How will this project actually get off the ground? You are targeting the SME space, but the SME space isn't actually the space that is most eager to adopt blockchain technology. If you want to provide a 100% accurate risk assessment, you need a 100% transparent picture of the company. And therefore you need 100% of all assets and liabilities being accessible for you. And therefore you need a double layer accounting system with a data feed infrastructure between the double entry and the triple entry layer. And that again is adding complexity in the first place, which many of those companies will not want. Are you actually targeting companies that are about to be newly incepted or established companies that you want to get to transfer their double entry data into triple entry accounting infrastructure?
You might actually be surprised that a lot of SME will appreciate this service. As I aforementioned, if this service becomes the norm, it will break down barriers and encourage universal lending. So a SME in South Africa might not be able to apply for a loan with a bank in Australia. Because the bank has no way to prove their credit worthiness, with Paypie, the bank can easily verify their assets and liabilities. Thus enabling a process that was priorly deemed impossible.
Yeah, I don't know about that. Financial incentives might nudge them in the right direction, but you might be surprised how many businesses are running Windows XP in 2017. And often not even out of laziness or disinterest, but because they rely on proprietary legacy software or simply lack the funds to upgrade.
http://www.techrepublic.com/article/windows-xp-refuses-to-die-but-windows-10-adoption-is-slowly-gathering-pace/I wonder if the blockchain software even runs on those systems. Either PayPie needs to take support for older Windows versions and 32-bit into account, or hope business will finally upgrade. But even the ransomware attacks that hit the headlines this year costing millions didn't really change a lot in that respect.
Blockchain/cryptocurrency is still in an infantile stage. So, I don't anticipate a mass adoption for awhile but it's inevitable. At first, the service offered by Paypie will garner support in the first world countries (though I hate the idea of denoting a country as a second/third world, reality bites) these countries tend to value transparency, their citizens are more inclined to bolster their credit and officials will go to extreme lengths to punish anyone suspected of committing a fraud. Anyway, with time the idea is bound to be adopted by other places. With blockchain implementation, transparency is bound to be norm and companies will either have to concede to grow or refuse and stay dormant, if they choose to stay dormant, it will inevitably lead to its demise.
Well, I think there was an article from Harvard, but I can't find it anymore, saying that the blockchain was a fundamental technology. A technology that will be essential to our lives but will take one decade or two to be part of our daily life.
Quite similar to the internet market at the beginning, the main difference is that internet at the beginning was not so much of a commercial market while blockchain is. So maybe the adoption of the blockchain could be faster than expected.
But the idea of transparency which is at the core of the blockchain is essential in our time, taxes fraud are the main source of money loss for the government.
