RE: Blockchain Technology Potential (Series 1) – A Review of a Recent PAYPAL CryptoCurrency Patent Filing and What It Means for the Future of the Technology
Very interesting to hear that Paypal has been working on a blockchain patent. They are obviously one of the big platforms for money Transactions. Others would be the big money conversion platforms like Ebury and Worldfirst, who convert currencies into other currencies. They run the risk of becoming obsolete.
Before the 3rd generation platforms it made sense for PayPal to do this, because the biggest threat to PayPal is a competitor who can transfer money in an easy and quick way that is safe.
So they effectively blocked a way that someone could do that on the bitcoin block chain. Arguably their biggest crypto currency competitor.
A company as big as PayPal will first of all protect their own interest and then carefully maybe add something to their services. They have much to loose, so they will be very careful and fight to keep what they have.
Yes indeed. It is a good sign that they also do see the merit in using blockchain technology and that in a few years even the big players will likely be providing services using this technology.
True, although I am also expecting it to work a little bit like market for fossil fuels and sustainable energy, so that lots of powerful players in the market will actively try to stop this change. So my question is how much will they slow it down?