In earlier posts, I shared my career arc, motivations and the systemic issues plaguing our global financial system.
👋 I quit a cushy ‘TradFi’ career to go back to school and bone up on nascent technologies (big data, ML, AI), aiming to leverage them in a more socially impactful career. That path is still evolving, but I know I thrive in collaborative environments with a growth mindset and a mission to disrupt financial services.
⛓️ The most promising tech I have explored over the last decade is blockchain, specifically the Bitcoin protocol. It is the perfect intersection of math, economics and psychology, to keep me fully engaged.
🧠 For those without the time – or, candidly, the brainpower – to dig into the Bitcoin White Paper, here is a summary of blockchain’s key benefits for reimagining financial services.
Transparency – Bitcoin lets anyone with a basic computer download and verify the entire transaction history since Block 0 (January 3, 2009). Every transaction (or block) is scrutinized and validated by (node or miner) participants, reducing fraud and boosting trust.
Security – Bitcoin’s cryptographic foundation ensures transactions are secure and tamper-resistant, safeguarding against hacking. Once recorded, transactions cannot be altered (immutability), ensuring data integrity.
Inclusion – Blockchain offers decentralized alternatives for unbanked populations, bypassing TradFi’s infrastructure. Bitcoin’s supply is capped at 21M bitcoin with ~93% already mined. Supply is controlled by code, not governments. 1 bitcoin == 1 bitcoin, the most robust unit of currency ever.
Efficiency – Bitcoin is not tied to any nation or profit-driven company. It is fully decentralized, and everyone in the network has a voice. By eliminating intermediaries and automating with code, on-chain transactions are faster and cheaper.
⚡️ There are several top notch applications on the Bitcoin protocol that enable users to transact at lightning speed with close to zero cost – it is literally called “Lightning.” Check out Strike (https://strike.me/), Lightning Labs (https://lightning.engineering/) and Lightspark (https://www.lightspark.com/).
Available – Bitcoin is online 24/7/365. It is virtually impossible to stop or attack the network due to the immense computing power required. China banned Bitcoin mining in 2021 (for the third time!) but new mining capacity seamlessly emerged elsewhere. Even a global superpower cannot disrupt availability.
📈 We are still in the early days of Bitcoin and blockchain tech. It is an uphill battle to educate and convince friends and colleagues, especially with bad actors making it easy to dismiss its potential.
🌐 Yet, I cannot imagine a future where blockchain does not power the digital economy, real world asset tokenization, and digital identity verification. Blockchain is fueling Web3 – a decentralized internet where users control their data, identity and digital assets. There are 400M+ wallets active crypto wallets today. How the UX feels at 1B+ users will be vastly different.
💪 The possibilities are immense and complex. We have never seen such a global technology expand in a completely decentralized way. It is complicated, we will make mistakes, but the upside of a decentralized future is worth fighting for!
🤙 I am excited to keep experimenting and applying my product, business development and growth skills to drive blockchain adoption in financial services, Web3 and beyond. If you are building – or just curious about building – with blockchain technology, reach out!
Sources:
https://go.chainalysis.com/crypto-spring-report.html
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