If you've been following the crypto 2.0 space you'll know that a lot of ideas have popped up for IoT and embedded smart contracts. For instance, washing machine

If you've been following the crypto 2.0 space you'll know that a lot of ideas have popped up for IoT and embedded smart contracts. For instance, washing machines or fridges that detect that are running low on X and automatically place an order for delivery. IBM and Samsung have been exploring this kind of IoT applications with Ethereum's blockchain [0]. A private blockchain (like the one the banking industry presumably would deploy) can do 1 of 1000000 possible applications for the technology, but a global and open blockchain could channel all under the same protocol (something like TCP/IP), maximising interoperation among player in several industries. I'm just trying to reflect that these 9 big guys could be making a short-termed shortsightedness mistake trying to protect their business placing a fence. As Szabo said, it's the moment to be more open. [0] https://www.youtube.com/watch?v=U1XOPIqyP7A https://www.youtube.com/watch?v=U1XOPIqyP7A