Author Topic: Blockchain... If you have not heard of it... you will soon.  (Read 5196 times)

BridgeTroll

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Blockchain... If you have not heard of it... you will soon.
« on: December 16, 2016, 11:21:39 AM »
https://aeon.co/essays/how-blockchain-will-revolutionise-far-more-than-money

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In proof we trust
Blockchain technology will revolutionise far more than money: it will change your life. Here’s how it actually works

The impact of record-keeping on the course of history cannot be overstated. For example, the act of preserving Judaism and Christianity in written form enabled both to outlive the plethora of other contemporary religions, which were preserved only orally. William the Conqueror’s Domesday Book, compiled in 1086, was still being used to settle land disputes as late as the 1960s. Today there is a new system of digital record-keeping. Its impact could be equally large. It is called the blockchain.

Imagine an enormous digital record. Anyone with internet access can look at the information within: it is open for all to see. Nobody is in charge of this record. It is not maintained by a person, a company or a government department, but by 8,000-9,000 computers at different locations around the world in a distributed network. Participation is quite voluntary. The computers’ owners choose to add their machines to the network because, in exchange for their computer’s services, they sometimes receive payment. You can add your computer to the network, if you so wish.

All the information in the record is permanent – it cannot be changed – and each of the computers keeps a copy of the record to ensure this. If you wanted to hack the system, you would have to hack every computer on the network – and this has so far proved impossible, despite many trying, including the US National Security Agency’s finest. The collective power of all these computers is greater than the world’s top 500 supercomputers combined.

New information is added to the record every few minutes, but it can be added only when all the computers signal their approval, which they do as soon as they have satisfactory proof that the information to be added is correct. Everybody knows how the system works, but nobody can change how it works. It is fully automated. Human decision-making or behaviour doesn’t enter into it.

If a company or a government department were in charge of the record, it would be vulnerable – if the company went bust or the government department shut down, for example. But with a distributed record there is no single point of vulnerability. It is decentralised. At times, some computers might go awry, but that doesn’t matter. The copies on all the other computers and their unanimous approval for new information to be added will mean the record itself is safe.

This is possibly the most significant and detailed record in all history, an open-source structure of permanent memory, which grows organically. It is known as the blockchain. It is the breakthrough tech behind the digital cash system, Bitcoin, but its impact will soon be far wider than just alternative money.

Many struggle to understand what is so special about Bitcoin. We all have accounts online with pounds, dollars, euros or some other national currency. That money is completely digital, it doesn’t exist in the real world – it is just numbers in a digital ledger somewhere. Only about 3 per cent of national currency actually exists in physical form; the rest is digital. I have supermarket rewards points and air miles as well. These don’t exist physically either, but they are still tokens to be exchanged for some kind of good or service, albeit with a limited scope; so they’re money too. Why has the world got so excited about Bitcoin?

To understand this, it is important to distinguish between money and cash.

If I’m standing in a shop and I give the shopkeeper 50 pence for a bar of chocolate, that is a cash transaction. The money passes straight from me to him and it involves nobody else: it is direct and frictionless. But if I buy that bar of chocolate with a credit card, the transaction involves a payment processor of some kind (often more than one). There is, in other words, a middle man.

The same goes for those pounds, dollars or euros I have in the accounts online. I have to go through a middle man if I want to spend them – perhaps a bank, PayPal or a credit-card company. If I want to spend those supermarket rewards points or those airmiles, there is the supermarket or airline to go through.

Since the early 1980s, computer coders had been trying to find a way of digitally replicating the cash transaction – that direct, frictionless, A-to-B transaction – but nobody could find a way. The problem was known as the problem of ‘double-spending’. If I send you an email, a photo or a video – any form of computer code – you can, if you want, copy and paste that code and send it to one or a hundred or a million different people. But if you can do that with money, the money quickly becomes useless. Nobody could find a way around it without using a middle man of some kind to verify and process transactions, at which point it is no longer cash. By the mid 2000s, coders had all but given up on the idea. It was deemed unsolvable. Then, in late 2008, quietly announced on an out-of-the-way mailing list, along came Bitcoin.

