The author aligns with laying bare the shortcomings and structural weaknesses in the world’s most recognized crypto-currency by Mike Hearn, one of its central developers, will hasten the conclusion of the “Bitcoin experiment”. Mercator Advisory Group believes financial institutions and industry consultants have been focusing on the component technology innovation that shows immediate promise, that of block chain, as echoed in the article.
It’s time to admit that the current Bitcoin needs to be scrapped and to take advantage of the innovations behind the technology that underlies Bitcoin, the blockchain. The blockchain is a transparent ledger of transactions—concurrently hosted on numerous computers around the world—allowing the creation of digital currencies and virtual banks. Implemented correctly, it will, I believe, prove to be a better transactional and verification model that we presently use for the global financial system and for many other types of activities such as voting, public registries, provenance of works of art, and real-estate transfers.
Keeping the experimental nature of Bitcoin in the forefront will allow for the effective assessment of crypto-currency and its role in the near-term, and will enable the next iteration of the answer to the digital currency question to avoid the pitfalls that presently plague Bitcoin. Bitcoin demonstrated the wide appeal of democratized commercial structures. So if Bitcoin is dead, long live blockchain. Please see our recent publication on how the technology is an area of focus in Blockchain in Corporate Banking: What’s Up?
Overview by Joe Walent, Senior Analyst, Emerging Technologies Advisory Service at Mercator Advisory Group
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