We interviewed Alessandro Saglimbeni, Chief Analyst at Blockchainlab, in the occasion of the second Fintech-up Milan, during which he gave a talk about the permissionless blockchain and its applications in the fintech sector.
Saglimbeni, like many other experts on this subject, reiterates the absolute exceptionality of the technology that is the basis for the existence of cryptocurrencies. He compares it to the birth of the Internet: as the Internet, at the end of last century, allowed for the first time In the history of humanity the free exchange of information, so blockchain, thanks to the consensus protocol, the so-called Nakamoto Consensus, now allows the free exchange of value without any intermediary.
Blockchain’s chief analyst further explains that only the permissionless blockchains can be considered truly disruptive as they simply allow value transactions between anyone in any part of the world without any intermediaries, unlike what happens with permissioned blockchain which implies the need for a ‘trustful’ body that acts as a ‘guarantor’ in the exchange of value between two knots. Therefore, this type of blockchain becomes simply a transaction log.
Moving to a more political point of view, another interesting topic faced by Saglimbeni is the poor or ‘bad’ information circulating on the bitcoin theme.
This technological innovation guarantees unmatched individual freedom, but, at the moment, all its power has still not been unleashed: “Bitcoin has led to a social revolution for which our society is not yet ready.”
Most of the circulating information on criptocurrencies only emphasizes aspects of uncertainty and illegality. These are the aspects that are already embedded in paper coins with the only difference that they are not ‘traceable’.
A total change of mentality is needed to welcome this innovation and understand its intrinsic potential.
When asked about the future of blockchain, Saglimbeni assumes some kind of upgrade of the existing permissionless blockchain, which allows automated exchange of valuable objects, even complex ones. This will imply the occurrence of certain conditions to be transferred.
To learn more read the articles on the blockchain theme and also look at the other Inside Blockchain video interviews.