Leveraging the Power of Blockchains with Syed Hussain - a podcast by Thomas Fox

What is blockchain, how does it work, and how can it apply to you? On the show we have Syed Hussain, the Global Chief Commercial Officer of BANKEX, a blockchain-based fintech company from New York City. They have an extraordinarily innovative tool, Securitization 2.0 Operating Systems for Capital Markets, and today, Syed tells us more about blockchain and how it can revolutionize the market.
Blockchain: what is it, and why is it so revolutionary? This is the kind of technology that spans across humankind because it operates on two core foundations of human interaction: trust and incentivization. 
But blockchain technology allows us to make incentives a fungible resource that can be freely traded, facilitated by the trust that is systematically built in. That is, it allows us to digitize our assets  — i.e. anything that holds value, like art, or real estate, or copyrights, or even information — so that it’s freely tradable and traceable. Then, the ‘proof of asset protocol’ allows relevant parties to reach a consensus as to the value of the asset and the fact that it exists.It’s revolutionary because it’s efficient. Once you put up an asset on an immutable blockchain, that record exists forever and there’s no need to replicate the process every time a transaction needs to occur. 
What is a blockchain-based Smart Contract? It’s leveraging the power of blockchain to institute an algorithm that allows you to do an individual transaction, then come up with agreements around that individual transaction. That is, because everything surrounding your asset is already digitized, stored, associated, and controlled by algorithms, a Smart Contract is able to automate the execution of succeeding transactions, from granular to highly complex, without the need for human interference. 
What is Smart Justice, and how does it work for clients, customers, and other stakeholders?There is a lot that goes into ensuring compliance, but what happens when something doesn’t adhere to what was agreed upon? Or, perhaps, a situation occurred was outside the control of the parties involved? These are common situations, and contracts usually have arbitration clauses just for this purpose, where an arbiter comes in and uses a “baseline” to understand both sides.
With blockchain, you can agree on those baselines in advance of the execution. Smart Justice is arbitration on the blockchain, referencing a different set of Smart Contracts — allowing for automation, pre-agreement, and self-execution of arbitrations. Resources for Syed:
Syed Hussain (LinkedIn)syed@bankex.comResources for BANKEX
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