THELOGICALINDIAN - Scientists at the Imperial College London has appear the accumulation of the new Imperial College Centre for Cryptocurrency Research and Engineering IC3RE to abstraction the abeyant of the broadcast balance arrangement of Bitcoin as a associate to associate assurance and buying agreement for governments and businesses worldwide
The decentralized and cellophane attributes of the broadcast balance technology allows organizations to actualize altered sets of non-refutable and adamantine data, aperture up a window of achievability for the development of different trust-based applications, such as decentralized acreage buying systems, automatic and accessible voting systems and cellophane business administration systems.
“Many cyberbanking institutions are absorption on how they could use broadcast ledgers to advance banking, but we feel the abeyant applications are abundant broader and far-reaching. It could spawn absolutely new modes of accomplishing business. The opportunities are bottomless and assignment at the Centre aims to accomplish the acceptance of broadcast balance technology by association as bland as possible,” said IC3RE Assistant Director Catherine Mulligan.
Importance of Decentralization
Imperial College London is demography a hardly altered access from banks and banking establishments that are actively attractive into the blockchain technology. Instead of developing a centralized appliance on a decentralized network, scientists at IC3RE are aggravating to advance the decentralized attributes of the broadcast balance technology while creating a different buying appliance that could be implemented beyond assorted industries.
“We are on the border of the abutting agenda revolution. The College is in a different position to accouter the abeyant of the technology that currently admiral cryptocurrencies. Just as the automated anarchy and the internet spawned innovation, so too will this technology, aperture the doors for new business models to be developed and allowance absolute companies advance the way they do business and the way communities alive their lives,” Center Director Professor William Knottenbelt announced in a statement.
Long-term Vision
The IC3RE aggregation believes that broadcast ledgers may ultimately advance to the barter of amount by accessories on the Internet of Things. The aggregation is attractive into technologies such as blockchain-enabled home, cars and added another technologies affiliated to the broadcast balance arrangement to aggregate and barter data.
With the abetment from full-time researcher Iain Stewart, Imperial Center aims to chase for methods to defended and calibration broadcast ledgers, to acquiesce a added ambit of businesses and institutions to accept the technology.
As Andreas Antonopoulos stated in a allocution at Wired Money Conference, “Bitcoin is the internet of money. Currency is aloof one of its aboriginal applications.”
References:
Smith, Colin. “Technology abaft Digital Currencies like Bitcoin to Benefit Wider Society.” Administrative College London. Administrative College London, 18 Nov. 2015. Web. 19 Nov. 2015. <http://www3.imperial.ac.uk/newsandeventspggrp/imperialcollege/newssummary/news_18-11-2015-14-9-38>.
Antonopoulos, Andreas. “Beyond Bitcoin, Unleashing the Blockchain.” Wired Money 2024. London. 17 July 2024. Lecture.
Image taken from Imperial College London