On a dollar bill you will see the words: ‘In God we trust.’ Bitcoin aficionados are fond of saying: ‘In proof we trust’

By late 2009, coders were waking up to the fact that its inventor, Satoshi Nakamoto, had cracked the problem of double spending. The solution was the blockchain, the automated record with nobody in charge. It replaces the middle man. Rather than a bank process a transaction, transactions are processed by those 8,000-9,000 computers distributed across the Bitcoin network in the collective tradition of open-source collaboration. When those computers have their cryptographic and mathematical proof (a process that takes very little time), they approve the transaction and it is then complete. The payment information – the time, the amount, the wallet addresses – is added to the database; or, to use correct terminology, another block of data is added to the chain of information – hence the name blockchain. It is, simply, a chain of information blocks.

Money requires trust – trust in central banks, commercial banks, other large institutions, trust in the paper itself. On a dollar bill you will see the words: ‘In God we trust.’ Bitcoin aficionados are fond of saying: ‘In proof we trust.’ The blockchain, which works transparently by automation and mathematical and cryptographic proof, has removed the need for that trust. It has enabled people to pay digital cash directly from one person to another, as easily as you might send a text or an email, with no need for a middle man.

So the best way to understand Bitcoin is, simply: cash for the internet. It is not going to replace the US dollar or anything like that, as some of the diehard advocates will tell you, but it does have many uses. And, on a practical level, it works.

Testament to this is the rise of the online black market. Perhaps £1 million-worth of illegal goods and services are traded through dark marketplaces every day and the means of payment is Bitcoin. Bitcoin has facilitated this rapid rise. (I should stress that even though every Bitcoin transaction, no matter how small, is recorded on the blockchain, the identity of the person making that transaction can be hidden if desired – hence its appeal). In the financial grand scheme of things, £1 million a day is not very much, but the fact that ordinary people on the black market are using Bitcoin on a practical, day-to-day basis as a way of paying for goods and services demonstrates that the tech works. I’m not endorsing black markets, but it’s worth noting that they are often the first to embrace a new tech. They were the first to turn the internet to profit, for example. Without deep pools of debt or venture capital to fall back on, black markets have to make new tech work quickly and practically.

But Bitcoin’s potential use goes far beyond dark markets. Consider why we might want to use cash in the physical world. You use it for small payments – a bar of chocolate or a newspaper from your corner shop, for example. There is the same need online. I might want to read an article in The Times. I don’t want to take out an annual subscription – but I do want to read that article. Wouldn’t it be nice to have a system where I could make a micropayment to read that article? It is not worth a payment processor’s time to process a payment that small, but with internet cash, you don’t need a processor. You can pay cash and it costs nothing to process – it is direct. This potential use could usher in a new era of paid content. No longer will online content-providers have to be so squeezed, and give out so much material for nothing in the hope of somehow recouping later, now that the tech is there to make and receive payment for small amounts in exchange for content.

We also use cash for quick payments, direct payments and tipping. You are walking past a busker, for example, and you throw him a coin. Soon you will able to tip an online content-provider for his or her YouTube video, song or blog entry, again as easily and quickly as you click ‘like’ on the screen. Even if I pay my restaurant bill with a card, I’ll often tip the waiter in cash. That way I know the waiter will receive the money rather than some unscrupulous employer. I like to pay cash in markets, where a lot of small businesses start out because a cash payment goes directly to the business owner without middle men shaving off their percentages. The same principle of quick, cheap, direct payment will apply online. Cheap processing costs are essential for low-margin businesses. Internet cash will have a use there, too. It also has potential use in the remittance business, which is currently dominated by the likes of Western Union. For those working oversees who want to send money home, remittance and foreign exchange charges can often amount to as much as 20 per cent of the amount transferred. With Bitcoin that cost can be removed.

