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After a few years of hype, experts are now tamping down expectations for cryptocurrencies. Indeed, several concerns about security and regulation need to be addressed. But cryptocurrencies – and the blockchain technology they are based on – also offer tremendous room for innovation and efficiency. By competing with traditional fiat currency, they could help profligate governments and central banks become more disciplined
Princess Gisela of Liechtenstein
Blockchain, the fundamental technology behind new
cryptocurrencies such as Bitcoin, is
based on a novel governance system that is radically different from the
centralized approach used today in banks, corporations and governments. Blockchain’s
numerous advantages may prove too important to be ignored, even in the face of
opposition from defenders of today’s status quo.
– a decentralized ledger of transactions that uses computer technology to link,
secure and encrypt records – has the potential to become a hugely disruptive
technology, rendering financial intermediaries unnecessary and making money
transfers nearly instantaneous. However, it requires huge amounts of computing
power and still cannot come close to processing the volume of transactions that
modern credit card companies do, for example. But these challenges represent
opportunities that are sure to be seized by a cascade of innovations.
Dr. Emmanuel Martin