Cryptocurrencies and Blockchain Revolutionize Banking at Consensus 2023

Cryptocurrencies have been closely linked with disruptive ideas since their inception in 2008, making them the perfect medium for exploring the radical concepts showcased at the Consensus 2023 conference. Many of these ideas seek to revolutionize the existing banking system, using blockchain to offer an alternative approach to transactions, data and start-up funding.

Revolutionizing Collaborative Finance with Blockchain

Through ‘collaborative finance’, the traditional banking system is being challenged and pushed to the brink of evolution. The immutable nature of blockchain technology could allow for a new level of trust, where multiple people could control common funds and collaborate securely and publicly. This could revolutionize how businesses, investors and customers interact, streamline the banking process and offer a more secure and transparent way to invest and transact.

Furthermore, the use of blockchain to provide data provenance could lead to huge advantages within the AI industry. Beyond its use as a collaboration tool, this technology could ensure the accuracy and integrity of data collected, as well as provide a transparent way of tracking its use and circulation. This could be beneficial for a range of autonomous applications, from legal record-keeping to healthcare, as well as for AI startups, who could benefit from increased trust amongst partners and investors.

The Horizon Project, Worldcoin, and AI Rights

The launch of the Horizon project further demonstrates the potential of cryptocurrencies in reshaping traditional banking structures. This project seeks to provide startups with a ‘crowdfunding’ platform, comparable to traditional venture capital, but with the added benefit of being able to access advice and support from industry experts. This could give rise to a new generation of innovative startups, while providing essential support to existing, blockchain-based projects.

Finally, Worldcoin and AI rights provide the most radical example of these revolutionary concepts. Worldcoin uses AI to distribute a universal basic income, allowing for a fundamental shift in the labor market. Whilst AI rights suggest a system whereby AI can have their own agency with regards to their own decisions, freed from traditional ethical constraints.

Exploring Revolutionary Ideas for Central Banking

Naturally, these concepts have provoked a mix of responses, ranging from optimistic to incredibly wary. Innovation Circle experts, such as Eleizer Yudkowsky, have argued for the need to implement a “very strong global monitoring” of encryption, in order to prevent “hostile AGI behavior”. Whilst there are opportunities to be gained from AI and cryptocurrency, the implications of their use must be managed effectively and with precaution.

Ultimately, it is clear that there are a range of revolutionary concepts associated with cryptocurrency and AI, each of which could have an impact on central banking. Although these bold and innovative ideas are still at the early stages of development, they promote a future of secure and transparent transactions, while offering exciting new opportunities for startups and investors. Cryptocurrencies may seem like an unusual place to search for new ideas, however, these revolutionary notions could represent the next steps for central banking.

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

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Chris Griffin
Chris has had a career as an advisor to the tech industry, incubating start-ups in the tech industry. Welcoming Chris to contribute his expertise covering the latest things he sees in blockchain