Some commentators have dismissed Bitcoin as a joke compared to blockchain technology, but Bitcoin is proving to be more resilient as a decentralized and truly novel approach to financial services.
Most blockchain implementations in the financial service industry deliver cost efficiencies, but are still permission-based, which makes them similar to other centralized technologies. However, by using Bitcoin as a base layer, new digital cash systems can be built without the risks of regulation or shutdown, delivering true independence.
Ian Foley is a cartoonist, writer, serial entrepreneur and investor focused on enterprise software. Living in Silicon Valley, he has founded or led sales at four startups, all at the forefront of new data technologies.