Remember when PayPal was cutting edge?
How long can they survive?
"Whenever people say why don’t we use the blockchain to do this, I think why don’t we just use a database?"
- Harper Read Director of software Development PayPal
When I read this I did a double take. I had to go over it a few times to make sure it wasn't a joke. But I'm afraid I read it correctly. He also went on to say:
"When I think of blockchain I think of drugs, and I’m not really a drug user so I find it really boring."
- Harper Read Director of software Development PayPal
There's a couple of things wrong with this statement. We'll ignore the fact that's he's not "really" a drug user.
He's the Director of software development in what was, at one time, one of the most innovative payment systems in the world.
What happened PayPal?
How did you get from that to this?
If I was Dan Schulman I'd be looking for a younger, smarter director of software development by now.
One that realises how much the Blockchain is currently changing the way financial institutions and systems are structured and implemented.
At the very least he should be looking at tagging PayPal onto and already well established Blockchain, and at the very most, he should be looking at a standalone PayPal Blockchain. They could even have the users involved by launching an ICO (hell, I'd buy that).
But no. He's dragging the technology back into the darkweb ages, by saying it makes him think of drugs. Yes I'm sure that some crypto is used for buying drugs. But so is every other currency in every other country (except maybe the North Korean Won, but even then I'm not so sure).
We don't need people like that dragging the technology down. It won't change the outcome. But it will allow the competitors to trample their way to the top of the tree.
Just ask Nokia about their early ideas about touch screens.
I just wonder how long it'll be before PayPal changes its standpoint on Blockchain, or it falls by the wayside to a more forward thinking system.
Wirex anyone?
A.T.G
"Whenever people say why don’t we use the blockchain to do this, I think why don’t we just use a database?"
I agree with this quote a lot. I think "blockchain" is becoming a marketing buzzword that most people don't really even understand. Yes it is a great technology but no it doesn't solve every problem. Databases are still the right choice for most things.
Totally get where you're coming from. We shouldn't try and shoehorn the Blockchain where it doesn't belong, just for the sake of Blockchain. But when it's for a product that it's actually perfectly suited to then (if it was me), I'd be looking at moving the company forward. It is a payment system after all.
Also, database software tends to run on dedicated servers and generally aren't on a distributed network. From a traceability point the A smart contract on the Blockchain is almost bulletproof.
Truly appreciate your input and time, and thank you for reading 👍
Great post!
Thank you 👍
This also reminds me of how brick and mortar retailers smugly dismissed online shopping in the early 1990s and now because of the convenience of Amazon and Ebay many are now going out of business. I also remember an article in Newsweek http://www.newsweek.com/clifford-stoll-why-web-wont-be-nirvana-185306 predicting the internet would just be a passing phase. I do hope that PayPal does look for more forward thinking individuals than Mr. Shulman.
My brother in law said the same thing about the Internet. He invests in standard stocks and shares (over the Internet). While I've gone the crypto rout. It'll be interesting to see which comes out tops. (Fingers crossed).
Thank you for taking the time. 👍