Over the last few months, one particular topic has been of particular interest among everyone who I have witnessed on trains or the university library , Bitcoin.
While i was aware of Bitcoin, its meteoric rise was something i did not expect to occur so early on. Last i heard one bitcoin was trading north of 13,000 Australian dollars which is pretty staggering.
This lead me to my first introduction to Blockchain technology which is the underlying infrastructure supporting Bitcoin. In December last year, a guest professor at university running his own blockchain startup stated that the technology was soon going to replace core banking systems of several banks and had several use cases in industries like healthcare too.
Blockchain comes with several advanatges over the traditional legacy systems of financial institutions some of them including features like :
- DISTRIBUTED LEDGERS where information is duplicated across several nodes so there is absolutely no chance of tampering with them.
- SMART CONTRACTS enable transactions to be carried between one person to another without the intervention of a third party thus cutting the unwanted middle man fee.
But here’s the catch. Blockchain is not regulated yet. How long before the technology becomes full fledged? Blockchain coupled with Artificial Intelligence can be a match made in heaven.
Exciting times ahead….