Irish & New York professionals were treated to an event with leading speakers in Blockchain technology on November 8th. Cristina Dolan — founder and CEO of InsideChains and COO and co-founder iXledger — provided insight into the transformation potential of blockchain before three Irish companies presented how they transform different industries using blockchain technology.
You probably heard that Blockchain will disrupt every industry right? Why you ask? The need for trust.
“Trust is slowing down the economy, people have to enter legal agreements and employ people to double check or verify transactions”. – Cristina Dolan
For example, think of when you want to exchange money abroad. How does the bank verify that the person in the foreign country is not a criminal gang transferring funds abroad?How does the foreign bank verify that the person in the domestic country has sufficient funds to transfer?
These are only some of the trust issues inherent in international banking. As a result, banks need to use resources and a third parties to verify transactions. This is why it takes days to transfer funds abroad and the customers incur significant transaction fees.
What if we could use technology to establish trust in this example?
Blockchain technology is the answer to these trust problems. Blockchain technology enables parties to instantly verify who they are entering a transaction with and whether the other party is authorized to do so. Still not convinced? Cristina Dolan, Chair of the MIT Enterprise Forum of NYC, an internet pioneer & blockchain expert highlighted the progress of blockchain technology. “Bitcoin, as of today, has a larger market cap than Goldman Sachs and has more users than the population of many countries”.
What is the difference between Blockchain and Bitcoin?
People may have heard blockchain and bitcoin used interchangeably. “You cannot talk about Blockchain without mentioning Bitcoin”. This is because blockchain is the technology is that enables people to instantly transfer bitcoin across the globe. In a transfer of bitcoin, blockchain technology enables parties to trust that the other party has sufficient funds and to verify that they are who they say they are. Blockchain will transform (or replace) the banking system of the future.
There are exciting Irish companies leading the development of Blockchain in various industries and the NYDI community learned of how their applications establish trust for stakeholders. The following companies presented at the event. Click here to read more about their application of blockchain technology.
Miss the Event? Catch a recording on Irishcentral.com