distributed ledgers

New businesses (or existing ones in new markets) become successful by creating a capability, excelling at it, and then transforming that advantage to a "position based competitive advantage". This allows them to build defensibility and lock in the economic benefits of their scale. This has been the standard model for how businesses are expected to behave if they are acting to maximize the economics of their strategies (i.e. profits)

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One of the concepts that has been pretty intriguing to me for a while is around how we transact value. The premise that distributed ledgers such as Blockchain can transform the technical infrastructure of our financial system and change the way we all think about financial transactions is very treacherous: it manages to grab the imagination of many smart people, yet proposes (and to date has not been able) to

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