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The Economist Magazine Covers Blockchain

As Marc Van Der Chijs writes from Vancouver:

When The Economist writes on its cover that bitcoin tech could change world, it means we’re getting to the next phase of the Gartner Hype Cycle (the slope of ENLIGHTENMENT phase).

Blockchain is catching the financial world afire – and its both a threat and an opportunity – the latter seemingly being the more powerful. With the blockchain decentralising trust, there’s little need for companies, agencies and organisations that rely on being trust agents in the market in order to operate. That’s probably the reason that R3CEV, an organisation for banks and blockchains has mushroomed from under ten to 25 Global Banking Partners Strong in a matter of weeks.

The Economist provides yet one layer of credibility more that’s for certain… but when Canadian tech guru Don Tapscott (bestselling author of Wikinomicscomes out with his new book in April on The Blockchain called The Trust Protocol: How Blockchain Technology is Changing Money, Business and the World – Blockchain theory and technology is surely going to really penetrate the Zeitgeist. 

More from the Economist article:

The spread of blockchains is bad for anyone in the “trust business”—the centralised institutions and bureaucracies, such as banks, clearing houses and government authorities that are deemed sufficiently trustworthy to handle transactions. Even as some banks and governments explore the use of this new technology, others will surely fight it. But given the decline in trust in governments and banks in recent years, a way to create more scrutiny and transparency could be no bad thing.

Drawing up regulations for blockchains at this early stage would be a mistake: the history of peer-to-peer technology suggests that it is likely to be several years before the technology’s full potential becomes clear. In the meantime regulators should stay their hands, or find ways to accommodate new approaches within existing frameworks, rather than risk stifling a fast-evolving idea with overly prescriptive rules.

The notion of shared public ledgers may not sound revolutionary or sexy. Neither did double-entry book-keeping or joint-stock companies. Yet, like them, the blockchain is an apparently mundane process that has the potential to transform how people and businesses co-operate. Bitcoin fanatics are enthralled by the libertarian ideal of a pure, digital currency beyond the reach of any central bank. The real innovation is not the digital coins themselves, but the trust machine that mints them—and which promises much more besides.

Richard Kastelein
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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