30 Jul '15, 1pm

Godfather of Bitcoin Adam Back explains how blockchain will prevent another banking crisis

Godfather of Bitcoin Adam Back explains how blockchain will prevent another banking crisis

The removal of trust from banking systems, brought about by the real-time audit effect of bitcoin's technology, would avert future financial crises like the one we saw unfold in 2008. Adam Back, the founder and president of Blockstream, describes bitcoin's validating blockchain technology as "a protocol upgrade for the world's financial networks which is maybe more open than it has been in the past". In 1997 Back invented Hashcash, which functions like a digital postage stamp and which makes scaled up spamming of email uneconomical. The Hashcash proof-of-work functionality was later used in the creation of bitcoin. Back told IBTimes : "I think trust issues are a big cost to banks because the system is as secure as the weakest link. So if you see banks in less well regulated jurisdictions, smaller banks, sometimes they have difficulty maintaining a corresponded bank relatio...

Full article: http://www.ibtimes.co.uk/godfather-bitcoin-adam-back-expl...

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