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He lost a lot of money. Mission Statement, we believe Bitcoin has the potential to be not just a digital currency, but the future of money. Its not something that happens instantly. When you think about blockchains future potential, what excites you the most?
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Blockchain, a secure, distributed database, is gaining momentum as a technology that could allow greater financial inclusion worldwide (read our explainer of the technology ). We will work with you to host an event if you would like, see our archives for examples. Johnson last month won the Jamieson Prize for Excellence in Teaching for his efforts in designing these and other courses.
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Subscribe to our, mailing List to get our weekly newsletter. Simon Johnson, what about the potential dark side to blockchain? Here, he explains whats to come for the buzzed-about technology. In a purely decentralized system, it should be really easy to include people and give them a means of payment thats digital. Simon Johnson on how the technology could spur financial inclusion, and on what has yet to be done.
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Sometimes people will say, Wouldnt it be better if we had this mutual agreement about who held what? The developing world is generally characterized by having problems with government, corruption, land titles, and movable property. I think it could be stabilizing with regard how the financial system works. While it is still in the early stages, we see Bitcoin as a protocol or platform on which financial and non-financial transactions can be conducted and verified as part of a global public ledger. Its all to be determined, but it could be very interesting.
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Because users would receive a private digital key to access information, and because blockchain isnt controlled by a single entity, what would happen if that key was stolen? Someone got in and was able to steal everything he had stored there.
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Most people are excluded from the banking system because the banks dont want them as their customers, because they have too little money. So, I think there are additional steps needed before this becomes suitable for consumers. Just like Facebook is valuable, because other people you know are on Facebook.