In this podcast, the Radio Free HPC team looks at blockchain technology with Chris Skinner, author of ValueWeb – How FinTech firms are using mobile and blockchain technologies to create the Internet of Value.
The Internet of Things is all about machines trading with machines. Your fridge orders groceries; your car, fuel; your television, entertainment; and so on. However, machines cannot trade with machines if it’s expensive and slow. Would you really want your TV to order the next season of Game of Thrones, if the payment took ten days and cost $25 or more to process? Unfortunately with the four-pillar card scheme model and the SWIFT counterparty bank system, that is the problem we face today. As a result, we need an Internet of Value to work with the Internet of Things. The Internet of Value, or ValueWeb for short, allows machines to trade with machines and people with people, anywhere on this planet in real-time and for free. Using a combination of technologies from mobile devices and the bitcoin blockchain, fintech firms are building the ValueWeb. The question then is what this means for financial institutions, governments and citizens? This book provides the answers.