Sept. 22, 2022

Realizing the Unfulfilled Promise of Blockchain

Realizing the Unfulfilled Promise of Blockchain

“Block chains are basically an attempt to do a more efficient transaction by replacing trust with proof,” explains Sam Bizri, founder and CEO of Zeconomy. Until recently, transactions were committed via a trust-based bureaucratic system where...


“Block chains are basically an attempt to do a more efficient transaction by replacing trust with proof,” explains Sam Bizri, founder and CEO of Zeconomy. Until recently, transactions were committed via a trust-based bureaucratic system where watchdogs like banks and accountants acted as witnesses, providing a system of checks and balances in case anything fails. A blockchain, instead, is a ledger. It works on proof, using data that is 99.99% incapable of being corrupted, and giving millions of witnesses copies of the transaction, making it easier, cleaner, and able to better solve potential disputes. 

The problem, explains Sam, is that people are using the blockchain to make off-chain real-world transactions while still using the trust model, devaluing blockchain’s efficiency of proof. Cryptocurrency answers this problem by doing on-chain business, but it has its own set of problems most notably stability, universally accepted legality, and intrinsic value. 

It seems blockchain value will increase when everyday people learn to value it, and when the trust system begins to trust blockchains to work the way they’re meant to. Sam discusses the many solutions being developed to allow blockchains and cryptocurrency, including blockchain natives, and commercial paper, and what this all looks like in the real world at the consumer level. 

Quotes:

“The idea is that if we can replace a lot of the trust mechanisms that we use in everyday commerce with proof mechanisms giving absolute proof of the data of transactions as much as we can obtain them, we can make things a lot easier to handle, a lot easier to process. (7:08-7:28 | Sam)

“So now, I don’t need five or six steps to do something. I can do it in one step. That’s the promise of blockchains.” (8:21-8:29 | Sam) 

“Block chains are basically an attempt to do a more efficient transaction by replacing trust with proof.” (13:12-13:22 | Sam)

“Depending on what your investment is, I think adding speed and efficiency on small transactions makes perfect sense. Adding more proof and immutability and focusing on that on large transactions is a must.” (43:52-44:09 | Sam) 


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Connect with Sam Bizri and Zeconomy:
www.zeconomy.com

Check out Sam’s recommended learning:

Sam very much recommends people read more in the genres of economics, statistics, and current events in geopolitics and the global economy. Start with watching videos by trusted experts on Youtube as a preparation before diving in.

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