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EP3-Blockchain Technology and Financial Services: Michael Mainelli
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When you swipe your card at your local coffee shop it takes 3-5 business days for the transaction to take place. Will blockchain change that? Blockchain tech refers to mutually distributed ledgers that underpins cryto-currencies like Bitcoin.
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Michael Mainelli started designing shared distributed ledgers 20 years ago . He’s a leading thinker in fintech and Emeritus Professor of Commerce at Gresham College, London. He is also the co-founder and Chairman of Z/Yen, the City of London’s leading commercial think-tank established in 1994 to promote societal advance through better finance and technology.
In this episode you'll learn:
What blockchain is and isn't and what it means to you.
How blockchain will impact you and other possible applications.
How disruptive will blockchain tech be and how are financial institutions responding.
What applications are emerging out of mutual distributed ledgers.
Will blockchain change the transaction fees charged by banks?
What difference will blockchain make to the 2.5 million people who don't have official identity?
How blockchain tech can be a force for good.
BLOCKCHAIN DEFINED A mutual distributed ledger – more simply referred to as a blockchain is a computer data structure with the following capabilities: n Mutual – blockchains are shared across organizations, owned equally by all and dominated by no-one; n Distributed – blockchains are inherently multi-locational data structures and any user can keep his or her own copy, thus providing resilience and robustness; n Ledger – blockchains are immutable, once a transaction is written it cannot be erased and, along with multiple copies, this means that the ledger’s integrity can easily be proven. Another way to think of blockchains is as permanent time-stamping engines for computer records. Timestamps can be used to prove that data elements were entered at or before a certain time and have not been altered. - M. Mainelli from www.longfinance.net
To learn more about the movement toward long term economics go to www.longfinance.net
Dawna interviewed Bernard Lietaer on complementary currencies as a way to stablize the monetary system. How about Reinventing it... on the Evolutionary Provocateur on iTunes.
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