Why I believe in the Blockchain

Jamie Smith
Dec 4, 2015 · 4 min read

and Why You Should Too

5 Ways to Imagine this Groundbreaking Innovation 

I believe in the Blockchain and the transformational power of this technology. And you should too. In fact, I believe in the Blockchain so much that I just left my fantastic job working for Edelman, the greatest and largest Public Relations firm in the world, to take on the role of Global Chief of Communications at BitFury — the leading Bitcoin Blockchain infrastructure provider and transaction processing company in the world.

Scratching your head yet? A little intrigued? Keep reading.

Prior to working at Edelman, my career has included serving as Deputy White House Press Secretary and Special Assistant to President Obama, Director of Public Affairs for the Office of the Director of National Intelligence, Director of Communications for the Senate Commerce, Science and Transportation Committee and its then Chairman Senator Rockefeller, Traveling Press Director for Secretary Hillary Clinton’s 2008 Presidential campaign, and Director of Communications for Secretary Madeleine K. Albright and her consulting firm, The Albright Group, LLC.

So, why would I leave this path to take my chances on the Blockchain? And what is the Blockchain anyway?

Simply put — the Blockchain is an unalterable public ledger where every single bitcoin transaction is recorded, enabling peer-to-peer payments to be made without the need for a bank or other third-party.

BitFury, the company I’m joining, has built out a sophisticated global network of servers whose combined computing power significantly contributes to the protection of the Blockchain. Similar to cloud computing, which has enabled millions of startups around the world to leverage billion-dollar infrastructure for a fraction of the cost, the infrastructure BitFury is deploying allows entrepreneurs to tap into world-class banking infrastructure for a fraction of the cost — unlocking the creativity of entrepreneurs to build financial service applications that can serve the specific needs of the unbanked at a much lower cost than traditional banks.

After a great deal of research, curiosity and examination, it has become very clear to me that in no uncertain terms this technology can — and will — positively change the world.

And I am not alone. Senior officials from the Government, Finance, Technology, Law Enforcement and Civil Society sectors are also getting on board because they see the endless possibilities and doors this groundbreaking innovation will open for millions of people around the world. From my former White House colleague Brian Forde who now heads the Digital Currency Initiative at the Massachusetts Institute of Technology (MIT) Media Lab, to the former Chairman of the Commodity Futures Trading Commission (CFTC) — BitFury board member Jim Newsome — to the former Deputy Assistant Attorney General in charge of cybercrime and organized crime at the Department of Justice’s Criminal Division Jason Weinstein, to the former CFO of JP Morgan Blythe Masters, to startup entrepreneur Wences Casares. More and more respected experts from a diverse set of fields are leaving their respected positions to focus on the Blockchain.


  • Imagine a world where people can send money as easily as we send emails. Sounds crazy, but approximately 100,000 transactions take place on this growing network every single day.
  • Imagine a world where your bank or favorite e-commerce website isn’t hacked. Sounds crazy, but the Blockchain infrastructure BitFury helps protect hasn’t been hacked since its creation more than 7 years ago.
  • Imagine a world where criminals attempting misdeeds are logged in a permanent record that law enforcement can leverage in investigations. Sounds crazy, but law enforcement has already prosecuted and jailed illicit actors, including their own people, who have tried to use this technology for illegal activities.
  • Imagine a world where anyone: entrepreneurs or companies, big or small, can accept digital payments without having to ask banks or credit card companies for permission to pay them exorbitant fees. Sounds crazy, but more than 120,000 merchants around the world from Microsoft to Stoney Creek Roasters Coffee in Dayton, Ohio accept bitcoin.
  • Imagine a world where billions of dollars in small business loans are unlocked by entrepreneurs in the developing world because of clear access to property title — enabled by the Blockchain. Sounds crazy, but the Government of Honduras is already working on this.

And that is just the beginning of the possibilities.

We all remember the remarkable 1994 NBC Today Show interview with Katie Couric and Bryant Gumbel when they famously asked live on air, “what is the internet?”

Back then, very few fully understood the power of such an open and interoperable system. And now we live in a world where we stream movies through our iPhones that we searched for in a place called Google, all the while keeping in touch with our friends and family in a place called Facebook, while simultaneously buying holiday presents for our loved ones in a place called Amazon — all in the palm of our hands.

My BitFury colleagues and I will be working together to regularly comment and tell the story of the power of the Blockchain — through speeches, blogs, social, earned and owned media, and technical white papers. Tune in to www.bitfury.com and join the discussion happening across the globe by following us on Twitter and on Facebook. The ongoing Blockchain conversation is riveting, inspiring and — for me — life changing.

Want to learn more? The Blockchain was featured as the cover story on the Economist a few weeks ago. Click here for their take on the power of this emerging technology.

And let yourself imagine.

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