A great technology began to take root in 2009 and is now starting to take off in the form of cryptocurrency, like the popular Bitcoin. For the first time in world history (and correct me if Im wrong here) people are able to exchange value in a common currency without a central banking authority! What some might call a decentralized, trustless(ish) transaction.
Every transaction in the network is verified by it's inclusion in the 'blockchain', or public ledger of transactions. Many coins are created or mined by computers who compete to solve an algorithmic problem with a predetermined difficulty. Most cryptocurrencies are limited to a specific number of coins that will be created over time making them deflationary by nature.
And currency is only the first, most obvious application for an encrypted public ledger! Other applications include an open, verifiable vote; decentralized autonomous corporations (DAC); shares distribution and smart contracts built to execute on command. How about a decentralized blockchain for making a claim, UCC style?!
There are already hundreds of coins and applications coming out with more everyday in this burgeoning field. Blockchain technology is here and set to change money, commerce and value exchange as we know it. Central banking is finally archaic.
Maybe you have questions? Maybe you have the next great idea?! Maybe you have thoughts on how the existing (and considerable) technologies might be applied to our public and private financial solutions? Let's discuss!