Security concerns around cryto-currencies
Nikos Passas, Professor of Criminal Justice At Northeastern University, talks about three perspectives to consider on which ones of cryto-coin security
Our experts analyze new innovation trends related to new financial services.
Bernard Lietaer, economist and author of The Future of Money, talks about the need to move from a mono-culture in money (which m-pesa is still in) to a monetary ecosystem
When we talk about the technologies that facilitate the monetary revolution, the first thing is to talk about the platforms that make it possible: DLTs (Distributed Ledger Technologies) and in particular Blockchain. Blockchain platforms are distributed platforms that allow the exchange of value between their participants without the need for trusted third parties.
On Blockchain, Sovereign Digital Identity solutions are built, where the data belongs to the user and he only shares with third parties those data essential to carry out a certain transaction. The data of each participant are trusted by the rest of the ecosystem because they are certified by trusted entities (financial institutions, public administrations, educational centers).
Finally, the programming capacity of the most advanced Blockchain platforms, with the so-called “Smart contracts”, allows “tokenizing” (representing digitally through a token or digital entity) real assets such as real estate, shares or works of art. Once digitized, these goods can be exchanged for other goods or for money, creating the “Internet of Value.” This ability makes it possible, among other things, to create “programmable money”, that is, to be able to send money to someone to be used for a certain purpose.
Nikos Passas, Professor of Criminal Justice At Northeastern University, talks about three perspectives to consider on which ones of cryto-coin security
La tecnología Blockchain permitirá el desarrollo de un nuevo internet donde los usuarios y aplicaciones interactuarán[…]
The concept of digital identity will play a prominent role in the technological development of the future of money.
Blockchain is a form of DLT, but not the only one involved in the technological development of the future of money.
In our 2014 publication, “The Future of Money,” our experts analyzed the Phenomenon of Bitcoin, and already told us: “Bitcoin is a fundamental discovery of computing and a new and revolutionary tool to exchange money, property and, most basically, trust through the internet.” Since then, and fulfilling the forecasts of our experts, we have witnessed the emergence of thousands of cryptocurrencies and business solutions around them.
There is some confusion in the taxonomy of electronic money -being cryptocurrencies a type of electronic money-, so we start this section trying to clarify the concepts a little, relying on the recent work carried out by the BIS (Bank for International Settlements) and the IMF (International Monetary Fund).
We understand by money any asset that serves as a unit of account, store of value and means of payment. The illustration above serves to classify money and, within this classification, classify digital money (all that falls within the blue ellipse). For example, bitcoin would be a Cryptocurrency (permissive DLT).
Gerg Kidd’s talk at the Future Trends Forum meeting on why money changes cause fear or uncertainty.
The evolution of cryptocurrencies has been uneven, but new technologies and economic trends herald the advent of cryptoc[…]
Blockchain platforms are already a reality and are being applied in multiple areas. Cryptocurrencies are here to stay. Now, what is missing for its use to be massive and intensive?
How can you cross that chasm and reach widespread use? The answer is, as our FTF expert, Iker Marcaide, said, bringing real value to people: “Until all these innovations are stripped of the layer of complexity, he said, until we make them extremely simple for everyone to understand, they won’t become widespread.”
We believe that the keys to the future are threefold:
1. Regulators are open to innovation and even adopting it.
2. Simplification for the general public.
3. Standardization or, at least, interoperability between platforms.
Heather Schlegel, social scientist and producer of TV series The Future of Money, revisits the day, highlighting some provocative thoughts that have emerged from the Future Trends Forum on the Future of Currency.
Innovations around money are implemented very slowly, our experts calculate that in 10 years, but they will be revolutio[…]
Regulation has an essential role in the development of the future of money, both to secure processes and to facilitate t[…]
Comienza la revolución tecnológica en el mundo monetario, con diversas herramientas que complementan al dinero actual.[…]