Some of us also use cash for payments we want kept private. Private does not necessarily mean illegal. You might be buying a present for your wedding anniversary and don’t want your spouse to know. You might be making a donation to a cause or charity and want anonymity. You might be doing something naughty: many of those who had their Ashley Madison details leaked would have preferred to have been able to pay for their membership with cash – and thus have preserved their anonymity.

More significantly, cash is vital to the 3.5 billion people – half of the world’s population – who are ‘unbanked’, shut out of the financial system and so excluded from e-commerce. With Bitcoin, the only barrier to entry is internet access.

Bitcoin is currently experiencing some governance and scalability issues. Even so, the tech works, and coders are now developing ways to use blockchain tech for purposes beyond an alternative money system. From 2017, you will start to see some of the early applications creeping into your electronic lives.

One application is in decentralised messaging. Just as you can send cash to somebody else with no intermediary using Bitcoin, so can you send messages – without Gmail, iMessage, WhatsApp, or whoever the provider is, having access to what’s being said. The same goes for social media. What you say will be between you and your friends or followers. Twitter or Facebook will have no access to it. The implications for privacy are enormous, raising a range of issues in the ongoing government surveillance discussion.

We’ll see decentralised storage and cloud computing as well, considerably reducing the risk of storing data with a single provider. A company called Trustonic is working on a new blockchain-based mobile phone operating system to compete with Android and Mac OS.

Just as the blockchain records where a bitcoin is at any given moment, and thus who owns it, so can blockchain be used to record the ownership of any asset and then to trade ownership of that asset. This has huge implications for the way stocks, bonds and futures, indeed all financial assets, are registered and traded. Registrars, stock markets, investment banks – disruption lies ahead for all of them. Their monopolies are all under threat from blockchain technology.

Land and property ownership can also be recorded and traded on a blockchain. Honduras, where ownership disputes over beachfront property are commonplace, is already developing ways to record its land registries on a blockchain. In the UK, as much as 50 per cent of land is still unregistered, according to the investigative reporter Kevin Cahill’s book Who Owns Britain? (2001). The ownership of vehicles, tickets, diamonds, gold – just about anything – can be recorded and traded using blockchain technology – even the contents of your music and film libraries (though copyright law may inhibit that). Blockchain tokens will be as good as any deed of ownership – and will be significantly cheaper to provide.

The Peruvian economist Hernando de Soto Polar has won many prizes for his work on ownership. His central thesis is that lack of clear property title is what has held back so many in the Third World for so long. Who owns what needs to be clear, recognised and protected – otherwise there will be no investment and development will be limited. But if ownership is clear, people can trade, exchange and prosper. The blockchain will, its keenest advocates hope, go some way to addressing that.

Smart contracts could disrupt the legal profession and make it affordable to all, just as the internet has done with music and publishing

Once ownership is clear, then contract rights and property rights follow. This brings us to the next wave of development in blockchain tech: automated contracts, or to use the jargon, ‘smart contracts’, a term coined by the US programmer Nick Szabo. We are moving beyond ownership into contracts that simultaneously represent ownership of a property and the conditions that come with that ownership. It is all very well knowing that a bond, say, is owned by a certain person, but that bond may come with certain conditions – it might generate interest, it might need to be repaid by a certain time, it might incur penalties, if certain criteria are not met. These conditions could be encoded in a blockchain and all the corresponding actions automated.

Whether it is the initial agreement, the arbitration of a dispute or its execution, every stage of a contract has, historically, been evaluated and acted on by people. A smart contract automates the rules, checks the conditions and then acts on them, minimising human involvement – and thus cost. Even complicated business arrangements can be coded and packaged as a smart contract for a fraction of the cost of drafting, disputing or executing a traditional contract.

