Most industries, especially those regulated stringently like banking, are laden with intensive and costly processes and procedures for compliance. With blockchain, you could integrate the oversight into the execution of the transaction, Alison Gatoff tells CoinGeek Backstage.
Gatoff was in London for Dr. Craig Wright’s The Bitcoin Masterclasses. CoinGeek Backstage host Becky Liggero caught up with the independent information technology veteran to discuss her interest in blockchain.
“I love new technology,” Gatoff says.
Before joining nChain as a systems architect, she worked in the corporate world as a tech consultant for years. In her effort to simplify the long and costly processes enterprises endure for compliance, she stumbled upon blockchain and has been hooked since.
With blockchain, every participant has a single source of truth, “simplifying things enormously,” she stated. “What we endeavor to do with blockchain is to create solutions that allow transactions that are almost pre-reconciled because everyone has the same single view of a transaction.”
Participants in a blockchain-powered system have digital signatures with which they execute transactions, and with these transactions being immutable, everyone is held accountable.
Gatoff lauded The Bitcoin Masterclasses, noting Dr. Wright’s simplified delivery of the most complicated facets of Bitcoin. The format, in which all audience members get an opportunity to contribute, keeps everyone involved and engaged, she added.
“I find that incredibly refreshing,” Gatoff said.
Her biggest takeaway from The Bitcoin Masterclasses #5 is just how critical the peer-to-peer functionality of Bitcoin is.
“How do you make sure that when you’re doing that [offering tracing and monitoring], you can provide an equivalent service to individuals…promoting a gig economy. We can offer peer-to-peer transactions without the overheads that go to third parties using blockchain,” she stated.
With a foundation of peer-to-peer microtransactions, Bitcoin can then expand to support decentralized identity, tokenization, and other applications.
Watch: Direct communication—this is what peer-to-peer is meant to be, Craig Wright says
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.