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Blockchain hits all 3 pillars risk metrics, Legal, Moral and Financial. It should and will be incorporated into everything in the future. Combined with AI and analytics it will also put alot of people out of work in the service industry imo.
Go and read this beforegolfs posts
I think he has either had a drink, or his a very immature teenager which his seen his Dad on the site and created an account
Literally hasn't got a clue
Speaks about Americans yawning
Says Bitcoin gets hacked
Says the market wasn't impressed with news 4.25% up
By the looks of things he is now saying blockchain is not secure
Go to bed :) please for **** sake lol
Thank you Kyle.
I understand there is also an insurance element to the financing which I suspect would cover both sides and which I also suspect wouldn't be available without the robust systems in the platform
Beforegolf
Did you really just say 'go and see how many bitcoins have been hacked'?
0 bitcoins have been hacked
You'd probably tell us all bitcoin is a bad investment too?
10 minutes ago I was just reading an article from Paul Tudor Jones on bitcoin
You really do need to go and get your head down
Clueless on how the technology works, so I forgive you for your ignorance. You need to research the security of blockchain to appreciate it. To me it is safe math puzzle that is impenetrable. No one's Bitcoin got hacked, they either transfered it to someone by mistake, or gave up their keys for a exchange to hold which resulted in the exchange getting hacked due to poor opsec. It helps with contract law as there is a unquestionable audit trail of the contract. It avoids disputes and ultimately keeps away costs of legal battles eating into margins. I am in the construction industry, and will be pushing for a platform to incorporate blockchain everything. It would reduce the risk for all parties, an example of this is when a client requests additional works mid contract and then disputes cost which can lead to a breakdown in contract and legal process. This has been highlighted by the poster via accounting of the asset or goods in the China example. All stakeholders would sleep well at night knowing a machine with no bias or agenda has done the books.
Lights on but there's no one home.
No Bitcoins have ever been hacked.
Period.
Exchanges have been hacked, ie websites/ online platforms.
Not Bitcoins.
@Beforegolf: Have you ever watched 'what we do in the shadows' with the energy draining vampire??!!
@cahoodle
Blockchain secure?
just google how many bitcoins(or similar) have been hacked
secure as a sieve !
@beforegolf: blockchain - built in security. Possibly not tested in a court because there's no cases because it's secure?
@chalker, I suspect AZ meant no competitors for the platform, which is the key to this type of finance becoming realizable for organisations around the world who now have a tool at their fingertips to enable the 'aggressive accounting' you highlight.
As for companies won't want ,,, They are apparently queuing up, more than we can currently manage so apparently companies do want ...
Yeah I was stumped with that one too.
now there I will take a position
please explain in what way blockchain lessens the risk in contract law?
'True sale' contracts have been used in the past and have been challenged. The results have been mixed.
As far as I am aware the 'legitimacy' of blockchain has never been truly tested in a complex company law case
Obviously, if you know better then I shall defer
Every point has been answered beforegolf - nothing missed -
Re US., it takes a while sometimes, takes a time to understand, there's a lot to digest.
He has just explained why Beforegolf. Contract law becomes less of a risk with a blockchain ledger for accountability.
@cahoodle
No counter to that as in my experience there is nothing 'new'
My scepticism is only grounded on the 'hype'
@cahoodle, some things still make no sense. You say that this is a tried and tested model. But previously AZ has stated that there are no competitors. That doesn't really make sense. The rns today actually explains there are competitors - which suggests that AZ says whatever is convenient at the time.
I actually think there is probably something to this business. But the true sale model relies upon aggressive accounting - which is why solutions need to be bespoke and only tend to work with bulk commodities (oil, metals etc).
However even if the true sale model is very difficult this can still work as regular inventory financing. The only problem is that this is a very competitive market - and companies won't want to pay an extra fee to another intermediary (syme) without good reason.
@Beferegolf. almost no element of anything is new, that's hyper-critical and pointless. The Supply@me package is new. It gives a solution to enable true sale inventory monetisation in a connected, live and secure way. No other platform as I am aware offers this package. Please name one if you are going to counter!
@cahoodle
What is actually new? The idea of 'true sale' inventory financing is not. Blockchain is not. Tying the two together might be innovative, but still not 'new'
If you can identify anything actually 'new' then I could be impressed
Come on man. FinTech. Clues in the name.
@beforegolf: I can't say it any clearer, the platform is new! the platform is the key - everything else is falling into place
Already answered that one Beforegolf - it's the platform - the secure blockchain technology linking inventory control into financial mechanisms - It's the platform!!
well, damn me!! I guess I have been saying the same thing on here @cahoodle for a while now, but no-one believes. Syme will save the world!
The business model is complex, fraught with risk, could work well, but could not.
The demand opined by some is just not there, if it was why has the 'commodity repo' market in the (amazing USA according to the dreamers on here) not become huge?
@peace, hope your £1+ party happens ;)
It’s all become suddenly clearer. I’m beginning to realise that true sale inventory monetisation has been around for many years and is a proven model. In the US it’s more commonly known as Commodity Repo Transactions. Contracts are complex because the purchaser (Banks / Financers) become the owners of the inventory with all the legalities that that may entail. The case of Mercuria v Citigroup highlighted this where quantities of aluminium and copper stored in warehouses in China were fraudulently over counted. This resulted in a us$270m legal battle concluded in 2015 to determine whether contracts on either side had been fulfilled.
As I see it, the complexity of the contract and security of inventory control needed for this type of finance have been one of the major blocks to this being more widely used.
I am realising that it’s technology that’s the key to unlock this and that NOW is the time.
It is NOW that the widespread acceptance and use of computer technology with high speed internet has become integrated into the almost every part of any reasonable size organisation. It is NOW that computer systems are able to offer high security transactions and traceability.
The platform used by supply@me using blockchain technology offers the secure and legal mechanisms to unlock the true potential of this form of financing. With lessons already learnt, contracts can be made more secure and insured for both parties and the technology can smooth the monetisation cycle of a company’s inventory with maximum security.
What timing, ahead of any competition with blockchain technology used for this purpose. What a sell to the worlds businesses with technology and financing in place, what a potential!
The idea was there already, it’s been proved, tried, tested and ironed. Everything is falling into place with regards to banks, financers and investors. It’s the platform that offers the key to unlock this for the world and everything is falling into place.