Blockchain 101: Demystifying The Blockchain Technology with Monika Proffitt

NTE Monika | Blockchain

 

“Should I be in blockchain?” is a big question. Many companies are going to be in blockchain over time. It’s huge and it’s amazing, but it’s in its infancy. Monika Proffitt, entrepreneur, speaker, and thought leader in the blockchain space, says the blockchain technology is not going anywhere. It’s only a matter of time when all aspects of business will be on the blockchain. Monika shares how she got started in Bitcoin, and talks a little bit about how blockchain can benefit originators, artists, and inventors more in the future.

Blockchain 101: Demystifying The Blockchain Technology with Monika Proffitt

I have got someone that is fascinating, Monika Proffitt. What’s fascinating is that she has all kinds of experience, but she advises and demystifies and educates. You have a book.

I’ve got a book, Blockchain 101.

You advise a lot of businesses. What are the biggest questions that businesses have about, “Should I be in blockchain? Should I do this?”

“Should I be in blockchain?” is a big question. Many companies are going to be in blockchain over time, but it may not even show in the user interface. It may not show it to the end consumer, but it’s its own distinct piece of internet technology. It’s huge and it’s amazing but it’s in its infancy. People have asked, “Are we in 1995 or 1999? Is there a bubble that’s about to burst? We watched these cryptocurrencies have volatility.” Those are little bubbles that are coming and going. Blockchain itself, that technology’s not going anywhere. The old question of is on the database is going to be replaced by, is it on the blockchain? Very soon, in all aspects of the business.

Technology makes complicated things easy. Click To Tweet

You have a lot of experience on the real estate side and business advising. Tell us a little bit about how you got started in Bitcoin?

It did start with Bitcoin, the grandmother of all cryptocurrencies. The way I got started was I was thinking about securitizing real estate before we had the technology, blockchain, to enable it and make it easy to go to scale. I lived in an apartment building when I was 25 years old with all of these other artists. I was a working artist at the time and we always lived with this threat of, “We’re going to lose the building. The building’s going to be sold. Look at the skyscrapers going up around us.” It was owned by the Diller family. It was the Diller Apartments that used to be The Diller Hotel in downtown Seattle. It’s a beautiful old historic building. We loved it, but we were always wondering when they were going to tear it down. We thought, “They want to sell the building, but they don’t want to have it torn down. They love it. They want to find the right buyers. We are the right buyers, but we can’t use lending to get it. How could we ever own this building?”

When you are making a painting and you get stuck on it, a lot of times you can turn it upside down and see it in a different way. When I was thinking about how we could own the building, I would keep turning the model upside down. How can the owners and the tenants be interchangeable? That’s where securitization occurred to me. I thought, “Someone with an MBA is going to go do that because I’m an artist.” It’s a great idea but someone way more qualified is going to make that happen. I wouldn’t throw the idea out to people in the intervening years, they would say, “That seems really complicated.” I was like, “It’s not complicated.” Technology makes complicated things easy. That’s when I came into the blockchain. I realized blockchain is the technology to make securitization easy, which means it makes tenants owning things easy. It makes all kinds of social equity easier.

The one thing that I keep hearing is originators, artist, the inventors of the world, those that are on the tech edge, why shouldn’t they be the ones to benefit? They’re anchoring all of that. Are you seeing that as a way? I bet you, we’re not doing so well as an artist and many of the other artists are not doing so well. I know that from personal experience. Is the blockchain going to make that better? Is the whole process going to help make the true originator benefit more in the future?

NTE Monika | Blockchain
Blockchain: Blockchain is the technology to make securitization easy.

 

Making people be able to relate to each other directly without a lot of fees in between. That means not having to have a broker to sell things and buy things and give a cut here and a cut there and lose many percentage points on every purchase or sale you make. That’s going to affect the entire economy. It’s first trickling down into high-level fintech. I live in New York City. Wall Street has come to blockchain and they come to every event. You cannot swing a dead cat without seeing another blockchain event all the time. It’s because they realize the massive value in saving through disintermediation. That’s where it’s first starting, but it is going in all directions. It’s going to affect every piece of our economy.

We’re going to do a big in-depth with Monika but for now, this is Monika and Tracy signing off from ChainXChange.

Thank you.

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