Last updated on January 2nd, 2018 at 12:00 am
Blythe Masters has jumped up onto the Bitcoin bandwagon, or at least the Bitcoin tech bandwagon. Recent weeks have seen an outpouring of interest and commendations for Bitcoin’s blockchain technology, and financial leaders who once wrote cryptocurrency off entirely now believe digital money holds the key to a technological revolution that could reshape the entire finance industry.
Blythe Masters, once called the ‘queen of commodities’ on Wall Street, now argues that Bitcoin could reshape the way markets operate. Masters is currently the CEO of Digital Asset Holdings, a firm that specializes in providing settlement and ledger services for startups. She is also a respected economist and former executive at JP Morgan Chase.
Addressing attendees at SourceMedia’s Convene conference in Manhattan, Masters argued that the potential for Bitcoin tech is “gigantic”. She added that just about every type of financial asset – whether we’re talking about stocks, bonds, or derivatives – could be handled the same way as Bitcoin handles transactions.
Masters compared the current state of Bitcoin to that of the internet in the early 1990’s, a statement which could be seen as a sort of double-edged sword. The industry is still young and no one knows what direction things will evolve, while at the same time the world itself might simply not be ready for it.
Blockchain tech could spur the next tech revolution
Blockchain technology could change the world. We’ve mentioned this on a few other occasions on this website, and the topic has been very popular all over the internet. The amount of attention being heaped on blockchain tech alone should serve notice that this is a technology people need to keep an eye on.
The concept of blockchain tech is pretty straightforward, and anyone who has experience or familiarity with Bitcoin will have experience or familiarity with the blockchain. Bitcoin centers around a giant public ledger, called the blockchain, which tracks all transactions and the anonymous location of all BTC.
As you can imagine, tracking all of that data is a complex and intensive task. Instead of setting up a central server and processing center, Bitcoin its blockchain system, which encourages other people and companies to use their computer power to run the blockchain. Bitcoin miners compile blocks of data and are rewarded with new BTC and also transaction fees for doing so.
The important point is that Bitcoin is essentially crowdsourced. This keeps costs low for the overall community and ensures the stable, ongoing operation of the digital currency. Many people believe that this type of technology could be adapted to other sectors where high levels of data must be processed.
Fact is there are huge amounts of computer processing power sitting unused all over the world. Tapping into even a fraction of that power could give companies and industries access to vast amounts of processing power, making it easy to compile data and perform other tasks.
With so many people talking about blockchain tech, and specifically with well-moneyed industries like finance becoming intrigued by the technology, it may only be a matter of time before major breakthroughs occur.