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Technology: How your car could ‘bribe’ others with digital money

09 February 2016


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Digital money could become a main payment venue of the future; indeed the ‘revolution’ has already started.

“Imagine you’re late to the airport, you ‘give’ your driverless car some virtual money to negotiate with other cars to let you go first. Or you pay your fridge and it negotiates for the best organic milk from the supermarket delivered by drone – you would need bitcoins for that,” Nicholas Cary co-founder of Blockchain, describing possible scenarios of the future at the 2016 World Government Summit.

The ‘bitcoin blockchain’ essentially is a secure, and trusted payment platform, a simultaneously updated spreadsheet in the cloud, according to Cary, which allows to transfer virtual money to anyone in the world who accepts it. 

Download it onto a smartphone, sign up like you would an app, and start sending value at near to no cost.

“Some companies are already accepting it; $1 billion has been invested into the technology,” he continued. “NASDAQ is experimenting with it, and bitcoin blockchain conversations are happening around the world in Dubai, Singapore… etc.”

The value of bitcoin lies in its predictable circulation, according to Cary, and could help people to circumvent collapsing currencies in their countries using bitcoin instead.  

“It is okay to have money as well, competition is good, but we need virtual counterfeit-proof money,” he concluded. “Look at the speed of innovation; it is astonishing. In the next 100 years we’ll experience 25,000 years of advancement.”