One of the criticisms of the current legal system is that only the very rich or those on legal aid can afford it: everyone else is excluded. Smart contracts have the potential to disrupt the legal profession and make it affordable to all, just as the internet has done with both music and publishing.

This all has enormous implications for the way we do business. It is possible that blockchain tech will do the work of bankers, lawyers, administrators and registrars to a much higher standard for a fraction of the price.

As well as ownership, blockchain tech can prove authenticity. From notarisation – the authentication of documents – to certification, the applications are multifold. It is of particular use to manufacturers, particularly of designer goods and top-end electrical goods, where the value is the brand. We will know that this is a genuine Louis Vuitton bag, because it was recorded on the blockchain at the time of its manufacture.

Blockchain tech will also have a role to play in the authentication of you. At the moment, we use a system of usernames and passwords to prove identity online. It is clunky and vulnerable to fraud. We won’t be using that for much longer. One company is even looking at a blockchain tech system to replace current car- and home-locking systems. Once inside your home, blockchain tech will find use in the internet of things, linking your home network to the cloud and the electrical devices around your home.

From identity, it is a small step to reputation. Think of the importance of a TripAdvisor or eBay rating, or a positive Amazon review. Online reputation has become essential to a seller’s business model and has brought about a wholesale improvement in standards. Thanks to TripAdvisor, what was an ordinary hotel will now treat you like a king or queen in order to ensure you give it five stars. The service you get from an Uber driver is likely to be much better than that of an ordinary cabbie, because he or she wants a good rating.

There will be no suspect recounts in Florida! The blockchain will also usher in the possibility of more direct democracy

The feedback system has been fundamental to the success of the online black market, too. Bad sellers get bad ratings. Good sellers get good ones. Buyers go to the sellers with good ratings. The black market is no longer the rip-off shop without recourse it once was. The feedback system has made the role of trading standards authorities, consumer protection groups and other business regulators redundant. They look clunky, slow and out of date.

Once your online reputation can be stored on the blockchain (ie not held by one company such as TripAdvisor, but decentralised) everyone will want a good one. The need to preserve and protect reputation will mean, simply, that people behave better. Sony is looking at ways to harness this whereby your education reputation is put on the blockchain – the grades you got at school, your university degree, your work experience, your qualifications, your resumé, the endorsements you receive from people you’ve done business with. LinkedIn is probably doing something similar. There is an obvious use for this in medical records too, but also in criminal records – not just for individuals, but for companies. If, say, a mining company has a bad reputation for polluting the environment, it might be less likely to win a commission for a project, or to get permission to build it.

We are also seeing the development of new voting apps. The implications of this are enormous. Elections and referenda are expensive undertakings – the campaigning, the staff, the counting of the ballot papers. But you will soon be able to vote from your mobile phone in a way that is 10 times more secure than the current US or UK systems, at a fraction of the cost and fraud-free. What’s more, you will be able to audit your vote to make sure it is counted, while preserving your anonymity. Not even a corrupt government will be able to manipulate such a system, once it is in place. There will be no suspect recounts in Florida! The blockchain will also usher in the possibility of more direct democracy: once the cost and possibility of fraud are eliminated, there are fewer excuses for not going back to the electorate on key issues.

Few have seen this coming, but this new technology is about to change the way we interact online. The revolution will not be televised, it will be cryptographically time-stamped on the blockchain. And the blockchain, originally devised to solve the conundrum of digital cash, could prove to be something much more significant: a digital Domesday Book for the 21st century, and so much more.
In a boat at sea one of the men began to bore a hole in the bottom of the boat. On being remonstrating with, he answered, "I am only boring under my own seat." "Yes," said his companions, "but when the sea rushes in we shall all be drowned with you."

spuwho

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Re: Blockchain... If you have not heard of it... you will soon.
« Reply #1 on: December 16, 2016, 12:06:41 PM »
BT

Good update.

I think Stephen had a posting on blockchain earlier this year while it was still in its infancy.

