Digital currency, Blockchain, Bitcoin...for quite some time now, these terms have been floating around in my mind like dragonflies on a sunny afternoon. I've always wanted to learn more about them but have never got hold of anything that I could relate to - until today.
This TED video by Don Tapscot has finally presented the topic in a way I could finally understand,at least to some extent. One example that struck me in particular was that of Analie Domingo, a Filipino housekeeper living in Toronto. It seems she is now able to send money to her ageing mother in Manila, on a Blockchain app called "Abra". It costs her a fraction of time and money she used to spend on Western Union money transfers.
I did not know that the biggest flow of funds from the developed world to the developing world is remittances. At USD 600 billion per year, it is a far greater flow of funds than corporate investment or foreign aid. According to Don, it is also the biggest global rip-off by companies like Western Union.
If Blockchain is the wonder technology that can make international money transfers more efficient, if it can help artists earn a fair price for their creations and help maintain digital privacy of netizens, the next obvious question is - How can we change from byestanders to participants in this perfect storm coming our way?
LINKS / REFERENCES
* Transcript - https://www.ted.com/talks/don_tapscott_how_the_blockchain_is_changing_money_and_business/transcript?language=en
* ABRA - transfering money freely and securely! - https://www.goabra.com/
* Imogen Heap - the first (?) Grammy awarded artist to sell her songs on Blockchain http://imogenheap.com/home.php?
* Vitalik Buterin - the founder of Etherium Bitcoin for Digital Contracts - https://en.wikipedia.org/wiki/Vitalik_Buterin
* Bitcoin Magazine - http://www.bitcoinmagazine.com/