by Mar 14, 2016

Blockchain is the new buzzword making headlines and there’s even talk of a Blockchain revolution. invstr’s Lea Jakobiak asks what Blockchain actually is, what the hype is all about and looks at how it could affect us all.

Video Transcript

LEA JAKOBIAK (Reporter, invstr): Blockchain it’s the new buzzword making headlines all over the world and there’s even talk of a blockchain revolution

Now the reason it’s getting so big is because a lack of trust in banks and governments has left people yearning for a more secure online financial system and this is essentially what blockchain provides.

Blockchain is not just revolutionary when it comes to finance it could also have applications in medicine, law, elections, and in fact all areas where a contract or record is required.

CHRIS GLEDHILL (CEO, Secco Bank): The moment our medical records are stored based on geography or just provide local a doctor if you have some single way of tracking your medication to every single medical practice to have access to. Perhaps, I’m going on holiday or to a foreign country and I have an accident you need to give medication. They need to know what my allergies are or they need to know my medical history and this needs to be verified with people who have permission to update that and needs to be viewable.

DENIS GUARDA (CEO, Ztudium & Intelligent HQ): Technology in itself really helps people and it saves billions of dollars in the process because mostly a lot of transactions they were done literally from a bank that whether to call another bank and then put the fees. All of that will be killed.

LEA JAKOBIAK (Reporter, invstr): So, that all sounds very promising but how does it work?

DENIS GUARDA (CEO, Ztudium & Intelligent HQ): Blockchain, if you try to put it in a simple way, is the chains like you have a chain in a bike that puts all the chains working and then you can get the bike working the blockchain is the same.

CHRIS GLEDHILL (CEO, Secco Bank): It’s like a single Excel spreadsheet,  right. if you just had one single spreadsheet everybody in worlds to access to, everyone can update it, everyone can view it. But the difference is that once things are committed to the spreadsheet it is set in stone and what that gives you is just  this awesome power to share information without some centralized or authority controlling it.

LEA JAKOBIAK (Reporter, invstr): Now you might have heard of Blockchain in relation to bitcoin the cryptocurrency and this is why.

CHRIS GLEDHILL (CEO, Secco Bank): Bitcoin is just the first use case of blockchain.  So bitcoin enabled using blockchain and that enables us to have a global currency without some single issuing authority like a banker of England or a Federal Reserve.  So blockchain is a platform and bitcoin is like an app in the app store, right?

LEA JAKOBIAK (Reporter, invstr): But beware of the hype surrounding blockchain and also its downsides.

CHRIS GLEDHILL (CEO, Secco Bank): I guess a lot of hype and depending how you read it, it will change the world or solve world hunger and all sorts of things. Things like privacy risk because if you do have one single ledger everyone’s allowed access to then everyone’s allowed access to it and then everyone has access to it and that has problems as well.

LEA JAKOBIAK (Reporter, invstr): Even so if you look at how excited  some of the biggest players in tech are getting about blockchain it’s a quite good indicator of its potential.

CHRIS GLEDHILL (CEO, Secco Bank): the most exciting players are probably companies like Etherium or Eros and those kind of people who use blockchain as a platform services  which are now being taken on by the bigger players like IBM and Microsoft who are then using that and putting it into their cloud offerings which then large banks institutions and other startups can then use as seamlessly as they use other cloud services.

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