From Blockchain

‘The Blockchain Will Do to the Financial System What the Internet Did to Media’

Ito, Joichi, Narula, Neha and Robleh Ali. “The “killer app” for the early internet was email; it’s what drove adoption and strengthened the network. Bitcoin is the killer app for the blockchain. Bitcoin drives adoption of its underlying blockchain, and its strong technical community and robust code review process make it the most secure and reliable of the various blockchains. Like email, it’s likely that some form of Bitcoin will persist. But the blockchain will also support a variety of other applications, including smart contracts, asset registries, and many new types of transactions that will go beyond financial and legal…

‘The Promise of Blockchain Is a World Without Middlemen’

Gupta, Vinay. “In a world without middle men, things get more efficient in unexpected ways. A 1% transaction fee may not seem like much, but down a 15-step supply chain, it adds up. These kinds of little frictions add just enough drag on the global economy that we’re forced to stick with short supply chains and deals done by the container load, because it’s simply too inefficient to have more links in the supply chain and to work with smaller transactions. The decentralization that blockchain provides would change that, which could have huge possible impacts for economies in the developing…

‘How Blockchain Could Help Emerging Markets Leap Ahead’

Gupta, Vinay and Rob Knight. “Transactional security extends beyond biometrics, which only secure the last link in a financial transaction; blockchain could secure the entire transactional process. For developing economies, this security is vital for ordinary people who want to trade. Even better, blockchains can spur local high-tech innovation. The natural decentralization of blockchain means that distance to infrastructure like data centers doesn’t matter. Developing nations can build their own technology hubs, and any code created there would be as secure as services created anywhere else in the world. Everywhere is the same to blockchain, which could support home-grown technology…