Jack Dorsey, CEO of both Square and Twitter, has claimed that Blockchain technology and Bitcoin are the “next big unlock.” He added that the term is usually applied to accounting but has the capability to “be applied to so much more.”
In an August 2017 interview at the Computer History Museum in Mountain View, California, Dorsey discussed such topics as the future of banking, Blockchain technology and digital currencies like Bitcoin.
Dorsey’s opinion on Blockchain technology
Several financial and technical experts at the gathering defined Blockchain as a ledger that allows secure and encrypted transactions. Others compared it to the early days of the Internet, arguing that Blockchain will serve as a framework for building new technologies.
Dorsey, however, claimed that Blockchain’s ability to decentralize financial transactions makes it a game-changer. He also cautioned against using Blockchain in a one-size-fits-all approach:
“I think there are going to be a bunch of people who say, ‘Blockchain, let’s go apply it everywhere’ and ‘Let’s try to solve every single problem with it. In the same way that we try to solve every problem with machine learning and data science and deep learning and artificial intelligence. And I think we need to be more thoughtful. What are people struggling with? How does the technology help them progress or does it distract them?”
Dorsey’s investment in Bitcoin
Dorsey claims to have a personal investment in the digital currency, although he did not divulge the exact amount of Bitcoin he currently holds. His company is already accepting Bitcoin as a form of payment. He also claimed that a lot of his friends and family members are asking him how to invest in the digital currency.
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