What Would Satoshi Say to Traditional Businesses Integrating Blockchain Technology? – Bitcoin News


What Would Satoshi Say to Traditional Businesses Integrating Blockchain Technology?

The Bitcoin community is growing and the infrastructure being built can be seen very clearly now, especially if you work within the crypto-industry. As a crypto-journalist, I’ve learned that the environment surrounding cryptocurrency is never dull. There is always something new and fresh happening nearly every day because the currency has spread innovative designs, new technologies and reformulated business models. One problem I’ve seen in this ecosystem is individuals and organizations trying to mix the old financial elements of the past with this new technology.

Also read: What Makes A Bitcoin Company Successful?

“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.” ― R. Buckminster Fuller

10409326_1568860070045002_3280565438503248310_nI have always been quite proud to be a writer who supports a four-person family within an economic environment that I helped create. There has never been a currency or a medium of exchange that has built an economy around itself the way Bitcoin has. The three pillars of bitcoin have strong foundations in decentralization, peer-to-peer applications and open source. With these elements, businesses have taken on a new way of running their services with these specific attributes in mind. Companies like the news publications where I work have seen vast changes with their business models, adding new approaches to running an organization. Concepts like zero-knowledge, decentralized media, holocratic systems, and creative commons have changed the landscape for the better.

1779700_1568563980074611_7171432063708475309_nThese methods work very well with a cryptocurrency business because they align with Bitcoin’s core concepts. Most of the publications I write for are organizations that run in a very holocratic way. Writers, editors and publishers in my line of work collaborate on an international level to cooperatively supply the globe with news. The same goes for any Bitcoin company, as they are not explicitly tied to a region, but rather operate on a global scale. Using a structure that takes away traditional hierarchical methods allows people from all around the world to work together — and it’s based on the incentive for this idea to succeed. That is the core difference between companies working for fiat; Bitcoin services and organizations work for the ultimate success for the digital currency as a whole. In turn, this provides a unique architecture around this industry very much like the self-securing network of mining.

Services that continue centralized operations and continue to manipulate and monopolize economies will not last when confronted by these new technologies. The same goes for companies that operate their businesses by sticking with the traditional foundations of corporatism and hierarchies. Closed data and patented code will never be able to compete in a world that embraces open source technology. Businesses that treat their employees like a tethered top-down system will also never match the inclusion crypto-like businesses offer, which actually incorporate Bitcoin’s attributes. Because the methods these legacy institutions use grow stagnant and give no innovation to society today, they do not improve the economy. They would much rather syphon the economy into the hands of the 1% and corrupt bureaucrats. Bitcoin and crypto-related companies that shine conduct business in an open, decentralized and peer-to-peer way. Anything less typically doesn’t match well with the digital currency environment and its community.

“The only way to make sense out of change is to plunge into it, move with it, and join the dance.”― Alan Watts

Businesses that stick with decentralized methods are fine and dandy, until people start mixing the applications of the past and the traditional ways of doing things with Bitcoin’s unique differences. Satoshi created a digital currency that is unlike the systems we are typically familiar with. It is very close to a ghost in the machine that we cannot touch. However, we can learn to play with its shadow to a degree. Centralized business models and legacy concepts will never mix well with Bitcoin because it is imperfect and always will be. Things like permissioned blockchains may work for individual businesses, but in the end nothing will perform like Bitcoin’s ledger. For it’s an imperfect design that creates more trust than its manipulated fiat counterparts. Over the course of its seven years of life, Bitcoin has shown people that decentralized models work, and that they are efficient.

11081274_1568564013407941_7511435987797213333_nThe first time I truly had that moment where Bitcoin clicked was when I was examining Nancy Lynch’s 1989 paper, “A Hundred Impossibility Proofs For Distributed Computing. The simplicity of Satoshi’s proof-of-work behind the beauty of Bitcoin helps the world understand consensus. A collective decision making process like consensus rules the business environment we all work in. Methods of centralization stagnate day-to-day consensus because it offers no fluid movement to all sections of human action.

Bitcoin acts as an imperfect consensus method; when we apply this system to our daily lives and business models, our economy will flourish. The crypto-industry will operate best when its mixture of investors, political idealists and geeks start working with Bitcoin — not against it. Satoshi’s invention is a striking force of technological LSD, and we don’t understand its capabilities just yet. The blockchain is essentially a ledger of digital events and nothing more. Bitcoin and its surrounding ecosystem is more than that because it has changed the landscape of business models, consensus and assets held within that verifiable record. Those who continue to follow the traditional paths while walking with the digital currency’s technology will most likely fail.

“If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”

― Satoshi Nakamoto

When we create an industry with the foundations of Bitcoin, our global economies will flourish. Cryptocurrency was meant to change things drastically, and companies who are not open to dancing with its change will not flow well with current demonstrated preferences of today. Society has desired what Bitcoin has to offer, and it will continue to consume its attributes. With a new currency comes a different way of operating as well; let’s embrace it.

What do you think of holocratic business models and zero knowledge operations? Let us know in the comments below!

Images courtesy of Redmemes 

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Buckminster Fuller, Satoshi Nakamoto

The opinions expressed in this article are not necessarily those of Bitcoin.com.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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