![]() The potential savings from this disruptive technology are so big that the World Economic Forum predicts that as much as 10 percent of world GDP will be transacted over it by 2025. Much more than a new digital form of currency, this technology could integrate billions of hitherto excluded people into the global economy, restore individuals’ control over their private data and identities, and change the way organizations and business relationships are governed.When coupled with mobile money apps, Big Data-driven banking services, decentralized e-marketplaces, and countless fintech innovations aimed at breaking big banks’ dominance, the blockchain’s core concept of a distributed ledger of information could reinvent the economy as we know it. It puts that system in the control of the people who use it, safeguarding them from a 2008-type crash. In this economics keynote, blockchain speaker Michael Casey delivers the definitive answer to the question: Why should anyone care about bitcoin? The “blockchain” technology behind cryptocurrencies holds the promise of a financial system without middlemen-a change that’s 500 years in the making. Yet it seems few people truly understand what it is. It pops up in headlines and fuels endless media debate. This is about empowerment, Casey says: a way to move humanity forward into a world of decentralized, more reliable technology.īitcoin became a buzzword overnight. But with rich, fascinating examples, he champions the need for this utterly transparent, digital, radical model to pass over and replace broken and unreliable institutions and their self-serving middlemen. It’s not without its challenges, of course-and Casey is sure to discuss the threats to employment, public interest, and social cohesion that are coming. Essentially, blockchain offers more trust, and more control: to personal actors worried about data, identity, or assets to those excluded by the unfair distributions of globalism and to society itself, long in need of a restoration of faith in its capacity to order, manage, and plan. In this keynote, based on his latest book The Truth Machine (the sequel to The Age of Cryptocurrency), Casey unveils the disruptive potential of blockchain for a wide range of industries (shipping, legal, tech, finance, security, and beyond). So we look to the blockchain, argues Michael Casey: a public, common good a means to transfigure major parts of the economy with an operating system that is, in a word, revolutionary and a decentralized trust architecture to manage the decentralized economy we’re building. We can’t look to so-called ‘legacy’ systems for help: they’re ill equipped to keep the economy stable or our lives simple. Our quaint notions of privacy are ever-more perilous. In a digital era, credit fraud is ever present. The world’s largest banks are larger than ever.
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