William Essex
William Essex

A blockchain-based world: Is the vision too big?

When it comes to the Blockchain, keep taking the small steps, says William Essex. Then you can change everything

First Published: e-Forex Magazine 71 / CryptoCurrencies / March, 2016

Fasten your seatbelt. If you’re flying into the UK, you may be about to witness “one of those potential explosions of creative potential that catalyse exceptional levels of innovation”. So say the UK Members of Parliament Matthew Hancock and Ed Vaizey, in their co-written introduction to a recent report on the potential of the blockchain to “deliver a new kind of trust to a wide range of services”, as the two MPs put it. They continue: “As we have seen open data revolutionise the citizen’s relationship with the state, so may the visibility in these technologies reform our financial markets, supply chains, consumer and business-to-business services, and publicly-held registers.” Not so long ago (e-Forex January 2016), we were discussing a speech by Andy Haldane, chief economist, Bank of England, on the future of monetary policy given the ZLB (Zero Lower Bound) problem: interest rates cannot be cut below zero by conventional means. How low can you go? was the...continued

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