This is the first in a series of articles in which Tech Beach Retreat will open the conversation on various emerging technologies ahead of its upcoming summit in Montego Bay, St James, from November 29 to December 1, 2018. Tech Beach is on a mission to spark an entrepreneurship and innovation revolution in the Caribbean. In order for this mission to be successful, a shift will have to occur, and we need to revisit the way our people are trained and what they are trained in.

 

Cryptocurrency, at times, seems to be the talk of the day… and then it’s not. It truly embodies the highest highs and lowest lows. But what exactly is this cryptic entity?

Cryptocurrency is decentralised digital currency that can operate on peer-to-peer networks to complete transactions on a public ledger called the blockchain. Techno-babble, right?

Assume that there is coin potentially worth thousands of dollars but not made of any precious metal such as platinum or gold, a coin that has no physical presence and can’t be tangibly locked in a vault like traditional currency. A coin which is not backed by any government authority or bank, but instead runs completely on a mathematical equation with predetermined results. This is our beloved cryptocurrency.

Its value is that it is a digital currency that is built upon a system which can be used to make peer-to-peer electronic transactions without relying on any central entity such as bank or government. In other words, it is a decentralised network where peers can execute and validate financial transaction, on the public ledger, called blockchain, while removing the intermediaries to save transaction fees and make transactions fast and efficient.

http://www.jamaicaobserver.com/technology/cryptocurrencies-our-best-and-worst-friend_144493