Blockchain embodies the internet of value. How will it revolutionize our lives and our pockets?
And, we look at the qualities Blockchain needs to spark mass adoption.
https://youtu.be/oJGVvJS0A0I
Blockchain,
one of the buzzwords in technology, is set to rise in China. Recently,
Chinese President Xi Jinping underscored the fledgling technology as the
country increasingly views Blockchain as key to future innovation. Has a
digital game changer arrived? How will a boom in Blockchain impact our
lives? Today we delve into the world of the new technology and talk to
Don Tapscott, co-founder and executive chairman of the Blockchain
Research Institute, to find out more.
https://youtu.be/DCLqWpXFE2o
Currency of Trust
Blockchain has the potential to be revolutionary. But, what hurdles must it overcome before it can hit the mainstream? In London, we invited Patrick McCorry, founder and CEO of PISA Research, a grant funded by a group of Blockchain companies, to decode this ever-changing world.
https://youtu.be/A2IDapvfUTM
https://youtu.be/41hPRCnUCtI
https://youtu.be/8H-pJ9hs9I4
Private cryptocurrency a misallocation among blockchain technology, says economist
Cryptocurrency is digital-based cash among the internet world nowadays. Born from blockchain, this kind of "currency" is blooming in terms of high privacy. Acknowledging that, Nobel Prize-winning economist and Harvard professor Eric Maskin commented that private cryptocurrency is a misallocation.
"The most important application of blockchain so far has been cryptocurrency, and that is a terrible misallocation. In my view, cryptocurrency, at least private cryptocurrency like bitcoin is a mistake," said Maskin.
"Because the public currency like RMB and U.S. dollar are much more useful than private currency. [Public currencies] they preserve the power of central banks to conduct monetary policy. If no one is using the dollar, then the U.S. monetary policy is useless. So I'm worried about cryptocurrency only to the extent that it reduces the use of currencies like RMB or dollar," he added.
He also pointed out that cryptocurrencies could interfere with central banks' monetary policies.
Meanwhile, Maskin supports the idea that blockchain is a technology. He noted that it is one of the exciting developments that have come along in recent years.
"Blockchain can make all sorts of transactions much easier and much more secure. It can also ensure that only the information that people need to have gets transmitted," said Maskin.
"Blockchain is a way for me to guarantee that only what you need to about me gets told. And that's valuable in a world where we're beginning to worry about privacy issues," the professor explained.
Besides, Maskin supports building the country's own digital currencies. With the backdrop of e-payment booming around the world, Maskin said the digital currency can make transaction easier but it won't have all of the unpleasant side effects of these private currencies.
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Blockchain with Chinese characteristics
