India’s idea about a cashless society is not the reality
I wrote a while ago about the amazing digital identity scheme in India called Aadhaar. It’s a card-based biometric scheme using a centralised database. Of course, today, they would have developed the scheme on a mobile wallet with a distributed ledger but hey, you can’t win them all. Some say that this just illustrates how quickly technology eats itself; I say it’s an example of old versus new technology worlds. The old world was capital, resource and time intensive (as blogged about the other day); the new world is agile, a continuum, far simpler and with lower cost.
Consensus-as-a-service: a brief report on the emergence of permissioned,distributed ledger systems
The purpose of this short report is to describe the divergence between âpermissionlessâ cryptocurrency systems (such as Bitcoin, Ethereum, Peercoin) and âpermissionedâ distributed ledger systems (such as Ripple, Hyperledger). Consequently, we will briefly explore some of the use-cases that distributed ledger systems could play, specifically in the financial services industry. This document assumes that the reader is already familiar with Bitcoin (the blockchain) and bitcoin (the commodity, currency or asset). If you are unfamiliar with these concepts, then some of the vocabulary, concepts and analogies may not make sense.
All About Bitcoin
News about Bitcoin seems to be everywhere. So what is it? The short answer is that Bitcoin with a capital âBâ is a peer-to-peer network that allows for the proof and transfer of ownership without the need for a trusted third party. The unit of that network is bitcoin with a little âbâ. But agreement on the topic seems to end there; indeed, there is a deep divide between true Bitcoin believers and serious skeptics. We look at the range of wildly diverging views. So where does that leave us? With the conclusion that bitcoin likely canât work as a currency, but some sense that the ledgerbased technology that underlies it could hold promise.
FX Comment â Bitcoin to replace AUD?
Bitcoin has become part of the everyday lexicon. We look at its creation, use and quality as âcurrency.â To become a currency will take a prolonged period to establish trust and adoption. Caveat emptor
