand it if it works out for you.
Knowledge@Wharton: Given the list of potential pitfalls ahead for companies looking to implement the blockchain, what do you think are some of the wrong ways that they are thinking about or implementing this technology?
Chaudhuri: Whenever you have something where there’s a lot of excitement and maybe not as much understanding associated with it, the tendency is the ‘fear of missing out’ phenomenon. We see a lot of companies … just talking about blockchain.
One of the biggest problems is people get enamored with a technology and don’t think so much about this question of, ‘Do I really need it at this moment, and if so, how will I implement it? Am I even ready for it and how much money will it cost? And what impact will it have on my partners as well?’ These are some of the challenges that we’ve seen.
The other part is purely technical. I’ll give you another example. If you think about all of these transactions taking place, somewhere you have to conduct these transactions. From an energy efficiency point of view, there are arguments to be made that it’s really inefficient at this moment. So, that’s another facet.
“People get enamored with a technology [without asking themselves], ‘Do I really need it at this moment, and if so, how will I implement it?’”
The other part is that people are either not willing to try it or they rush into it. They’re jumping in very aggressively or just waiting and seeing. None of those is really the right answer if you’re a company that has a lot of transactions where you could easily do it, such as with your suppliers, and the infrastructure is ready. Instead of this trial and error, do a few things that’s there.
And the final pitfall or maybe misconception that I see is they think that blockchain as it is, is the be all and end all. That’s propagated by certain parties and that’s understandable. There are so many questions to be answered that I think it’s really important to bring those up.
Right now, what you have is a lot of companies that are promoting like the Ethereum standard, but it’s really on the developer and the technical side. What we really need are coalitions of adopters of the technology who will then advocate for a standard that works. That’s what we kind of saw in other areas like telecom too, and that will help them.
Knowledge@Wharton: How will you follow up this research? What’s next?
Chaudhuri: This is very much the beginning. We have a number of things in mind. One is that we want to really get people’s reactions to this. And as I mentioned, this was a very general primer at the moment. It’s meant to tickle the interest of not just the CIO of a company, but the CEO and other general managers and give them a basic platform to have a conversation on.
What we plan to do as part of a larger fintech initiative is follow how transactions are changing. We’re going to focus a little bit on the banking industry first and see how that can potentially change, seeing that there are leapfrogging examples in different emerging markets. We might even have a conference on it. But certainly, we’re working on some papers in that area as well and then we’ll broaden it again to see the adoption. We also have a few events lined up.
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