The June 2016 edition of the IMF’s quarterly magazine, Finance Development, features a very pro-blockchain article called “The internet of Trust,” which explains Bitcoin in great detail, expanding on the benefits of the blockchain impressively.
Reminiscent of The Economist’s iconic twin articles from October last year titled “The Trust Machine” and “The great chain of being sure about things,”. This new article makes perfectly clear the benefits and disruptive properties of an immutable ledger system.
Andreas Adriano, the Senior Communications Officer in the IMF’s Communications Department, and Hunter Monroe, a Senior Economist in the IMF’s Monetary and Capital Markets Department, together wrote the four-page comprehensive report.
“With Bitcoin, everyone on the Internet can validate and record transactions in their own copy of the ledger.” … “Some predict that this capability to disintermediate any trusted third party will be the most disruptive technology since the Internet. ”
– Adriano and Monroe
Being careful to cover the benefits of the technology without ignoring the highly disruptive nature of it to their industry required a lot of care. The duo effectively explained what the technology does without getting too technical, and all of the damaging implications