Question

Cryptocurrency, such as Bitcoin and Ethereum, is now a household name built on Blockchain Technology. This technology has potential application in some sectors of our economy such as insurance, healthcare, supply chain, real estate and even in the voting system. Consider the following statement and then argue for or against it.

“Use of Blockchain technology will change our economic system as we know it today.”

Answer 1

The blockchain is a distributed, peer-to - peer, time-stamped transaction ledger. For cryptocurrencies purposes the whole ethos was to decentralize away from central banks via Bitcoin and other cryptocurrencies. It's therefore a movement against centralisation and fiat money control. Although central banks are in charge of the ledger with fiat money, the consumer maintains his own copy of the ledger with cryptocurrencies and blockchain technology and all copies of the ledger are synchronized through what is known as a consensus algorithm.

Companies have been exploring the endless possibilities of blockchain for the private sector for a number of years now, but it's perhaps over the past 12 months that the noise has started crescendo. It's all over the news wires and certainly the recent interest from government agencies has added to the hype.
What blockchain technology can offer is not only never before seen, but for today's generation it will become life-changing and considered one of the greatest inventions of modern times.

Companies have been exploring the endless possibilities of blockchain for the private sector for a number of years now, but it's perhaps over the past 12 months that the noise has started crescendo. It's all over the news wires and certainly the recent interest from government agencies has added to the hype.

As always, new innovations have put out the statisticians and charts doing their rounds, reflecting the hype period of emerging technologies. Gartner, a leading data and research provider in the field of information and technology, has produced one particularly detailed graphic The industry's Governments and Captains have now embarked on projects to fully assess the capabilities of blockchain and how it can be incorporated into daily processes. Some industries went faster than others. The incorporation of blockchain technology within large multinationals into day-to-day practices has already stated that the finance sector is the fastest out of the blocks, getting into the hype and down to business.

In addition to giving the underprivileged access to banking services, greater transparency could also increase the profile and effectiveness of charities working in developing countries falling under corrupt or manipulative governments. An increased level of trust in where the money goes and who profits will certainly lead to increased donations and help for the vulnerable in areas of the world in desperate need of assistance. Ironically, and not in line with the general public, blockchain can build a trust-based financial system.

A shared ledger will include all the data available to securely record votes accurately, and check the accuracy and whether the voting process has been abused. Intimidation with voters being able to cast their votes in the privacy of their home would be inexistent.If central bankers still want to enjoy their days in the limelight, they'll need to catch up. The regulatory side is one feature that remains to be missing. Taking power away from the governments could eventually make central banks equal to oversight committees. Elaborate the regulatory structure and map the radical introduction of blockchain technology into the financial system. Some would argue that a function like that would be far more valuable.