Brian Forde from the MIT Media Lab believes that the block chain and related technologies may serve to remind the government that they need to become more transparent and open. Forde’s Digital Currency Initiative is specifically looking into ways that the block chain can be a force for social good.
According to him, the block chain can be used to distribute social welfare. Forde thinks that some of the best innovations will come from the developing world, as their banking infrastructure is not as strong, and they can come up with stronger, more creative uses of the technology.
It turned out that most of the audience from MIT’s recent meet up on Bitcoin (see video below) did not yet know what the block chain was. A representative from MIT explained the various ways that the block chain can be used outside of currency applications. Immutable time stamping, and distributed record-keeping can be useful in some applications outside of currency. There is a lot to be said for a global hashing power that guarantees the authenticity of files, and transactions, such as the Bitcoin