Institutions are an Impediment to Innovation: William Toth

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William Toth: Institutions are an Impediment to Innovation William “Institutions are standing in the way of innovation and that is a big problem” William Toth stated in a recent interview. “How many of you use Facebook photos Google Photos or Instagram My photos are everywhere. They are on my phone my laptop on my old phone and they are in Dropbox. My photos are on all these different websites and services. The problem is most of these services do not work together. They don’t inter-operate and as a result my photo library is a mess.” The same thing happens when institutions control the money supply William Toth explains. Many of these services do not inter-operate and as a result this blocks what we can do with

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sending and receiving payments. “It makes transaction costs go up” Mr. Toth stated. “So far we have been through two major phases of money. In our former analog world we had to deal with these physical objects and money moved at a certain speed…the speed of humans.” William Toth continues “In a digital world money can reach much farther and significantly faster. However we are still at the mercy of these gatekeeper institutions. Until that changes institutions will continue to be an impediment to innovation. Latest Post: William Toth: UK-Based Start-Up Uses Blockchain for Recruiting

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