The bitcoin cryptocurrency has been a lot in the news due to its exponential rise in value in 2017, before sliding down again recently. However, the bigger picture is that of the Blockchain technology which powers Bitcoin and all such cryptocurrencies. In a study anchored by MIT Sloan lecturer Michael Casey, it is explained how blockchain is becoming something of a “truth machine”. It is leading to a consensus of facts now, which in fact is the very essence behind human civilizations. Enormous funds are spent on tallying ledger books and balance sheets, because of the breakdown in trust. That is why blockchain technology needs a decentralization. It is already being utilized in various real-life scenarios such as an algorithm powered by blockchain driving a part of the World Food Programme’s operations in the Syrian refugee camps in Jordan. This business innovation in such a critical environment can solve problems for thousands of people, often at the mercy of clerical inefficiencies. Blockchain could also evolve into a Tragedy of Commons sort of problem.

Source:http://mitsloan.mit.edu/newsroom/articles/blockchains-applications-reach-further-than-you-think/?utm_source=mitsloantwitter&utm_medium=social&utm_campaign=truthmachine

Uploaded Date:27 February 2018