Re:What is going to happen in 2015
by natrius on Thursday January 01, 2015 @05:36PM
(#8824599)
Blockchains allow people to enter into agreements that don't require enforcement. They're enforced by the programs that generate and validate the blockchain. Eliminating the need to enforce agreements will make them easier to enter into. Blockchains make it easier for people to work together.
[ Parent
| on HN ]
The problem with this statement is that for it to be true, everything referenced in the agreement has to exist in the blockchain. The system can't seize collateral that is real property. That still needs to be enforced by the courts and the sheriff. Whoever finds the way to match borrowers and lenders using bitcoin but with traditional collateral enforcement is going to make a lot of money.
A cheaper version of western Union is great and so is reduced fees for merchants. There is so much more that can be done with blockchain technology but I don't think it well happen as soon as 2015 because of the chasm between the people who understand the technology and the people who understand the business and law.