The experimental accounting technology is revolutionizing the finance industry.
- By
- May 01, 2016
- Technology
Blockchain is still experimental and can be expensive to implement. And it’s not infallible, as high-profile electronic thefts of bitcoins have shown. But the potential for blockchain to transform the way interactions take place around the globe intrigues many start-ups, big banks, and investors. Governments and central banks have also taken notice: by offering a way to store money outside the traditional banking system, Bitcoin creates an alternative that people can fairly easily choose over central banks. That’s a threat that lends some authority to fintech alternatives and can help keep central banks on their toes, because money outside their system is mostly unaffected by the monetary polices central banks employ to direct their economies, said professor Randall S. Kroszner.
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