Ask the man on the street what blockchain is, and they might tell you about Bitcoin, currently its most well-known and perhaps infamous application. Bitcoin is an electronic payment system which has risen to fame in recent months due to its popularity in certain parts of the dark web, such as Silk Road, a site where criminals can go to buy drugs, weapons, and services which facilitate money laundering, distribution of stolen credit card information and personal identities as well as trading in counterfeit currency, for example.
Bitcoin frightens the life out of regulators, and it has given blockchain a bad name, apparently.
Ask one of White Clarke Group’s technology innovators what blockchain is, however, and their eyes will light up – and they will spend the next hour telling you about all the possible legitimate uses of this new technology which, they will tell you, is set to revolutionize a whole range of industries including financial services.
Watch the latest video, a presentation at the AFSA’s Vehicle Finance Conference in Las Vegas by Haskell Garfinkel, FinTech Co-Lead at PwC, which shows a detailed account of how blockchain works. The video is made available courtesy to White Clarke Group.