Blockchain is Going Mainstream

A while back, many people thought that bitcoin was a fad at best and a tool to launder money at worst. Those days are over. The realization is growing that bitcoin itself is less important than the technology that makes it work – blockchain.

The reason is very simple. Blockchain reduces transaction costs and improves transaction security. For these reasons blockchain can and will revlutionaize how we do transactions. It will make possible transactions that were too expensive before, and it will render obsolete players in the transaction field who imposed costs to secure transactions.

Banks are looking at this now. But we can expect that the big banks will be slow to adopt blockchain. Why? Because they have invested huge amounts in technologies that blockcahin can do away with.They don’t want to abandon these and will not abandon them so easily.

Will other sectors adopt bockchain more rapidly? Good question. We may see a new market or markets based on blockcahin. Those markets will arise where there is no pre-existing infrastructure to displace, there are high transaction costs  and there are clear benefits to be had from accelerating the pace of transactions.

hmmm … we may be talking about micro-payments.

Thinking about Abra

This information appeared today

Abra won the Launch Festival in March as Best Overall Company and has since been testing its services for storing digital cash, sending that money to any smartphone and using a new netFind an Abra Tellerwork of human ATM’s, called Abra Tellers, who are individuals or businesses earning money by buying and selling digital cash to and from any consumer via the Abra App.

Yes, another fintech startup that is trying to use blockchain.

This is interesting in itself. It is also may interest folks who are designing global platforms that require payment management. In the old days, accepting micropayments was impossible. Now it is possible but expensive. That barrier may be reduced or removed shortly.