Safeguarding Financial Info with Permissionless Blockchain Technology
In Crypto, No One Needs Permission – And That’s a Good Thing
I'd like to help you understand what blockchain is, because this is the most revolutionary technological innovation since the invention of the Internet itself. One of the most fundamental benefits of blockchain is that it is permissionless. Well, what does that mean? Well, we can't talk about permissionless until we talk about permission. And think about your bank. You want to open a bank account; you need your bank's permission. Do you want to create an Excel spreadsheet? Go right ahead. But do you want anybody to see it? They can't without your permission. This is how the financial system works. We safeguard our financial documents, your online banking, your brokerage accounts online. These are all protected behind firewalls and passwords and security codes. They are protected. They are permissioned. Your bank doesn't let you have an account unless they agree, and you can't get access to it unless they give you the access to that online site. Nobody else can see your bank account unless you give them permission to do so. These are permissioned systems, and they are centralized. The bank controls who gets access.
A permissionless system is open. Everybody gets access. Nobody needs permission. This means the bank can't keep people out. How do they keep people out? By demanding that you pay high fees, that you have a large deposit, a minimum account before you can open a bank account. In a permissionless system, anybody can open an account regardless of where they are, who they are, how old they are, how much money they have, how much money they're depositing.
Permissionless is the democratization of money, and this is helping millions, frankly, billions of people gain access to the financial system on a global basis who have otherwise previously been shut out. This is going to radically help the elimination of poverty around the world. Permissionless systems a key feature of the innovative blockchain technology. Want to learn more about permissionless systems? Read my new book, The Truth About Crypto.