Blockchain Technology to Transform Monetary System
While bitcoin has had its share of ups and downs in the past years, the underlying blockchain technology has the potential to change the entire monetary system. Renowned futurist Peter Diamandis claimed that the financial system could see an extraordinary transformation in the next decade due mostly to bitcoin-like technology. "You might have heard of bitcoin, which is the decentralized (global), democratized, highly secure cryptocurrency based on the blockchain. But the real innovation is the blockchain itself, a protocol that allows for secure, direct (without a middleman), digital....
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To use radical new technology effectively, you have to be radical – otherwise, all you end up with is a retro-fitted version of the present system. The benefits of the new technology are watered down or overwhelmed by the need to maintain the practices associated with the old system – many of which only exist precisely because of its inefficiencies. The new technology can even seem less efficient than the old one, simply because it isn't designed for use with processes from the past. Blockchain and distributed ledger technology are radical. Together, they could transform the way finance....
The interesting bit about Ethereum and its blockchain is how the software solutions can translate to real life use cases. Anyone who has ever dreamed of creating their own company or organization can now do so with the Ethereum blockchain. Getting involved in establishing DAOs is a great way to revolutionize the world as we know it, even outside of the financial world. The blockchain is being looked at as a great way to transform finance as we know it to this very day. Although there is a genuine use case for distributed ledger technology in the monetary system, its use cases transcend....
Recently the Australian Securities Exchange (ASX) bought a $15m stake in Digital Asset Holdings, a developer of blockchain technology. One of the main reasons is to upgrade its share registry system by using blockchain or distributed ledger technology. And it's been reported that JP Morgan Chase is also partnering with Digital Asset Holdings to trial the technology. What is blockchain/distributed ledger technology? Put simply, blockchain technology is a method of recording and confirming transactions where instead of a centralised platform, participants each hold a complete record of....
Bitcoin, the cryptocurrency associated with the use of blockchain technology, has struggled to shake of the negative reputation and skepticism for years. However, blockchain itself still holds the tremendous potential to transform, not just the financial industry, but other sectors as well. Blockchain refers to the public ledger of transactions, which are updated upon verification and operate under an additional layer of security. High-powered computers are programmed to solve algorithms to verify each transaction and in doing so, these cannot be amended or deleted. Blockchain Technology....
Greg Medcraft, Chairman, Australian Securities and Investments Commission (ASIC) in a speech at Carnegie Mellon University underlined the importance of blockchain and how they can transform the capital market. In the speech, he cited four main points that he said, proved that blockchain has the capacity to help transform the capital market. Continuing in the same vein, the Chairman said that blockchain stands for efficiency and speed and has in it the potential to automate the financial system which will cut down the time duration that is needed for transactions. Secondly, he mentioned....