BANK OF ENGLAND, UNSURPRISINGLY, DOESN’T LIKE BITCOIN
According to Bank of England Governor Mark Carney, Bitcoin has failed as both a viable currency and as a store of value — citing volatility and the lack of vendor adoption.
On February 19th, Carney shared his already well-established position on the popular cyrptocurrency with students at London’s Regent’s University, stating:
It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange.
Nevertheless, not even Carney can deny that Bitcoin’s underlying technology is still incredibly useful and a more than viable way to verify financial transactions in a decentralized manner, which he admitted in response to a question.
In fact, the Bank of England has already begun compiling research on Bitcoin and other cryptocurrencies, in hopes of someday issuing their own Sterling-backed digital currency.
THE FUTURE OF CURRENCY
Of course, Carney’s views aren’t shared by everyone.
Venture capitalist and Tezos investor Tim Draper has gone on record to state the exact opposite, stating that it is his belief that a “very large portion” of the $86 trillion global currency market “will be crypto” in future.
On the subject of Bitcoin, specifically, he’s also extremely bullish, telling Bloomberg:
I’m looking at it in a very different way because I think Bitcoin is the future currency. People ask me, ‘Are you going to sell your bitcoin [for fiat]?’ and I say, ‘Why would I sell the future for the past?’
Draper also disagrees with Carney on the store-of-value front, claiming the virtual currency and the blockchain are actually far more secure than banks. He stated:
My Bitcoin is more secure than my dollars in the banks… my Bitcoin is very secure. The Blockchain has not been hacked, whereas banks have been hacked over and over.
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Lenovo Explores Blockchain For Document Validation With US Patent
Chinese multinational PC company Lenovo has filed a patent with the U.S. Patent and Trademark Office (USPTO) for a system to “verify integrity of physical documents,” using a "security Blockchain.” The patent application was submitted in August 2016, but was published late last week on Feb. 15.
The use of digital signatures encoded into documents, as opposed to physical signatures printed with physical ink, provides assurance that the document was not modified after the signing.
The patent’s “Brief Summary” explains that a processor will identify an “integrity symbol” within the document, convert it into an “integrity map,” and then compare the map to the physical document to ensure the document’s integrity.
The security Blockchain, Lenovo writes, would allow one to ensure “that they have the current authentic physical document even if multiple paper copies exist and multiple people have made entries in the chain of modification.” If multiple, fake copies of a physical document came into existence, they would “show up as orphaned blocks in the chain.”