Sunday, September 13, 2015

Can Blockchain Tech Boost E-Commerce?

In an era where the US Federal Reserve and other central banks everywhere are increasingly intervening to manipulate monetary valuations, can a shared ledger technology used by the much ridiculed crypto-currency Bitcoin find new life as a facilitator of E-commerce?

India's rapidly evolving mobile economy is going to make digital money more important. Will socialists and other control freaks tolerate the use of e-currencies that exist outside of state control? As Jaitley has alluded to, the elimination of cash and the rise of digital transactions means elimination or curtailment of the black economy. But what ways will socialists and hawala-types find to throw a wrench in the works?


non-carborundum said...

I have been trying to read up on it for at least a couple of years and I still cannot understand how bitcoin works and especially how people are so sure that it is safe. Apparently someone anonymous with the pseudonym Satoshi Nakamoto created it. This "rebel" currency might well have been planted by the banking elite to befool the public in Orwellian style.

Physical gold is the most reliable and "free" currency, followed by cold hard cash, followed by electrons. There is already a move to end all cash transactions in many European nations. In electronic form governments can track all that you buy / sell and where you are physically located. Bitcoin is no exception.

Further, I really wonder whether the collective Indian banking system has enough paper trails to safegaurd against the effects of hacking.

san said...

Well, never mind Bitcoin itself - instead focus on the Blockchain cipher technology used by Bitcoin. This technology holds the power to disrupt existing asset transactions because it enables direct peer-to-peer interaction between buyers and sellers, allowing a radical reduction in transaction completion time. This rapid transaction closure time then radically reduces risk and the costs associated with that. That's why many big players like IBM, Visa, Nasdaq and others are suddenly rushing forward to research and develop trading platform technologies making use of Blockchain.