Will Distributed Ledger Technologies Remake the World?
Distributed ledger (DLT), or Blockchain technologies, could replace a 4,000-year old system of recording contracts and transactions that relies on legal authorities to both register and enforce agreements. Distributed databases that can indelibly record transactions, including the transfer of ownership of all kinds of property, without any need for a central record or authority are now possible. The economic and political implications are significant.
DLT promises to lower the cost of creating secure contracts, of establishing registers of ownership, and of transmission of payments. Whether establishing land ownership in countries with poor legal systems or reducing the need for financial institutions to hold regulatory capital against non-payment of debts, DLT could significantly accelerate
economic productivity. However, the early adoption of blockchain technology as the basis for digital currencies, notably Bitcoin, has led to security breaches and wild
financial speculation that have dented confidence the potential benefits of DLT.
Are digital currencies part of the future of DLT or has the news and hype about Bitcoin just been a distraction from the real innovative potential of the underlying technology? What are the privacy and security risks of DLT? J
Places at this event are limited. If you would like to attend then please contact: Paul MacDonnell