The utility of blockchain technology, the basis of Bitcoin, extends its implementation well beyond the confines of cryptocurrency. The true value of ‘digital trust’ lies in its ability to effectively organize the world. Some of the most common processes used today could benefit from the technology now.
Here is an example of the issue: You receive Series I bonds from your grandfather, purchased 20 years ago. Disregarding the paltry interest rate and the fact the Government says “Guaranteed,” you decide to sell these bonds.
You contact the Treasury Department, they say you can simply walk into a bank you are a member of and sell your bonds directly at the bank. You go to your bank, but they won’t accept Series I bonds, or equally likely they don’t accept bonds at all.
Frustrated, you contact the treasury department again, they are unaware banks don’t accept bonds as regularly as they used to 20 years ago.
Digging through the miserable Treasury website, you find that you need to physically mail your bonds to the government… through the mail? Not a very secure system, worse, you have to get a Medallion Signature beforehand.
What's a Medallion Signature you ask? Great question! You may be asked by many a Teller what that outdated system is.
After calling the closest 20 banks, spending collective hours on hold, and getting misinformation, you may find one that has, or knows a branch that has, someone certified to give you a Medallion Signature! They need to physically watch you sign the paper, with your signature… your name only it looks fancier?
I think everyone agrees it's no fun dealing with the banks, government, DMV, IRS, Parking Authority, and pretty much any government website.
We at Gumbo view the crypto space as valuable, but not just for the censorship resistance, quicker and cheaper transactions, global acceptance, and of course its ease of use. We view the crypto space as valuable for the way in which we can save time. Every single person on this planet's goal is to save as much time as possible in some way or another. So, a technology looking to save immense amounts of time and money would assumedly be a valuable market.
We could travel without passports, licenses, IDs, and the like. Instead, we would all have our own public key.
Toll roads and their booths would be replaced with a sensor in the road, and your self-driving car would drive over the sensor at full speed, and you would instantly be prompted to accept the purchase on your phone, bionic contact-lenses, neural implant, or just say ‘accept.’
And the best part, no matter which system that's supplanted, they will all be open 24 hours a day, even on Sunday.