Blockchain tipped to revolutionise superannuation
Originally posted by Michael Casey @ yourmoney.com.au
Blockchain can be a baffling concept when you start digging into it, but it’s not so important that you understand it as much as you understand what it can do for you.
That’s the view of Wall Street Journal columnist and blockchain expert Michael Casey who is speaking in Adelaide at the Australian Superannuation Funds of Australia (ASFA) conference.
“If I ever ask people do they know what TCPIP is, they say ‘no’, [but] TCPIP runs the internet,” Casey told Your Money’s Camille Bianchi at the ASFA Conference. “Blockchain is going to be the same thing.”
All you need to know is that blockchain is essentially a digital list of data blocks, all linked together in a publicly accessible form, meaning you can easily verify all kinds of information.
Its utilities, however, are almost endless and will work to make your financial services, including your bank, investments, and superannuation, transparent and easy to understand.
“All of that information should be coming to me in a way I can trust [and] it’s the blockchain that enables that,” Casey said.
Given the revelations made by the financial services royal commission, it’s no surprise that trust in institutions like banks has rapidly deteriorated.
In the aftermath of that, it could be new technology that remedies that.
“Data is the currency of our age. Data is essentially controlled by these big behemoths. We need to figure out how we can trust that data in a way that not any one party controls,” he said.