Antonis Ballis – A minute to Blockchain
Join our course on Blockchain presented by Antonis Ballis, Senior Consultant at Critical Future.
To truly understand the complexities of blockchain and its future impact, you need to understand a series of topics. These include decentralization, consensus mechanisms, incentives, encryption, peer-to-peer systems, network effects and economics.
Blockchain introduces a new paradigm. The World Wide Web is Internet 1.0 and is considered the internet of communication. Blockchain is, in a sense, Internet 2.0: the internet of value, ownership and trust.
It allows individuals to have full rights and control over an asset. You can instantly transfer this asset to any person, company or machine, without relying on third party intermediaries. As a result, blockchain removes the inherent need for trust to perform a transaction. This concept of autonomous trust is what makes blockchain so revolutionary.
Blockchains are decentralized and public ledgers of transactions. They have two different parts to them — the blockchain (the ledger), and the digital currency (the units on the ledger).
Decentralization guarantees trust in a public blockchain. The built-in digital currency also provides the transactional capabilities to immutably record information, powering several exciting new possibilities.
The blockchain industry, mainly via Bitcoin, has been disrupting the financial sector for a few years now. Several companies and groups are creating their own versions, many with the goal of replicating Bitcoin’s success. This has led to a frenzy of activity, with new tokens flooding the market by the day, possibly resulting in this industry’s version of the dotcom bubble.
This has not gone unnoticed. Every major bank in the world is now studying blockchain technology to ascertain its potential impact to their institutions and the wider financial marketplace.
The blockchain industry is growing at a rapid pace. It has garnered serious attention and participation from leaders in key sectors including business, venture capital and regulation. The latter has been creating legislation in several jurisdictions around the globe, hoping to ensure safeguards for users whilst not stifling innovation. This has increased confidence for the future of the blockchain space. It has become clear that this technology is here to stay. Therefore, it’s fair to say that blockchain will have a major impact in various industries, in a similar vein to the World Wide Web.
It will have a profound effect on society, as it creates a global network of trust, allowing individuals, organizations and even machines to transact with each other, but — for the first time in history — without having to trust each other.
This session is free for senior professionals in our network. Taking place at Critical Future Innovation Platform criticalfuture.org
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