AMTD blockchain cryptocurrency ico 101
Why you must understand blockchain technology
The current internet market is dominated by giant companies. Three disruptive changes blockchain could bring to the society:
1) Change the way how people trust each other: from an intermediary model from a decentralized model – a low cost trust mechanism based on machine rules/consensus instead of a central party.
2) The internet of information shift to the internet of Value. Value/money will be sent as easily as information. Internet users will obtain full control of their own data
3) Smart contract: Automated contract execution at low cost.
Almost all tech giants have dedicated blockchain project team to keep them at forefront of this technology.
Passion, hype and speculation
World Economic Forum white paper: “Block chain signals the beginning of a new era of the internet that will be defined by value rather than information.”
The interest in blockchain technology grew along with the price gains in cryptocurrencies. But blockchain is much more than just bitcoin.
Problems blockchain aims to solve: Fragility introduced by centralization, high transaction cost due to existence of intermediary, inefficient transaction, lack of trust in transactions, data integrity.