In a recent trip to London Mr. Dorsey explains that while many tech firms brag about trying to destroy the banks “That’s not our intention. We think the banking system works – it’s just not accessible.” He also said “We’re just at the brink of understanding what it [blockchain] can do,” - “It’s really exciting. And not just for finance – for everything.”
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Interview: Jack Dorsey on Square and accessible finance
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The $65.3 billion of payments handled by Square in 2017 were overwhelmingly old-fashioned dollars processed using conventional systems. Co-founder and chief executive Jack Dorsey is, however, eying a change. He says the firm is looking to deploy blockchain, the technology that powers bitcoin and other digital currencies, as its internal ledger to improve reliability. “It would be very hard to attack the entire thing or for the entire thing to have a failure. So it will add to more reliability, more uptime,” he says. Mr Dorsey has scars from reliability problems. Ten years ago, as co-founder and chief executive of Twitter, the service was notoriously unreliable as user numbers surged higher, with its error message that featured a blue whale achieving internet celebrity status.
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