Jun 8, 2016
Distributed Ledger Technology -- Bitcoin
Distributed Ledger Technology doesn't have this problem. There is no need for a central data base. There is no need for reconciliation between what you tell someone and what is the truth. Processing, recording and auditing of sensitive financial information can be done better with block-chain technology than central databases. With Bitcoin now equal to 11.5 billion it is equal to approximated 1/4 of Canadian's current currency in circulation.
Most of us trust our banks to have the correct figures of our wealth. I guess I need to mention here that my bank had a different amount of contribution room left in my TFSA. Trusting antiquated technology for finding the truth can be costly. Who knows if this distributed Ledger Technology catches on maybe there is hope for open social networking software.
Posted by Arthur Amendt