Fighting Wall Street fraud with Bitcoin and Blockchain
Blockchain technology and Bitcoinare core components of the crypto industry. Using blockchain as its foundation, Bitcoin is a lucrative investment option, trading at just under $7000making it the most popular, and expensive, virtual currency.
The efficiency and decentralized nature of blockchain technology has the power to completely revolutionize the world’s financial structure. Its main aim, and what it is currently doing, is taking financial power from governments and single entities and giving it to individuals. It’s a bold move, and one that still needs to find a way to be implemented in our everyday lives.
The former MD at Morgan Stanley and the current president of Symbiont, Caitlin Long, chatted to Reason’s Nick Gillespie about the two biggest players in the crypto industry. Symbiont is in the process of delivering blockchain technology to Wall Street.
See an excerpt of this interview below.
Gillespie: Well, let's talk about Symbiont and smart contracts, because that's one of the ways you describe it, is that it's a smart contract company. Aren't all contracts smart, or at least for one of the, maybe the person writing it, or the person signing it? What do you mean by smart contracts?
Long:Smart contract is a piece of code that autonomously runs,and it's essentially an automated if-then statement. What we interact with that might feel like a smart contract today is something like online banking, so on the 30th of the month, the computer hits the atomic clock and says, 'Time to pay your utility bill. If there's money in your account, the bill gets paid,' and you don't intervene at all. Now, that's not really a smart contract in the Blockchain context, because when you run that smart contract on a blockchain, what happens is that the payment goes immediately to the payee.
Gillespie: You've written that the biggest beneficiaries of Blockchain technology are long-only investors, insurance companies, pension funds, mutual funds, and mom-and-pop investors.They're the biggest losers from today's lack of beneficial ownership tracking in the securities industry. Walk through how Blockchain technology fixes this.
Long: It restores the property right back to those of us who think we actually own what we think we own today, but don't.
Long: We can track it. We own it, so if somebody is actually out there doing something with our securities that aren't authorized, then we would know. We would be able to see it.
Gillespie: This is one of the things I find fascinating about Blockchain, Bitcoin and Blockchain, is that when Bitcoin really emerged, one of the ... Particularly on kind of dark web sites like Silk Road and whatnot, the idea that it was fully anonymous, cash-like transactions, but in fact, it's not. It's the-
Long: Not true.
Gillespie: ... reverse of fully anonymous. It is fully tied to specific individuals, specific institutions, specific moments in time. Does that trouble you at all?
Long: Well, it's hard to IP address this, right?
Gillespie: Right.
Long: Which is how ... It's pseudo-anonymous, I think is a more accurate term. Does it trouble me? It depends on the use case, right? Because, let's put it this way, for those who are looking for better privacy in Bitcoin, there are next-generation projects that have come out, Zcash, Monero, with much greater levels of anonymity, but in the institutional world, this is exactly the sort of thing that we want. We want to be able to have clarity on who really owns what, and so the shenanigans that have happened in the industry, which have skimmed value off people's securities accounts undetectably, those sorts of shenanigans need to stop. Within the institutional world, that transparency is a good thing.
Fighting Wall Street fraud with Bitcoin and Blockchain
Blockchain technology and Bitcoinare core components of the crypto industry. Using blockchain as its foundation, Bitcoin is a lucrative investment option, trading at just under $7000making it the most popular, and expensive, virtual currency.
The efficiency and decentralized nature of blockchain technology has the power to completely revolutionize the world’s financial structure. Its main aim, and what it is currently doing, is taking financial power from governments and single entities and giving it to individuals. It’s a bold move, and one that still needs to find a way to be implemented in our everyday lives.
The former MD at Morgan Stanley and the current president of Symbiont, Caitlin Long, chatted to Reason’s Nick Gillespie about the two biggest players in the crypto industry. Symbiont is in the process of delivering blockchain technology to Wall Street.
See an excerpt of this interview below.
Gillespie: Well, let's talk about Symbiont and smart contracts, because that's one of the ways you describe it, is that it's a smart contract company. Aren't all contracts smart, or at least for one of the, maybe the person writing it, or the person signing it? What do you mean by smart contracts?
Long:Smart contract is a piece of code that autonomously runs,and it's essentially an automated if-then statement. What we interact with that might feel like a smart contract today is something like online banking, so on the 30th of the month, the computer hits the atomic clock and says, 'Time to pay your utility bill. If there's money in your account, the bill gets paid,' and you don't intervene at all. Now, that's not really a smart contract in the Blockchain context, because when you run that smart contract on a blockchain, what happens is that the payment goes immediately to the payee.
Gillespie: You've written that the biggest beneficiaries of Blockchain technology are long-only investors, insurance companies, pension funds, mutual funds, and mom-and-pop investors.They're the biggest losers from today's lack of beneficial ownership tracking in the securities industry. Walk through how Blockchain technology fixes this.
Long: It restores the property right back to those of us who think we actually own what we think we own today, but don't.
Long: We can track it. We own it, so if somebody is actually out there doing something with our securities that aren't authorized, then we would know. We would be able to see it.
Gillespie: This is one of the things I find fascinating about Blockchain, Bitcoin and Blockchain, is that when Bitcoin really emerged, one of the ... Particularly on kind of dark web sites like Silk Road and whatnot, the idea that it was fully anonymous, cash-like transactions, but in fact, it's not. It's the-
Long: Not true.
Gillespie: ... reverse of fully anonymous. It is fully tied to specific individuals, specific institutions, specific moments in time. Does that trouble you at all?
Long: Well, it's hard to IP address this, right?
Gillespie: Right.
Long: Which is how ... It's pseudo-anonymous, I think is a more accurate term. Does it trouble me? It depends on the use case, right? Because, let's put it this way, for those who are looking for better privacy in Bitcoin, there are next-generation projects that have come out, Zcash, Monero, with much greater levels of anonymity, but in the institutional world, this is exactly the sort of thing that we want. We want to be able to have clarity on who really owns what, and so the shenanigans that have happened in the industry, which have skimmed value off people's securities accounts undetectably, those sorts of shenanigans need to stop. Within the institutional world, that transparency is a good thing.
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