What Goldman Sachs' CEO misunderstands about private blockchains
Blockchains aren’t meant to provide big banks with another venue for imposing new fees on users. Only one of the following news items is real, but someday, all will sound equally comical. Headline, 1896: The owner of Wagoneer & Sons, a leading horse-drawn carriage maker, has announced the adoption of a new machine called the “internal combustion engine” to improve its manufacturing process. “Gas engines are powerful but dangerous,” the owner said. “We will use them to make better wagons. Headline, 1918: The American Association of Candle Makers has announced a new initiative to electrify its wax-making process. It believes that electricity is too dangerous to use for lighting but can be utilized to make cheaper candles. Headline, 1989: The United States postal service will adopt a new Technology called “the internet” to speed up the sorting and delivery of letters and postcards. Headline, 2022: The CEO of a major investment bank argues that blockchain, a technology invented to eli...