Neel Kashkari, president of the Minneapolis Federal Reserve Bank, spoke on Tuesday at a technology conference in Minnesota, USA. He stated:
“I would say I think conventional wisdom now is that blockchain and the underlying technology is probably more interesting and has more potential than maybe bitcoin does by itself.”
Although the above statement is true, the recent rise in the value of bitcoin’s marketcap consequently brings with it a scallywag of financial and corporate interest and their insatiable appetite for virgin ground on which to step, build and control.
By focusing on fiscal transactions over the blockchain, one can easily be distracted from the true capabilities of the underlying technology because the public interface is generally shown as a trading platform.
Although we are experiencing a healthy volume of new and exciting coin offerings, focus is directed to the typical centralized trading platforms … we trade and gamble, preferably through leveraged options … into the small hours, matrixed into the same tired paradigm that we are accustomed.
The coders, programmers and visionaries who spark these lights in the darkness of federal and financial office politics, know and understand the potential for disruption into vast swathes of business and governance.
It is staggering to realise, that, which is simple in all its beauty, should be held in such high esteem.
However, people are so focused on the currency that they tend to forget that its ultimately about Truth, honesty, integrity, security, anonymity and freedom
Blockchain is not Bitcoin, it is not any altcoin or currency. It is not about a monetary value or an investment for fiscal gain. To Joe Six Pack on the street it is nothing, until it is used to authenticate and validate any transaction between two parties in everyday life.
Blockchain is the broad definition of a technology that is able to create completely trustless agreements between anonymous parties, simplifying the process of value exchange, and record keeping, for everyone from the simple farmer to the bankers of wall street.
The overlying vernacular is to say bitcoin.
The underlying insinuation is to say freedom.