Central banks are considering blockchain technology to offer a digital version of cash money. Quite logic: cash money is a central bank’s guarantee, but currently it only exists in the form of paper bills and coins. Blockchain technology makes it possible to create a new form of electronic money that would combine the most desired features of cash (guaranteed & instant settlement) and electronic (global & digital). That’s why central banks are so enthusiastic about the possibilities of blockchain.
To illustrate how a blockchain-based currency could work in practice, Cegeka has developed an Augmented Reality Demo. The video shows how you can transfer money in the real world. In other words: how do you pay with electronic money that you can’t hold in the real world? In our demo we used Apple’s Augmented Reality Kit to make a connection between a physical wallet and an electronic wallet. We used Bitcoin to demonstrate the transfer of a blockchain-based currency, but any currency can be used.
Does this sound complicated? We understand. However: if you watch the video, you’ll see it’s not complex at all. It’s like paying someone in cash, but then electronically. Therefore, we hope this demo will make you as thrilled as we are about the innovative possibilities of blockchain!
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On Monday the 6th of November, Sander van Loosbroek had the pleasure of presenting his point of view on recent blockchain developments in the financial sector. His biggest take-away? It is becoming impossible to keep track of all the launched blockchain initiatives.
International trade is all about who owns the goods and how are they paid for. Since the transfer of goods never aligns precisely with payment, this is a complex industry that is largely driven by paper. The main reason for this is that ownership of goods is still transferred by a Bill of Lading or similar paper document, causing delays and costs for all parties involved.