There is a bit going on in the world right now, to say the least. Economic instability, a large and growing gap between rich and poor, a global health emergency, geopolitical tensions, and potentially catastrophic climate change.
In the middle of all of this, a new monetary network is emerging. It’s a decentralized network that can’t be shut down, with just the right mix of economic incentives to ensure active and growing participation. The result — a global monetary network that every government will have to deal with.
I think we'll look back on this as the start of a generational shift away from legacy banking infrastructure. In other words, Bitcoin will do for money what the internet did for information.
If you have time, try buying Bitcoin and sending it to another address. All you need is the other address, a long unique string of characters, then the network (i.e. computers) takes care of the rest.
Now compare that with sending an ACH or wire. Using Bitcoin is faster, less expensive, and works 24/7/365. Once you can send and receive money via the Bitcoin network directly in your bank account, ACHs and wires will no longer make sense.
But that’s only part of the story. The network itself stores programmable money. This is something we definitely haven’t had before. Much in the same way as we never could have envisioned Uber when GPS was added to smartphones, I expect we’ll be surprised at the innovations that Bitcoin will enable.
And it’s not just Bitcoin and related technologies like blockchains. The shift we’re experiencing is around removing friction where it’s not necessary. It's about transforming processes. Processes that are so rigid they were untouchable until the internet reached a certain level of ubiquity. It just happens that many of these rigid processes touch money. As a result, this makes Bitcoin the perfect catalyst.
At SoftLedger, we’re building for this generational shift. Our cloud-native platform and APIs are designed to help your business manage your distributed operations and assets. This includes interoperability with other applications and technologies. That way we can handle whatever comes next.
A CPA with more than 10 years of varied public and private accounting experience, Ben has led many complex financial projects to successful outcomes.
Ben holds a B.S. in Accounting from the University of Maryland.