Dr. David Z. Morris, a researcher with a PhD in Communication and Media Studies from the University of Iowa, discusses how and why cryptocurrency is an emerging invention that will disrupt the way we live our daily lives.
Dr. Morris describes a problem: we can receive information instantaneously, we can download books or media within seconds, but a money transfer can take up to weeks to complete. This not only seems archaic but it is unnecessary when there is a solution which is readily available.
Dr. Morris then introduces the brilliance of cryptocurrencies, like bitcoin. The blockchain is briefly described as a decentralized technology which exists on chains of information blocks called nodes. If a node is ever breached or tampered with it is removed from the blockchain. The digital currencies enjoy an efficiency never before seen due to the blockchain technology and the fact that there is no middle man that slows down the process. All of this is possible with lower transaction fees because of the way the blockchain infrastructure is set up.
In order for digital currencies to reach its potential and best serve the laymen the internet of things must grow to a level where cryptocurrencies can be used ubiquitously. Once cryptocurrencies are paired with the internet of things, they can operate in conjunction with smart contracts. A smart contract is designed to cut out the third party intermediaries such as banks and lawyers. Dr. Morris explains that the blockchain ledger is designed to improve the input and output flow to best fit our intended desire. When we can create proper smart contracts to fit all parties’ needs then cryptocurrencies will revolutionize everything. Digital currencies operating on the blockchain ledger will not only cut out intermediaries but it will improve the speed at which we are able to transact with one another.
This talk was given at a TEDx event using the TED conference format but independently organized by a local community.