Home / Blockchain / News on Bitcoin: the blockchain of cryptocurrency technology will change EVERYTHING He says Toni Nijm City and business | Finance

News on Bitcoin: the blockchain of cryptocurrency technology will change EVERYTHING He says Toni Nijm City and business | Finance

Blockchain is a form of digital ledger technology based on the decentralized ideal of cryptocurrency.

The technology, used by bitcoins and other cryptocurrencies, is a growing list of records, called blocks, which are linked by cryptography to create an almost incorruptible digital register of economic transactions.

Speaking exclusively with Express.co.uk, Toni Nijm, blockchain and cryptography expert, said: "What the Internet has done to the data, Blockchain will do it to the assets.

"Every single thing that has the transfer of goods or values ​​will be affected in one way or another."

He added: "Money transfer is what everyone is talking about, but honestly there are so many other things – housing, real estate, property, the internet of things".

Nijm, chief product and strategy officer at CPA Global, suggested that online streaming platforms such as Spotify could also benefit from the technology in the future.

The capabilities of digital technology technology will simplify the identification of who created a particular piece of music and, therefore, where the author's rights should go, explained Nijm.

Buff Blockchain said using digital technology would help simplify the process of royalties to help artists get paid for their work more efficiently.

He said: "Every time a song is played on the radio or via Spotify or TV, you can split that money and immediately pay the author's rights.

"Today it takes from six to nine months in general to pay the author's rights".

Mr. Nijm explained that a number of traditional companies were already beginning to embrace and invest in Blockchain's digital technology of the ledger.

He said: "Any company of significant size has actually started using it.

"Companies like Shell, BP, Microsoft, Google – each of them has invested hundreds of millions of dollars in projects like this."

He added: "The technology itself has already been invested – but it is not yet on a large scale.

"I think that in the financial sector we will probably be three years away, in other sectors two to four years is probably what we are talking about".

Blockchain is a very safe way to make transactions because the technology is almost "unacceptable", said Nijm.

He explained that the huge amount of money required to conduct a successful hack made it extremely unlikely.

"To hack and try to change a historical payment on bitcoin blockchain, you need to invest about half a billion dollars in a very short period of time to hack a transaction," he said.

Treasury Committee chairman Nicky Morgan has described the industry associated with Blockchain as "wild west".

He said: "Bitcoin and other crypto-assets exist in the wild industry of crypto-goods.

"This unregulated industry leaves investors facing numerous risks.

"The treasury committee is firmly convinced that regulation should be introduced".

But he asked if the government would soon embrace cryptocurrency technology, Nijm said, "I think a lot of them are under pressure now – I do not see they have much choice, to be honest."

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