In the age of the Panama Papers, is Bitcoin technology the future?

A man holds a bitcoin medal as members of bitcoin trading club hold a meeting in Tokyo on February 27, 2014. Bitcoin users in Tokyo gathered for a meeting set to be dominated by the shuttering of the MtGox exchange amid claims of a multi-million dollar theft.  AFP PHOTO / Yoshikazu TSUNO        (Photo credit should read YOSHIKAZU TSUNO/AFP/Getty Images)

The Panama Papers raise an age-old debate on how to balance privacy and transparency. Is Bitcoin technology, known as “blockchain,” the answer? Photo by Yoshikazu Tsuno/AFP/Getty Images

Early April’s leak of documents detailing how global elites hide their money has put a new spotlight on the issue of financial secrecy. Power players throughout the world have been connected to shell companies set up by Mossack Fonseca, the law firm in Panama that was the victim of the breach.

The Panama Papers have already displaced the Prime Minister of IcelandSpain’s industry minister, the CEO of an Austrian bank and — ironically — the head of Transparency International’s Chile branch. Thousands of protesters have also called on British Prime Minister David Cameron to resign. In response to the revelations, appeals for reform came fast,

Read more ... source: TheBitcoinNews

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