Bitcoinuniversity of auckland business review
The University of Auckland Associate Professor and Head of the Department of Commercial Law Alex Sims was a busy woman in spreading the message about blockchain as far and wide bitcoinuniversity of auckland business review she could. Inshe is going to be even busier. Blockchain, she says, is poised to tip everything we thought we knew about information storage, transfer, and transactions upside down. And unbeknownst to many people, that transformation has already started.
Right now blockchain technology is either being used, or being investigated for use in banking, government, law, trade, logistics, aid, and healthcare. Very soon, says Alex, it bitcoinuniversity of auckland business review begin to replace traditional transactional systems, and yet public perception bitcoinuniversity of auckland business review it is vague and confused.
The common misperception is that Bitcoin and blockchain are interchangeable terms for the same thing, or even bitcoinuniversity of auckland business review there is just one blockchain, says Alex. Bitcoin is just one of the many hundreds of cryptocurrencies that uses blockchain technology. Instead of paying Google to store your files on its cloud platform you can use Siacoin, a token cryptocurrency which as its names indicates is used exclusively on Sia to receive or give payment for file storage.
Alex regards the recent rush of attention grabbing headlines on making money with any cryptocurrencies, including Bitcoin, as a dangerous diversion. Essentially blockchain is what its name indicates — interlocking blocks or chains of information.
What makes these blocks radically different from any other blocks of data is the way they are created, stored, accessed, added to, and transferred.
At present commonly accepted models of data handling are centralised. Blocks of data are housed in special repositories which until recently were physical.
For example, a bank was literally a building holding notes and coins in its vaults and the records of its customers, their individual and company accounts, were in books. While the need for an actual building in an actual location has lessened, and paper recording has been largely digitised, that centralised system bitcoinuniversity of auckland business review data handling has continued and is mirrored in the technologies we currently use.
Blockchain changes that completely by decentralising and disseminating data through its peer to peer user networks. Yes, more so than ever before. Is your private information really private? Yes, depending on your choice of blockchain. You are always in control of how much or how little you share, and who bitcoinuniversity of auckland business review access to your data. For an excellent over view of what it is, and how it works, watch the video The Blockchain Explained.
Blockchain will do two essential things simultaneously. The first is that it will make existing processes and services more efficient while secondly, seriously disrupting how services are provided, and by whom. A container load of Manuka honey is being exported to Europe. The container could be fitted with an IoT Internet bitcoinuniversity of auckland business review Things device and a smart contract set up so that once the container reached its destination port the agreed payment would be made instantly.
Even better the smart contract can be programmed so that instead of the supplier receiving all of the money and paying other people out at a later date, the payment is split between the bitcoinuniversity of auckland business review, the bee keepers, the trucking firms, the shipping line, the IRD and other interested parties. Moreover, at a governmental level the Ministry for Primary Industries could be granted permission to see into relevant blockchains allowing it to monitor exports and imports in real time.
Blockchain is set to redefine financial, legal, healthcare, and governmental services, and supply chains of all sorts world-wide. In particular, the roles of those professionals who carry out due diligence and auditing roles will need to change as there will be a complete, time stamped, immutable record of every transaction.
If we look back in history we can see a pattern in our initial responses to new inventions, or radical shifts in thinking. Six hundred years ago Copernicus upset the prevailing belief that the sun moved around the earth. Reversing their positions caused chaos.
After all if God had intended us to travel distances greater than those that could be comfortably walked, or rode on horses, he would have equipped us with wheels, wings and an engine. Then came television, computers, the internet, emails and mobile phones, all of which had their naysayers. However the rate of change and the development of blockchain is exponentially faster than ever before because businesses and governments all around the world are pouring money bitcoinuniversity of auckland business review it.
Alex says UK, Singapore, Australia, Dubai where government departments entirely run on blockchain technologyare already rapidly moving ahead. Blockchain will become the new normal whether we like it or not. View more by Thomson Reuters NZ.