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We're About to Live in a Blockchain-Based World

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Public blockchains like bitcoin were the open-source movement that started it all, and private blockchains such as R3 are taking that technology and commercializing it for businesses.

“A private blockchain is an intranet and a public blockchain is the Internet. The world was changed by the Internet, not a bunch of intranets. Where companies will be disrupted the most is not by private blockchains but public ones.”

Blockchains, Blockchains EverywhereMost of the blockchain talk at this week’s conference revolved around banking and finance topics: money transfer, financial ledgers global payments, contract management, etc.

The importance of “Miners” in all forms of blockchain also brings up a key point about all the banks and financial institutions creating their own blockchains, be it based on bitcoin, Ethereum, or through distributed ledger consortiums such as R3: Will these firms have to hire their own miners? Once again, Forde said, the answer depends on whether the blockchain is public or private.

“Let’s say a government or a large corporation was to use a public blockchain, bitcoin or Ethereum, for example. great but their ledger is at the peril of an attack. The question is whether insurance companies will obligate them to have access to additional mining capacity to see an attack coming and protect it with additional mining resources. If you’re a private blockchain or a consortium chain, you may not need mining.”

He likened the blockchain to “TCP/IP for money.” Abra allows you to send or receive funds from any source in the world, without required bank accounts or transfer fees, using its own community of “Tellers.”

Credit DreamCurrently live in Brazil, Credit Dream is a mobile-based blockchain platform for connecting investors in any country to loan borrowers in any country for affordable verified loans.


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Post Author: Carla Parsons

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