BBC featured a story on blockchain technology in its technology news presentation “Click”. The film takes us through London’s prestigious Imperial College and the Somerset House using the Big Bang Data exhibition as a platform to expose “big data”, as reported by CryptoCoinsNews.
Click interviewer, Jamie Bartlett, explains how bitcoin’s blockchain can improve financial transactions. He said, “no one person is in charge of the data- it is centrally framed in a chain, but verification comes from a series of users around the world to complete the process.”
Bartlett says that experts are calling it Web 3.0 and it is the way internet was meant to be – something that is not run by anybody but actually sort of run by everybody because no one person can control it. It can dramatically improve how markets work. The transactions verified on the blockchain are faster and secure without third parties getting involved.
The video features Bitcoin and blockchain experts including Jack Peterson, Founder of Auger; Gavin Wood, CTO of Ethereum and Vitalik Buterin, Founder of Ethereum, who explain blockchain’s potential to end the bureaucratic tendencies that have come to hold larger governments financial districts, CryptoCoinsNews reported.
Peterson points out that the blockchain network doesn’t have anyone sitting in the middle who can abuse the system if they want to.
However, one expert warns that this kind of technology is like a double-edge sword. He says that while the blockchain lacks a central point of control, this is also sort of a problem. For example, if someone transfers the ownership of your car or house maliciously, how would you get the repossession of it because there is no central authority that you could go to. Moreover, as the sophistication of this technology improves, people are going to write viruses that tend to accumulate economic wealth, in a similar way as viruses steal bank details.