BridgeTroll

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Re: Blockchain... If you have not heard of it... you will soon.
« Reply #2 on: December 16, 2016, 12:55:51 PM »
BT

Good update.

I think Stephen had a posting on blockchain earlier this year while it was still in its infancy.

Thanks Spu... I looked but did not see... kinda foggy today...lol
In a boat at sea one of the men began to bore a hole in the bottom of the boat. On being remonstrating with, he answered, "I am only boring under my own seat." "Yes," said his companions, "but when the sea rushes in we shall all be drowned with you."

BridgeTroll

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Re: Blockchain... If you have not heard of it... you will soon.
« Reply #3 on: December 16, 2016, 01:01:05 PM »
Blockchain is one of 6... but here it is...

http://www.metrojacksonville.com/forum/index.php?topic=25931.0
In a boat at sea one of the men began to bore a hole in the bottom of the boat. On being remonstrating with, he answered, "I am only boring under my own seat." "Yes," said his companions, "but when the sea rushes in we shall all be drowned with you."

BridgeTroll

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Re: Blockchain... If you have not heard of it... you will soon.
« Reply #4 on: January 09, 2017, 02:03:16 PM »
Why Blockchain Isn't Ready for Prime Time: The 7 Biggest Challenges

BY CRAIG ISKOWITZ | JANUARY 4TH, 2017

http://www.iris.xyz/insights/why-blockchain-isnt-ready-prime-time-7-biggest-challenges

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Nearly three years ago, Internet pioneer and Silicon Valley uber-investor Marc Andreessen wrote an article in the New York Times about how the technology behind Bitcoin, the digital currency, is in a state similar to the World Wide Web in the 1990’s. He predicted that a company using Bitcoin technology, would soon lead a wave of disruption across the financial services landscape.

Given his technology chops and history of success investing in Internet startups, one would expect that there would be a blockchain-led revolution in some area by now.

But this has yet to happen.

May 22, 2017 will mark the seven year anniversary of the very first transaction where Bitcoins were exchanged for physical goods. A programmer in Florida paid 10,000 Bitcoins for two Papa Johns’ pizzas worth $30.  At the time, Bitcoins had no value, so getting anyone to give you anything for them was an accomplishment. Using the current exchange rate, those pizza would be worth $5.7 million now.  Probably the world’s most expensive meal!

Last year the number of merchants who accept the crypto-currency as valid payment passed 100,000.  Yet the key technology underlying its success, the blockchain distributed ledger, has not had any significant impact in other areas.

According to a recent report from investment bank Morgan Stanley:

"The [blockchain] transition will likely be gradual. Expect blockchain applications to appear one asset class at a time, in an iterative process that may take as long as a decade. When change comes, it will likely come from industry consortia—not startups."

What is holding blockchain back?  Where is the massive industry disruption we saw from other Andreessen investments such as GroupOn, Twitter and Facebook (to name just a few)?

Seven Challenges to Blockchain Adoption
 

The Morgan Stanley report included 10 challenges that are standing in the way of blockchain:

Lack of industry standards
Security
Cost/benefit
Scalability
Governance
Regulations & Legal Risk
Simplicity
 
Lack of Industry Standards
 
The WEF acknowledged in its report that collaboration between competing financial institutions is key if blockchain is to overcome its early challenges.  To try and overcome this hurdle, a consortium of nine banks joined together, back in September 2015, and launched a group called R3 CEV to promote industry standards and encourage blockchain adoption.

The stated goals of the group are to collaborate on research, design, and engineering to help advance “state-of-the-art enterprise-scale shared ledger solutions,” in order to meet banking requirements for security, reliability, performance, scalability, and auditing.

The consortium had over 70 companies at one point, but a little more than a year later, some partners are bailing out. Goldman Sachs, one of the first nine members, Banco Santander SA and Morgan Stanley all recently declined to renew their membership.

