Patrick Bryne, CEO of overstock.com and TZero Project speaks about block Chain technology and how it will conquer the world of money and computing
When Patrick Bryne founded Overstock.com 21 years ago, he had a great vision in the company but he did not foresee a future where he would be looking to implement the block chain technology to power some of his operations.
Overstock generates annual revenues of excess of $1.8 billion dollars annually. Bryne is always on the move, giving speeches, talks, seminars and teachings to entrepreneurs across the globe and I was lucky to catch a quick interview with him after one of his talks.
Bryne is a charismatic man with an obviously huge dream and outlook of where technology will lead us in the future.
Tzero project and DITT
Besides running Overstock.com full time, Bryne has over 12 other side projects with TZero and DITT being the notable ones. TZero project is SEC regulated and has been designed as an alternative trading system from trading crypto currencies, securities, equities and tokens.
The Tzero token is one of a kind security token being offered to specific qualified investors at a guarantee of 10% adjusted gross revenue every recurrent quarter.
Integrating Block chain technology into traditional market systems and functions
By positioning the TZero project as a revolutionary alternative trading system (ATS), Bryne hopes to change the current system of IPO into ICO and power these capital market systems and functions using block chain technology.
Tzero token was announced through an ICO late 2017 and joins a pool of other companies who are already leveraging their business transactions, functions and systems through the use of block chain technology.
Tzero’s aims and how it will help reduce issues involved in token security
According to tzero.com, the aim of the Company is the “Integrate cryptographically secure distributed ledgers with existing market processes to reduce settlement time and costs, increase transparency, efficiency and auditability”
Basically, this implies that the company seeks to reduce the issues surrounding the issuance, transfer and sale of tokens in the market enabling traders and investors gain confidence in the process and achieve the highest levels of transparency while still operating under the SEC regulations.
This will also ensure that more and more people access such ICOs without fear of losing their money on unregulated tokens and un-audited investments.
The future of block chain technology
Bryne states that soon enough, every element of power, industries and financial systems will have to shift their operation base and functionalities into the block chain model.
Block chain provides a faster, safer and cheaper way of transacting on whatever capacity and in practically unlimited possibilities. People seeking to invest, speculate or participate in crypto currencies should consider doing it early because the technology itself is here to stay.
He states that it will be natural for companies like his to integrate block chain technology in all their functionalities and investors to buy tokens and securities without fear or concern for security in just a few years to come.
Originally published at medium.com