Development of Fintech and Bitcoin
Fin-tech and disruptive technology is currently one of the hottest discussed topic. While other countries are moving towards regulating or outright banning cryptocurrency, Singapore is aggressively positioning itself to be the industry leader in this disruptive technology. Now, project Ubin is announced and significant support is given by the government and major financial institutions to support this cause. It is indeed an exciting yet troubling development that will affect how banking operations will function in the future. My understanding of bitcoin is of 2 discreet components. I will be focusing on the technological part followed by the valuation part. The technology portion of bitcoin's distributed ledger is top notch. Operating from my circle of competence, it is a way to move information from one organisation to another in a transparent way whereby everyone can see the evidence of the movement, but the information is encrypted so that no one can know the exact contents, m...