Topic: [2016-01-28] What Is The Current State Of Bitcoin And Blockchain Technology? (Read 305 times)

What Is The Current State Of Bitcoin And Blockchain Technology?

What is the state of bitcoin and blockchain technology as of early 2016? originally appeared on Quora – the knowledge sharing network where compelling questions are answered by people with unique insights.

Answer by Susan Athey, Economics of Technology Professor, Stanford GSB; Boards: Expedia, Ripple, on Quora:

I have been working on many aspects of Bitcoin and blockchain technology for several years now.  I am on the board of Ripple, which uses blockchain-like technology for a variety of purposes, most notably helping financial institutions achieve instant settlement in cross-border payments.

First, a tiny bit of background for the uninitiated (experts can skip below for my thoughts): today we don’t really have a solid foundation on which to build modern, digital financial services. 4% of wires fail; it can cost $40 to send $40; even banks have to wait days for international transfers; and a large share of money remitted home by the world’s poorest goes to transaction fees. Most of the world’s infrastructure is decades old; old, analog processes have been digitized but not rebuilt in entirely new ways. As to what Bitcoin is, I have a YouTube video giving my version of an introduction to Bitcoin at the The Voice for Bitcoin & Blockchain Policy • Coin Center website (disclosure: I’m on the board) also has some excellent primers, and I also did an interview on Forbes awhile ago: Susan Athey On How Digital Currency Could Transform Our Lives.

http://www.forbes.com/sites/quora/2016/01/28/what-is-the-current-state-of-bitcoin-and-blockchain-technology/#2442064c1b1c