by Antonio Green (antonio@getcoins.co.th)

Don Duet, co-head of the Technology Division at Goldman Sachs is now talking the same talk that Bitcoin users have been speaking about since the introduction of Satoshi’s White Paper (i.e., Bitcoin: A Peer-to-Peer Electronic Cash System) back in 2008. In Duets’ recent podcast, the executive spoke on how the financial industry is going to be improving with Bitcoin’s structural technology. Saying that it will be a “driving change” in the way that the financial industry does business.

Goldman is a part of R3’s 42-member bank association. These 42, of the world’s leading banks, have in recent years, significantly invested in bitcoin’s technology. These banks have come to be more accepting. Learning that it is worthwhile to include; as it too can improve their industry. Recently, they have spoken publicly about how it will change the banking sector like the internet has done for information. The association is now in preparation to take the “good” of Bitcoin’s structural technology to enhance their business practices.

The technology is now a known solution to third-party expenses that are acquired in regular financial service transactions – it is the “cost of doing business”. If these expenses are removed, it will save them billions of dollars. This is because the Blockchain ledger is more secure and effective than any centralized ledger system. Besides, decentralization makes it difficult for people to be dishonest, since the ledger is public. This stops the need for trust. When there is no need to verify truth, there is no need for lawyers or clearing houses. This is its truth, where all participates are empowered by its honesty. No longer will they be stopped by their lack of knowledge that is caused by centralization of information.

The digitization of financial services continues to replace “the cash in hand” transaction. Bitcoin’s technology pushes the pursuit of “frictionless and accessible” financial services beyond our wildest dreams. When coupled with a Bitcoin wallet, you have true financial freedom. The Blockchain is the influential factor that moves any “value” from the giving to the receiving party. This is what gives Bitcoin digital mobility when you couple it with products like a Bitcoin wallet. For emerging markets like Thailand, it is an extraordinary innovation that gives financial freedom to those who have been ignored for so long. Now, the leading financial institutions have taken notice. What will be Bitcoin’s future? Will they adopt the idea of the public ledger, or will they not? There are so many things we can consider when thinking about its future. Where does it lie with you?