Goldman Sachs might have decided to go it alone. They have filed for two blockchain patents, one for foreign exchange trading and the other for its own digital currency.

Goldman (along with Santander) is also an investor in a rival blockchain consortium called Digital Asset Holdings (DAH).  DAH has developed software that uses distributed ledgers to settle financial trades. Their stated goal is to create a “cross-industry open standard.”  This is critical since too many choices will delay adoption.

Security
 
This can be broken into two broad categories; data security and cybersecurity.  In a speech given by Christopher Woolard, the FCA’s Director of Strategy and Competition, he pointed out a number of questions that must be answered before blockchain will be trusted to handle financial services transactions.  How users access the network and who will control assigning access in a distributed network?  What data security can users expect?  What is the level of transparency required to verify transactions while not jeopardizing the confidentiality of the parties involved?

The levels of encryption as well as network security at different nodes can vary widely, so if any single node is breached, it could endanger the security of the entire network.  Since there is an absence of network standards, users can run their own back-office systems and other technology with their blockchain implementations.  The network will only be as strong as its weakest link.

Despite the fact that changes to data occur via the network of nodes rather than a central authority, there are still concerns as to the level of cyber-security within blockchain networks. Although data in a blockchain is encrypted, the levels of encryption vary, so if that can be breached, the data is no longer secure. This is particularly the case given the absence of common network standards and protocols with users presently having their own mix of back-office systems and technology stacks. The Bafin paper echoed these concerns, flagging the need to protect systems from cyber-attacks and the importance of data protection in transactions.

Cost/Benefit
 
Probably the largest challenge is the 800 pound elephant in the room. Many banks generate tremendous revenue from facilitating financial transactions by providing resources to handle much of the manual effort required for reconciliation. If blockchain makes transactions instantaneous and practically free, why would anyone pay a bank to be the middleman?  Anthony Watson, CEO of Uphold, thinks banks current interest in blockchain is “cynical.” Banks actually want to exert control over blockchain, rather than drive any meaningful reforms, claimed Watson, whose company is trying to leverage blockchain technology to offer free international money transfers.

Putting their motives aside for the moment, it is still unknown if there will be sufficient return on investment after building the blockchain infrastructure to justify the expense.  A mechanism for sharing costs across the many participating institutions needs to be developed and implemented.

Initial costs will be high and increased volume will drive this down, but it will still be a chicken and egg dilemma. The network will only be valuable when a critical mass of institutions have made a commitment to support distributed ledgers.  Many firms will be taking a wait and see approach since incentives will vary up and down the financial services food chain.

Lack of Scalability
 
Blockchain has the potential to become the “beating heart” of the global financial system, proclaimed a report from the World Economic Forum (WEF) published in August.

The distributed blockchain ledger is currently too slow to accommodate the scale of financial transactions.  Multiple blockchain nodes are required to validate every transaction, which can take up to seven seconds, according to Roger Oliphant, chief architect of ACI Worldwide.  The process needs to be 1,000 faster before it can be adopted by global banking institutions.

Governance
 
Governance in business is centered around establishment of policies and their continuous monitoring to ensure they are correctly implemented and there is proper accountability.  Mike Gault, founder and CEO of blockchain technology platform Guardtime, believes that the biggest problem is bureaucracy:

… institutionally, banks are not wired to drive this kind of innovation. Quite simply: bureaucracy. Lawyers, compliance, front office, back office, middle office — enacting meaningful reform, or even getting budget to expand a technology program, could require sign-off from all of them. This is necessary in the high-stakes financial world, but undoubtedly a barrier to innovation. If blockchain programs ever leave the incubators, they’ll have to justify themselves up and down the line.

Considering how many of the top global banks have been hit with scandals or blowback from the 2008 financial crisis in the form of massive fines, it would be understandable if there were an aversion towards anything that might upset the status quo. Many of the critical systems that underpin the world’s financial infrastructure are 15 or 20 years old or more.  Replacing them or even overhauling them is a monumental task that not many banks may have the appetite to take on.

