A new report from the World Economic Forum predicts that the underlying technology introduced by the virtual currency Bitcoin will come to occupy a central place in the global financial system. The Blockchain has received what could be termed as it biggest endorsement yet since its creation. In a statement released with this report Giancarlo Bruno , the head of financial services industries, at the World Economic Forum, says: “Rather than to stay at the margins of the finance industry Blockchain will become the beating heart of it.” The unique characteristics of the Blockchain makes it impossible for it to be ignored. Rather, it presents a platform where other concepts and technologies can build upon, especially within the global financial system. CoinTelegraph spoke to experts about the Blockchain, its implementation and impact on the finance industry. No need to reinvent the wheel Speaking to Cointelegraph about this development Simon Dixon , CEO of BnkToTheFuture, identifies the importance of the Blockchain, being the technology behind Bitcoin but he also points out its present deficiencies. Dixon says: “The technology behind Bitcoin is open source and over 1000 Blockchains exist today. The reason why none of them work at scale or are secure is because the technology behind Bitcoin is nowhere near as valuable as the largest distributed supercomputer in the world securing Bitcoin and the network effect of its miners.” Dixon goes on to explain that while anybody can copy the technology as you can any open source code, very few will be able to create anything as secure as Bitcoin because it is easier to build on top of Bitcoin. “Why re-create the internet when it is already being used by everybody? You may have a better feature, but getting everybody to use it is the real value of the […]
