You Can be Your Own Bank — with Blockchain
Inventors, technologists, futurists or leaders, they all predict; and that is good. Under prediction or over prediction, only time will tell.
In 1943, Thomas Watson, chairman of IBM underpredicted when he said
I think there is a world market for maybe five computers
and in 1955, Alex Lewyt, president of Lewyt vacuum company overpredicted when he said
Nuclear-powered vacuum cleaners will probably be a reality within ten years
Coming back to Blockchain
What is Blockchain?
Blockchain ,is essentially a decentralised, digitally distributed public ledger system that can be spread across multiple geographies, institutions or jurisdictions; and the combination of ‘time-stamping’ with digital signatures/keys allows, ‘the middle man’ to be removed from almost all types of transactions, from the settlement and clearing house, local government registries which governs transfers of land, to the legal system that settles contractual arrangements.
Though, currently, digital currency space is still largely unregulated; but there is nobody in finance, legal or banking consulting firm that is not talking about bitcoin, blockchain or crypto currency.
Do not hurry and do not give up if you find blockchain concepts difficult to grasp as Dan Kaminsky, Chief Scientist of White Ops, says about crypto-economy
The first five times you think you understand it, you don’t
Where to go next? ( for more details)
- Deloitte : Blockchain: Enigma,Paradox, and Opportunity : PDF download link
- Accenture: Blockchain in the Investment Bank PDF download link
- EY : Blockchain technology as a platform for digitization Implications for the insurance industry : PDF download link
- Gov.uk: Distributed Ledger Technology: beyond block chain — Gov.uk: PDF download link
- Barclays : Blockchain: understanding the potential — Barclays : PDF download link
- PwC : What’s next for blockchain in 2016? — PwC : PDF download link
- Sogeti: Blockchain: cryptoplatform for a frictionless economy: PDF download link
Now, what do you think of this statement/prediction given by Blockchain Co-Founder, Nicolas Cary?
You Can Be Your Own Bank
Originally published at www.linkedin.com.