Regulations & Legal Risk
 
No governments have yet issued any blockchain regulations, but both the US and EU are closely monitoring developments.  European Parliament’s Committee on Economic and Monetary Affairs released a draft report that called for regulation to deal with potential risks, including:

money laundering
terrorist financing
governance gaps
systemic risk
fraud
Banks and other financial institutions that are testing blockchain should be aware that the above areas will most likely be part of any regulatory framework.

Potential Applications
 
Some of other areas that Andreessen believes could be impacted by blockchain technology include:

International remittance – approximately $40 billion in transfer fees could be saved annually, if middlemen could be removed;
Banking and payment systems for developing countries – 170+ countries have yet to develop a modern financial infrastructure;
Reducing fees to reach the unbanked – an open source, distributed ledger could drive transaction costs down to near zero and provide banking services that are currently out of reach for the working poor;
Micropayments – Each Bitcoin can be sub-divided into up to 100,000,000 units, so very small payments can be supported. Much smaller than any traditional credit card or bank account can handle.
Rob Galaski, a partner at ‘big four’ accounting firm Deloitte, said the transformative potential of blockchain is beyond doubt, but also stressed that it shouldn’t be seen as a “blanket cure for inefficiency in financial services”.

Blockchain Is Not Ready for Prime Time
 
Unfortunately, there is no consensus on when blockchain is going to be ready for prime time,  The WEF thinks blockchain has the potential to “profoundly alter” the way banks conduct their business worldwide, partly by reducing operating costs and making financial services more secure and accessible.  However, based on Gartner‘s Technology Hype Cycle, blockchain is at the peak of its inflated expectations, but they estimate another 5 to 10 years are required before it reaches mainstream adoption levels.

The past seven years have been a wild ride as Bitcoin has moved from buying a few pizzas to possibly revolutionizing the world’s financial infrastructure. My gut feeling is that we don’t know what we don’t know about what blockchain technology firms are working on. It’s possible some will appear with ideas we never expected that could help blockchain make generational leaps ahead in terms of innovation and launch a driver for adoption across wide swaths of the industry.

I’m betting on a shorter timeframe than Gartner is proposing. I see blockchain hitting its stride in financial services within the next five years. Time will tell if I’m right or if blockchain needs a bit more time to percolate before it is ready to take the worl by storm.

In a boat at sea one of the men began to bore a hole in the bottom of the boat. On being remonstrating with, he answered, "I am only boring under my own seat." "Yes," said his companions, "but when the sea rushes in we shall all be drowned with you."

manasia

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Re: Blockchain... If you have not heard of it... you will soon.
« Reply #5 on: January 09, 2017, 08:16:13 PM »
I think the 7 challenges hit this on the head, Blockchain is not financially viable for large financial institutions and they will prevent it's progress unless someone develops their own financial infrastructure for processing and compliance of blockchain that doesn't depend on major financial institutions.
The race is not always to the swift,
Nor the battle to the strong,
Nor satisfaction to the wise,
Nor riches to the smart,
Nor grace to the learned.
Sooner or later bad luck hits us all.

blfair

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Re: Blockchain... If you have not heard of it... you will soon.
« Reply #6 on: June 07, 2017, 09:41:33 PM »
Meanwhile Japan has recognized bitcoin as a legal payment method.

We have a couple of bitcoin ATMs in Duval now... you can go stick your dirty old fiat money into it, and they'll sell you some futuristic bitcoin, at about a 15% premium vs the big exchanges, when I looked.
« Last Edit: June 07, 2017, 09:43:13 PM by blfair »

spuwho

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Re: Blockchain... If you have not heard of it... you will soon.
« Reply #7 on: June 07, 2017, 10:26:02 PM »
Bitcoin is legal tender at several ecom websites now.