Mike Brock, Lead of TBD by Block made an announcement that the company will release its latest product later in 2023. He made the announcement at the Bitcoin 2022 Miami event where he spoke about Web5, the importance of Bitcoin use cases over price, and AI.
TBD by Block is a division of Block (formerly Square) that is focused on developing infrastructure for the decentralized web. TBD is working on a number of projects, including tbDEX, a decentralized exchange protocol; new digital identity protocol, and more.
The product will be a Web5 technology that will provide a “decentralized global on-ramps and off-ramps for Bitcoin and stablecoin” which Mike said will be useful for the Global South. He noted that it will help users in developing countries to access tokenized dollars easily.
The leader added that the product will help users to save and carry out remittances and can act as a plug-and-play mechanism with local banking systems around the world.
Bitcoin and the global South
Speaking about the importance of Bitcoin to the world, Mike explained that Bitcoin is very useful to the global South and in regions where there are “human rights abuses and political activism that are fighting for freedom and democracy around the world.”
He pointed out that the challenge around identity can also be solved with decentralized technology. “We have more than a billion people in the world who have no government-issued identity” as people may not like government-issued IDs, Mike noted that they are working on self-sovereign identity.
He added that Bitcoin can also provide secure communication for people around the world without the concern around censorship. This is where social media platforms and communication systems built on the blockchain come in. “We’re going to need some other trust layer that allows us to see through whatever it is we’re looking at on the screen.”