The Printing Press? Check. The Internet? Check. Nothing Compares To Blockchain Claims Billionaire
Printing Press? The Internet? Nothing Compares To Blockchain Claims Billionaire
Patrick Byrne, CEO of online retailer Overstock.com, has long been a crypto-enthusiast. His long term thinking of the technologies behind cryptocurrencies (namely blockchain) have to lead to offer these glowing words in an interview with Bitcoin.com.
He is of the view that block-chain is set to bring about the commoditization of trust and will distribute decision making power to the masses once and for all.
When he said that the increasingly popular and varied uses of blockchain are set for a revolution that will be “bigger than the Gutenberg press and bigger than the internet,” he wants people to know exactly why he thinks this will be the case.
In his view, blockchain will offer mankind a heretofore unprecedented method to trade value. He goes on to say that 1000 years from our present, people will look back on blockchain as something that had a bigger impact on humanity as a whole than either Gutenberg's press or the internet.
Of course, Byrne is not only the CEO if Overstock.com, but he is also the CEO of tZero. tZero is a ledger platform for capital markets, with a twist. It is a distributed ledger platform. Byrne has taken his knowledge of traditional markets and is trying to wed that experience to blockchain platforms.
His idea for tZero is to be “a new version of Wall Street,” he said, according to an interview he gave at the Tokyo based Beyond Blocks Summit 2018. He added that his idea with tZero was to create a new kind of Wall Street. One that was not only fairer but provably and demonstrably fairer than the current iteration. He has gone about this, he stated, by buying a node out in the center of Wall Street. It is being built out, on top of a brokered deal that is SEC registered.
Byrne has been championing crypto-currency before any of the big price surges and was a pioneer in payment processing by allowing people to pay with crypto from 2014 on his site Overstock.com
In his interview, he can see 6 sectors that are going to be completely revolutionized by blockchain, and its verifiable, democratic method of distributing value. Voting, digital identities, Real Estate (at least the processing of title deeds), securities exchanges, banking and supply chains.
Byrne, in his own words, not being one to talk about something without going out to do it as well has made investments into all these areas, with tZero being the most recent and the investment he has decided to take a more hands-on role in.
His other companies in those six key sectors are Finclusive and Identitymind – two companies that are focusing on personal identification. The rest of work is being done through the Medici Foundation, a subsidiary of Overstock.com that has launched deed titling initiatives in Rwanda that uses blockchain technology for verification among a host of other companies and foundations flying under the Medici banner. In fact, Medici Land Governance has been awarded a government contract in Rwanda to provide the services for the recording of the deed titling for 300 000 homes. There is also a memorandum of understanding that expands this to an understanding that they will provide the service for an additional 10 million title-deed transactions.