What is the Business Burden in Backing Blockchain (and Bitcoin) Technology
At the 10th annual Nordic GRC and IT-Security Summit System MIT Certified Cloud Professional Jiri Kram, global expert on Blockchain Architecture and Security Issues will address the major problems that continue to confuse the corporate world in The New World of Blockchain Technology.
The blockchain potential of promising performance is not for every business. Some understand it, many fear it, but more and more corporations love it. When you love it, you feel the Blockchain and see its performance. Your imagination works on full throttle. You seek perfection. You seek harmony. You find balance. You try to conquer. You ask to contribute. Moreover, a new world of technological uprising opens up! The blockchain is the revolution of our times! It is our dream of supersonic flight. We are in the P-38 era and have begun to understand that the old airframe and piston engine will not take us to Mach 3 and beyond. These are the words of Jiri Kram who has looked into all of the nitty-gritty o and nooks and corners of Blockchain technology and solved many of the basic technical puzzles of Blockchain Technology.
Some of the issues we will discuss at the summit in Copenhagen on the 15-16th March 2017 are the following;
Interestingly, the PBoC has indicated that it is considering releasing its digital crypto-currency. The Bank of Japan (BoJ), too, has publicly announced that it is investigating the possibility of designing a digital currency of its own, based on Bitcoin’s concept of distributed ledger technology (DLT), like the blockchain.
- Is Bitcoin legal tender? The answer remains ambiguous throughout the nine years of its existence though the digital crypto-currency
- Why is Bitcoin now edging close to being acknowledged as legal tender after recent regulatory changes at two large central banks?
- Why is Asia ahead of the West; a new Japanese law establishes parameters for using Bitcoins as legal tender and the Peoples Bank of China (PBoC), too, acknowledges Bitcoin as a currency.
- Why are the regulatory oversight authorities still debating the stringent regulations needed to design a framework to prevent misuse or criminal activity, while the PBoC is attempting to shut down routes by which Bitcoin is deployed in multi-legged trades to enable capital flight out of China?
Bitcoin can no longer be treated like a digital objet d'art, nor as currency. However, Bitcoin lends itself to multi-layered anonymous trades, which enables such transactions without attracting regulatory attention, although trading volumes have crashed since the new regulations came in.
Bitcoin’s exchange rate crossed $1000/ BTC in January 2017. It gained 10 percent versus the US dollar in 2016. In fact, Bitcoin was the only global currency (if it is is one) to gain against the dollar in 2016. There will never be more than 21 million Bitcoins in circulation, and limited supply makes usage cumbersome. Distributed ledger technology also makes it hard to deploy traditional fractional-reserve banking models. Central banks and fin-tech advocates must step around these challenges if a new generation of digital crypto-currencies backed by central banks is to become familiar.
2017 is the year when the blockchain-based hardware, software and business models will start to offer a viable alternative reach corporate performance maturity when companies and businesses can get real value from their data. Register today and find out more on how to get on the blockchain cryptocurrency bandwagon movement with Jiri Kram.