Blockchain

Are Blockchains the Solution to Financing Smart Cities?

One of the most difficult elements in the development of smart cities is how to finance them. Local government doesn't have the money for it and while state and federal governments might have more money to spend there is no way that their current tax funds could pay for even a fraction of the investments that are needed. Indeed the reality is that in order to create a smart city... massive up-front investments are needed. more

Are Blockchains the Most Expensive Database Ever Invented?

One of the oft-made claims about Bitcoin and its blockchain transaction ledger is that they make transactions really cheap, so you can pay someone anywhere in the world for free, or close to it. But when you look closer, is that really true? Not by a long shot. Bitcoin transactions are stored in a large shared database called the blockchain. more

Thoughts on the Open Internet - Part 5: Security

Any form of public communications network necessarily exposes some information about the identity and activity of the user's of its services. The extent to which such exposure of information can be subverted and used in ways that are in stark opposition to the users' individual interests forms part of the motivation on the part of many users to reduce such open exposure to an absolute minimum. The tensions between a desire to protect the user through increasing the level of opacity of network transactions to third party surveillance, and the need to expose some level of basic information to support the functions of a network lies at the heart of many of the security issues in today's Internet. more

Inside Bitcoins

Electronic money is not a new idea. The Electronic Fund Transfer Act was passed by the U.S. Congress and signed by President Jimmy Carter 35 years ago (1978). Other forms of electronic money include payment processors, direct deposit, and digital currencies such as Bitcoin. What distinguishes Bitcoin from other electronic money is that it is a cryptocurrency... Will Bitcoin replace the dollar, euro, yen, franc, kroner, et al? Possible, but most authorities seem to be saying it is doubtful. more

Liberty Reserve Now, Bitcoin Next?

The papers have been abuzz with the shutdown of Liberty Reserve, an online payments system, due to accusations of large scale money laundering via anonymous transactions. Many people have noted similarities between LR and Bitcoin and wonder whether Bitcoin is next. I doubt it, because with Bitcoin, nothing is anonymous. more