014. Factom on the Bitcoin Blockchain Making Businesses Better with Paul Snow

“This is a technology (Bitcoin blockchain tech) that is going to make the world a better place. I do have a world view that making the world a better place is something to live for.” ~Paul Snow

Paul Snow, didn’t imagine that his part in making the world a better place would begin with inadvertently funding his retirement! But back in 2011, when Paul invested in Bitcoin, that’s what he did.

With a Master’s degree in Computer Science and Electrical Engineering from Texas A+M University, he heard about Bitcoin, believed in the technology and personally invested in it.

Two years later, he sat down with his wife and shared the good news — that they’re retirement was paid for! Imagine!

Then what?

Then his journey into the technology behind bitcoin really began.

Paul founded Factom, a protocol layer over the Bitcoin Blockchain. He organized and chairs the annual Texas Bitcoin Conference which he also co-founded.  And he promotes making the world a better place through decentralization and blockchain technology.

I had the opportunity to meet Paul in person in New York City this past May and I will tell you, he’s one of the rock stars of the crypto world. I share a quick story of running into one of his fans.

Paul and I talk about the three things that a blockchain is great for, we get into the history of land titling in the United States and how Factom may be helping with land title registration in Honduras, and we get into other use cases with some amazing stories and brilliant analogies.

As a newbie to the blockchain ecosystem, I tend to hang onto every word as I hear some new terms I maybe haven’t heard before, or a clearer explanation as to how blockchain operates and what it’s potential is.

Paul really dives deep into not only what Factom is capable of, but also what blockchain can do in a theoretical capacity.

Wait till he starts talking about the Tsunami on its way! He’s got some big ideas about where our economy may be headed.

Some of the highlights from our conversation include:

Three things that a blockchain give you:

  • Immutable Record
  • Time stamp so that it cannot be changed or modified
  • Messaging component, so others are notified (therefore transparency) actions are open

Paul talks about blockchain tech enabling traction with business process that have to do with anything litigious, since legal processes are incredibly time consuming, like arguing about a timeline. With blockchain there will be a record with an unchangeable timestamp, so there all of that time will be eliminated.

He explains that blockchain tech is great for foreclosure management and loan origination, auditing of data.

Fully implemented, blockchain processes will be nearly instantaneous.

Paul goes into detail about land ownership and the 21 Characteristics of Property as he has read about in reference to Hernando do Soto’s book.Hernando do Soto, Peruvian Economist

Book — The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else (2000)

https://en.wikipedia.org/wiki/Hernando_de_Soto_Polar

He goes into the history of land titling in the US and how it got started and where things got tricky. And, he explains how property rights differ in developing countries and how blockchain can help toward more secure land titles, an easier process, and greater wealth.

Paul also goes into the difference between Bitcoin and paper money/fiat currency/USD and how these two forms of currency are very very different, and what that looks like, using the example of how North Korea is utilizing each.

Now for the Tsunami analogy, banks failing, and talk of a recession recovery based off of crypto and the strong crypto companies of today.

Lastly, he shares with us, his views on narrowing the income gap, distributing value and says:

“the only distributed financial autonomous world is the crypto world”.

Paul Snow

Factom

https://www.factom.com/

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