cryptocurrency & blockchain | July 25, 2019

Why Blockchain Technology Is the Answer to Our Trust Problem: Michael Casey Explains

What is the value of blockchain technology? Does Bitcoin have a future? And will it truly be a peer-to-peer system—without third-party intervention? Michael Casey, MIT educator and the author of The Age of Cryptocurrency, investigates.  

Cryptocurrency expert Michael Casey joined Kiana Danial, the CEO of Invest Diva, for a conversation on bitcoin and the future of blockchain technology. What first interested Casey about the technology was the opportunity it provided for countries with broken institutions, such as those in Latin America, to repair themselves. When he started looking at blockchain as a solution for countries in the developing world, it opened his eyes to a whole new reality of trust problems worldwide.

 

“We’re essentially transferring the trust we have in institutions to trust in a protocol,” he said, noting it will take time before we are able to push this technology out to scale. He advises us to have patience, and reminds us that bitcoin is not going to be a trustless system, completely removed from third party systems, but one that will decentralize power: “What we want is a model in which no single party can amass enough power to take control of [our] data and [our] currency,” Casey explained.

 

You can watch the full video below.

 

Coindesk Chairman, MIT Educator Michael Casey On Blockchain & Bitcoin Solutions - Diva On The Block

 

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