The Bitcoin community across the world have been trying hard to communicate to the masses about bitcoin, its advantages and its potential to change the world. Not many have believed in it so far, and the ones who did are already part of the Bitcoin community.
The Bitcoin community strives hard to get more people to adopt the digital currency may have found a new ally in the form of Brian Forde. Brian Forde is the former Tech Advisor for Barack Obama, the President of United States. After leaving his position as a Senior Advisor at the White House Office of Science and Technology Policy, Forde is now the director of digital currency at MIT Media Labs. While attending the Atlantic Aspen Ideas Festival, he spoke about the potential of Bitcoin technology to change governance in the coming years.
Blockchain technology has found a wide range of applications in recent years, in comparison with bitcoin, the technology behind it is turning out to be more valuable. Governments, banks, financial institutions, real estate, healthcare industry and many other sectors are now looking for ways to incorporate Bitcoin technology into their processes.
According to Brian Forde, Bitcoin technology could be used for improving the living conditions of the underprivileged in both developing and developed nations alike. Governments can use bitcoin and other digital currencies to provide financial services to the unbanked and underbanked. The technology can be used for effective administration of the country reiterated that by solving the problem of double spend, bitcoin has started a technological as well as financial revolution. It is the technology which has a wide range of applications than bitcoin itself. Bitcoin is like internet. Internet started as a way to send mails and communicate with others, but it went on to become something much bigger than what was originally developed for. In the same way Blockchain technology, created for bitcoin transactions is not confined to it anymore.
Being a secure and encrypted ledger, Blockchain can be the most economical and effective answer for protection, verification and authentication of information for both governments and businesses. It can also be used for the same purposes by individuals as well. Brain Forde forecasts bitcoin and the technology behind it to reach a point where it is widely used in public and private projects by governments and big corporations. Bitcoin is here to stay, whether we like it or not.