Unlike bitcoin, this technology can prosper , leading a revolution across the fintech sector
Blockchain was the subject of discussion at the recent Inspirefest event in Dublin Mention blockchain several months ago and to most people that would have meant bitcoin. The cryptocurrency was hitting the headlines, usually for the wrong reasons.
Bitcoin has earned a reputation as the digital currency playing a pivotal role in Silk Road, the illicit underground marketplace that traded everything from drugs to fake documents.
Proponents argued that bitcoin had all the advantages of being independent of central banks and countries.
Those who remained wary cited two reasons why it would never replace other methods of payment: one was the fluctuating value – one bitcoin is currently worth just over €601, but in the past it has reached more than $1,000 – and the other the fact that it is designed to be limited in the number of bitcoins available and the speed at which transactions can be processed through the system.
A more interesting development, however, is the rise of the blockchain, the technology that underpins the virtual currency. This is the real global game-changer.
Blockchain was the subject of discussion at the recent Inspirefest event in Dublin. A panel, comprising First Capital founder Hazel Moore , Lloyds’ director of innovation Claire Calmejane and Bank of Ireland’s head of innovation David Tighe , discussed the future of fintech and the evolution of blockchain. “This is definitely not a sideshow,” said Tighe.
A recent report by PwC predicted blockchain was about to explode, leading a revolution across the fintech sector.“While many of these companies may not survive the next three to five years, we believe the use of the blockchain ‘public ledger’ will go on to become an integral part of financial institutions’ technology and operational infrastructure,” the report […]
