The Evolution of Blockchain

Nicola Morris speaks about blockchain and its opportunity to transform commerce.

Morris dissects the mechanisms of blockchain as well as its possibilities, and examines how this system can create more trust and transparency across the many ways we buy, sell, or analyze value.

She describes how the current database systems used in commerce are exchanging value, but that blockchain is more effective and efficient.

Morris describes the blockchain benefits of speed, transparency and truth.

She depicts blockchain, in its most fundamental form, as a ledger which keep track of transactions, except it’s on multiple computers, which makes the record viewable to others.

Also, a transaction recorded on a block is immutable, or unchangeable.

Since the data is available to others, there’s trust and transparency.

This is a massive development since there are so many intermediaries whose reason for existence is based upon lack of trust and transparency (think bankers and many aspects of banking). Hence, blockchain eliminates middlemen and reduces commerce friction.

However, things are not perfect yet and there is lack of regulatory governance. So, although the evolution of blockchain will not occur overnight, we will get there.

Morris uses the development of the internet as a parallel analogy to the evolution of blockchain, with the difference that blockchain is new and the internet has had a few decades to evolve into a meaningful global platform of communication.

Morris believes blockchain will democratize and revolutionize commerce.

Nicola Morris leads the WEX corporate development team and is responsible for corporate strategy, M&A, marketing, and new business ventures, including our businesses in Latin America and Australia. Prior to joining WEX, Morris worked at Verizon Communications, where she was focused on new business opportunities, identifying M&A targets and creating communications related to Verizon’s growth strategy. Morris has also previously worked at Digex, Iridium and for the U.S. government. She currently serves as a trustee on the Portland Symphony Orchestra Board and as a director on the Center for Grieving Children’s Board.