Is "Blockchain" going to replace cash
Majority of Americans use credit cards and debit cards for convenience instead of cash but behind this is a devious plot "a cashless society" .. In 1988 a historical article was written which many Americans ignored " Get Ready For A World Currency"
[There will not be another collapse as 2008 please stress this to those who listens to your radio show . The monetary system collapsed in 2008 and the "Rise of the Phoenix"has begun ]
"THIRTY years from now, Americans, Japanese, Europeans, and people in many other rich countries, and some relatively poor ones will probably be paying for their shopping with the same currency. Prices will be quoted not in dollars, yen or D-marks but in, let’s say, the phoenix. The phoenix will be favoured by companies and shoppers because it will be more convenient than today’s national currencies, which by then will seem a quaint cause of much disruption to economic life in the last twentieth century."
In order to provide digital currency there has to be an electronic system created to transmit transactions for individual banking .. Blockchain is the answer at this time
"A blockchain is a data structure that makes it possible to create a digital ledger of transactions and share it among a distributed network of computers. It uses cryptography to allow each participant on the network to manipulate the ledger in a secure way without the need for a central authority.
Once a block of data is recorded on the blockchain ledger, it’s extremely difficult to change or remove. When someone wants to add to it, participants in the network — all of which have copies of the existing blockchain — run algorithms to evaluate and verify the proposed transaction. If a majority of nodes agree that the transaction looks valid — that is, identifying information matches the blockchain’s history — then the new transaction will be approved and a new block added to the chain."
Visa Inc., the world’s largest payments network, invited banks to participate in a pilot program that would use blockchain to send payments between the lenders.
"It comes far too late when mainland China is already the world’s biggest digital payment and commerce market. China has already become a near cashless society as electronic payment platforms allow people to pay almost every economic and consumer activity without cash."
One of the idea's the Fed is considering now is a cashless America. Could this "Blockchain" be it's replacement?